Thalassa Holdings Limited Sale of WGP - Update re Norwegian Tax (1269Y)
17 Agosto 2018 - 3:24AM
UK Regulatory
TIDMTHAL
RNS Number : 1269Y
Thalassa Holdings Limited
17 August 2018
Thalassa Holdings Ltd
(Reuters: THAL.L, Bloomberg: THAL:LN)
("Thalassa", "THAL" or the "Company")
Sale of WGP - Update re Norwegian Tax
The board of Thalassa is pleased to report that it has been
advised by the Norwegian Tax Authorities that the Company's appeal
in relation to the 2014 tax year has been successful. The Board is
cautiously optimistic that the Norwegian Tax Authorities will apply
the same interpretation to the Company's returns for the tax years
2015-2017.
Whilst management has not yet received full details of the 2014
rebate, the amount that has been accrued annually and reflected in
aggregate in Trade and Other Payables in the Balance Sheet (page 16
and in Note 16, Page 30) in the 2017 Annual Report and Accounts is
c.$700,000 (total for the period 2014-2017), which the Company hope
to be able to release in due course.
The Company has referred to net cash in previous announcements,
including the RNS of 21 May 2018, which takes into consideration
these accruals. The release of these accruals will not affect cash
in the accounts, but will affect net cash as reported in previous
RNS announcements. Any amounts of the accruals which are released
will be offset by ongoing operating expenses and therefore not be
reflected to their full extent in the balance sheet.
A further announcement will be made once details of any rebate
are known.
Duncan Soukup, Chairman of THAL, said "The Company was well
prepared for the appeal process having sought professional advice
and structured its affairs to ensure that the Company's transfer
pricing policies followed, where appropriate, relevant OECD
(Organisation for Economic Co-operation and Development) Transfer
Pricing Guidelines. Whilst the Board was confident that the
Company's affairs were, therefore, compliant, there was no
guarantee that the Company would prevail in its appeal. As it
happens, the Company had failed in its appeal at the Regional Level
and was obliged to take its case to the National Tax Authority. We
will of course advise the market as soon as we know the quantum of
recovery."
Investor Enquiries:
Thalassa Holdings Ltd
Duncan Soukup, Chairman +33 (0)6 78 63 26 89
WH Ireland Limited (Nominated Adviser and Broker)
Chris Fielding, Managing Director, 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 with various interests
across a number of industries.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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