THAL Thalassa Holdings Limited

 

TIDMTHAL 
 
RNS Number : 7816S 
Thalassa Holdings Limited 
16 September 2010 
 
                              Thalassa Holdings Ltd 
     ("Thalassa" or "the Company", Ticker Reuters THAL.L Bloomberg THAL LN) 
                                   RPL update 
 
The following announcement was released today on the website of Renewable Power 
& Light Plc ("RPL").  Mr Duncan Soukup is Executive Chairman of RPL and of 
Thalassa Holdings Ltd, which, through direct and indirect holdings, controls 
29.7% of the issued share capital in RPL. 
 
"The Board of RPL is pleased to report that the Company hopes to recover 
approximately USD$247,000 in relation to the property lease of the Company's 
subsidiary, RPL Holdings, Inc.  This recovery should be achieved by the recent 
subletting of the RPL Holdings, Inc. office in Minnetonka to a local law firm 
for the remainder of the outstanding term of the lease. 
 
As part of the proposed sale of the Company's US subsidiaries to True North for 
$1 ("the True North Transaction"), the previous Board of RPL had proposed to 
transfer the cash equivalent of the outstanding liability of the lease on the 
Minnetonka property, totalling US$421,000, to True North along with RPL 
Holdings, Inc. As a result of successfully subletting the US office, the Board 
anticipates recovering up to 60% of the amount that the previous Board had 
recommended transferring to True North. 
 
Commenting, Mr Duncan Soukup, Executive Chairman said "How the previous Board 
could recommend the True North Transaction (see the announcement of 27 January 
2010) to be in the best interest of shareholders, when the new Board, with the 
help of the real estate company, CBRE, has negotiated significant potential 
recovery in a short period of time, is galling." 
 
"As I made clear in Thalassa Holdings Ltd's offer letter, the $1,001 offer made 
by Thalassa Holdings Ltd to the previous Board of the Company on 11 February 
2010 was NOT in the best interests of RPL shareholders,. Needless to say, 
therefore, the $1 offer that the previous Board was recommending was not only 
NOT in the best interest of shareholders of RPL, it was insulting to 
shareholders and given the complete lack of disclosure and the fact that the 
recommended transaction was a related party transaction, very possibly reckless, 
ill advised and negligent." 
 
 
 
ENDS 
 
Notes to Editor: 
Thalassa Energy Services: 
Whose parent company, Thalassa Holdings Ltd is an AIM list company (LON:  THAL), 
which was established to acquire marine seismic equipment, specifically a 
portable modular source system (PMSS). The PMSS is equipment, which is focused 
on installation on a vessel in order to provide the seismic (sound) source to 
allow exploration and production companies to perform reservoir monitoring. PMSS 
is used in Life of Field Seismic (LOFS), a process using ocean bottom cables or 
fiber optic networks to produce four-dimensional (4-D) seismic data to define 
reservoir fluid-flow. 
 
www.thalassaenergyservicesltd.com 
 
+---------------------------------------+----------------------------------+ 
| Contact Thalassa Holdings             |                                  | 
| Limited:                              |                                  | 
+---------------------------------------+----------------------------------+ 
| Duncan Soukup, Executive              | Tel: +33 (0) 6 78 63 26 89       | 
| Chairman                              |                                  | 
+---------------------------------------+----------------------------------+ 
| Duncan.soukup@thalassaholdingsltd.com |                                  | 
+---------------------------------------+----------------------------------+ 
|                                       |                                  | 
+---------------------------------------+----------------------------------+ 
| Contact Daniel Stewart & Company      |                                  | 
| plc (NOMAD):                          |                                  | 
+---------------------------------------+----------------------------------+ 
| Oliver Rigby                          | Tel: + 44 (0) 20 7776 6550       | 
+---------------------------------------+----------------------------------+ 
|                                       |                                  | 
+---------------------------------------+----------------------------------+ 
| Contact Bishopsgate                   |                                  | 
| Communications Ltd:                   |                                  | 
+---------------------------------------+----------------------------------+ 
| Maxine Barnes/Nick Rome               | Tel: + 44 (0) 20 7562 3350       | 
+---------------------------------------+----------------------------------+ 
 
 
 
 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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