Thalassa Holdings Limited Trading Update (3307F)
09 Março 2020 - 4:00AM
UK Regulatory
TIDMTHAL
RNS Number : 3307F
Thalassa Holdings Limited
09 March 2020
Thalassa Holdings Ltd
(Reuters: THAL.L, Bloomberg: THAL:LN)
Trading Update
This announcement contains inside information for the purposes
of Article 7 of Regulation 596/2014.
The board of Thalassa ("THAL" or "the Company") wishes to
further update the market on Group trading.
The board is pleased to announce that it has completed the
disposal of one of its "Miscellaneous Holdings" referred to in its
announcement of 02 March 2020.
The Company sold its holding in Corridor Resources Inc. ("CDH")
(CDH CN) (www.corridor.ca), now called Headwater Exploration Inc.,
with a gain of c.US$724,000 (+75%) on an investment of
c.US$965,000, including Foreign Exchange movements. The Company
first invested in CDH on 2 May 2019 and was still investing on 13
January 2020 when CDH announced a reorganisation transaction and
the appointment of a new management team.
Duncan Soukup, Chairman of THAL stated:
"I am very happy to report the completion of THAL's successful
investment in CDH. As a value investment, CDH ticked virtually all
the boxes, valued at less than cash when we started buying, no
debt, no controlling shareholder, profitable and generating free
cash, but with a highly motivated substantial and largest
shareholder, in the form of Sir Chris Hohn's TCI Fund Management
(19.5%). CDH was a veritable value buyer's dream with an extremely
successful cornerstone shareholder with no liquidity. Our view was
that sooner or later the 800lb gorilla would seek a liquidity
event. Fortunately for us, it was sooner rather than later.
Whilst clearly pleased by the uplift in the share price during
our investment period, we were unhappy with the terms of the
reorganisation transaction, which allowed new management and their
backers to purchase shares in CDH at a 30% discount to CDH's book
value (no pre-emptive rights). These terms were not offered to
pre-existing CDH shareholders. As we were unable to acquire a
significant stake in what was clearly a massively mispriced asset,
the decision was taken to divest the position."
END
Enquiries:
Thalassa Holdings Ltd
---------------------
Duncan Soukup (Executive Chairman) +33 (0)6 78 63 26 89
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WH Ireland Limited (Financial Adviser) +44 (0)207 220 1650
---------------------
Chris Fielding, Managing Director, Corporate
Finance
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www.thalassaholdingsltd.com
Note to Editors:
About Thalassa
Thalassa Holdings Ltd, incorporated and registered in the BVI,
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
TSTKKABDPBKDCNK
(END) Dow Jones Newswires
March 09, 2020 03:00 ET (07:00 GMT)
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