Thalassa Holdings Limited WGP Earn Out update (8226E)
23 October 2018 - 5:00PM
UK Regulatory
TIDMTHAL
RNS Number : 8226E
Thalassa Holdings Limited
23 October 2018
Thalassa Holdings Ltd
(Reuters: THAL.L, Bloomberg: THAL:LN)
("Thalassa", "THAL" or the "Company")
WGP Earn Out update
This announcement contains inside information for the purposes
of Article 7 of Regulation 596/2014.
The board of Thalassa (the "Board") is pleased to announce that,
following the Company's announcements of 11 July 2018 and 17
September 2018, in respect of the earn out due from the sale of the
business and assets of WGP Group Ltd ("WGP") on 1 January 2018, a
total of US$0.6 million was received on 17 September 2018 (in
connection with the equipment manufacturing contract) and a further
$0.6 million (in connection with the service contract) should be
received in the coming days. The 80% residual balance of the earn
out of US$4.8 million, is due to be paid by 11 September 2019.
The Board remains confident that, barring any unforeseen event
and subject to the execution of a second data acquisition contract
by WGP, the Company should, within the next few years, receive a
further $4m due under the earn out agreement.
Duncan Soukup stated, "Our investment in WGP had its fair share
of ups and downs in line with the oil industry which has
experienced two price collapses and a raft of bankruptcies over the
past 10 years. The sale of WGP's business and assets, in line with
the Board's objectives, has now resulted in above average returns
for shareholders of 22.1%, 25.94% and potentially 28.1% CAGR, based
upon the $20m initial sale price, $26m including first earn out and
$30m based upon second earn out, if received."
"On behalf of the Board and shareholders I would like to thank
the staff of THAL and WGP as well as our various advisors who
contributed to these returns."
"The Company's cash position, as at 22 October 2017, was
$18.492m ($1.01 per share or GBP0.78p per share). Including the
$0.6m due in the coming days and the $4.8m due next September, the
Company's cash level, excluding investments and ongoing
administrative expenses, will amount to $23.892m or $1.31 or
GBP1.01."
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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