Thalassa Holdings Limited Update on Disposal Discussions (9235K)
13 Julho 2017 - 3:00AM
UK Regulatory
TIDMTHAL
RNS Number : 9235K
Thalassa Holdings Limited
13 July 2017
Thalassa Holdings Ltd
(Reuters: THAL.L, Bloomberg: THAL:LN)
("Thalassa", "THAL" or the "Company")
Update on disposal discussions
Further to the Company's announcement of 26 June 2017, the board
of directors of THAL (the "Board") has received proposals from the
interested third party for the acquisition of 100% of WGP Group Ltd
("WGP") and an investment in Autonomous Robotics Ltd ("ARL").
The terms of the proposal for WGP did not reflect the
consideration that had been discussed during negotiations and was
conditional on certain contractual renewal events over which WGP
has no control.
The interested party also made a partial offer to invest in ARL.
However, this offer was conditional upon the acquisition of
WGP.
After careful consideration, the Board concluded that,
notwithstanding complementary operational benefits for ARL, in
respect of the overall transaction the proposals did not provide
Thalassa shareholders with sufficient value, and has therefore
terminated the discussions.
The Board remains mindful of the lack of liquidity in the
Company's shares and of the gap between the market value of those
shares and the Board's assessment of the intrinsic value of the
Company's assets. The Board has, therefore, resolved to increase
the share buy back programme announced on 27 January 2017 from GBP2
million to GBP4 million.
Duncan Soukup, Chairman of the Company said: "The Board is
disappointed that the formal offers received differed significantly
from the indicative terms previously discussed, specifically in
relation to WGP. Whilst the proposals were, in the aggregate,
similar to Thalassa's current market capitalisation, certain terms
were subject to contractual conditions, which are outside of our
control.
Following receipt of the proposals and as an indication of its
continued confidence in the prospects for the business, the Board
has resolved to increase the share buy back programme.
The Board looks forward to shortly updating shareholders on what
it anticipates will have been a successful six months ended 30 June
2017."
Investor Enquiries:
Thalassa Holdings Ltd
Duncan Soukup, Chairman +33 (0)6 78 63 26 89
WH Ireland Limited (Nominated Adviser and Broker)
Chris Fielding, Head of Corporate Finance +44 (0)207 220 1650
www.thalassaholdingsltd.com
Note to Editors:
Thalassa Holdings Ltd, incorporated and registered in the BVI
and quoted on AIM, is a holding company currently with positions in
the Energy Services and Defence and Homeland Security
Industries.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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July 13, 2017 02:00 ET (06:00 GMT)
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