Thalassa Holdings Ltd (THAL) Thalassa Holdings Ltd: Interim
Results 15-Aug-2022 / 07:00 GMT/BST Dissemination of a Regulatory
Announcement that contains inside information in accordance with
the Market Abuse Regulation (MAR), transmitted by EQS Group. The
issuer is solely responsible for the content of this
announcement.
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Highlights for the 6 months ended 30 June 2022
GROUP RESULTS 1H 2022 versus 1H 2021
. Profit /(loss) after tax for the year GBP0.20m vs.
(GBP0.81)
. Group Earnings Per Share (basic and diluted)*1 GBP0.03 vs.
(GBP0.10)
. Book value per share*2 GBP1.50 vs. GBP0.82
. Holdings GBP10.1m vs. GBP7.9m
. of which Unlisted holdings GBP6.4m vs. GBP6.1m
. of which Listed holdings GBP2.5m vs. GBP0.3m
. of which Hedges GBP1.2m vs. GBP1.5m
*1 based on weighted average number of shares in issue of
7,945,838 (2021: 7,945,838)
*2 based on actual number of shares in issue as at 30 June 2022
of 7,945,838 (2021: 7,945,838)
2022 Observations
-- First 6 months of 2022 saw war in Ukraine continue to
negatively impact Global economic growth
-- Flow of Russian energy continued to decline causing EU
shortages, and a massive increase in European gasprices
-- Global borrowing in 2021 grew to USD303 trillion, and keeps
growing
-- Companies around the World issued USD4.4 trillion of bonds in
2020, and continued through 2021
-- In 2020 Global Government indebtedness was at its highest
level since Post-World War I
-- Due to Central Bank Intervention, which has kept interest
rates low, cost of debt since 2005 when debt/USGDP was 85% vs 140%
today, means that interest cost has declined from 2% of GDP to 1.5%
of GDP today
-- In an adverse scenario where U.S. borrowing costs rise 2
percentage points above current marketexpectations, the price tag
to USA's debt would jump from 2% of GDP in 2020 to nearly 6% of GDP
in 2030. In Italy,costs could hit 5.5% of GDP-higher than during
the European sovereign debt crisis
-- 2022 also saw the worst start to a year for stocks in more
than half a century
-- At the halfway point of the year, the tech-heavy NASDAQ had
fallen by 30%, whilst the S&P was down byover 20%. Since the 16
June 2022, when the NASDAQ bottomed, it has risen 18.8%, whilst the
S&P has risen12.9%...which we believe is unsustainable and a
bear market rally that will reverse again
-- The next crisis will not be like its predecessors. In the
1970s, we had stagflation but no massive debtcrises because debt
levels were low. After 2008, we had a debt crisis followed by low
inflation or deflationbecause the credit crunch had generated a
negative demand shock. Today, we face supply shocks in a context of
muchhigher debt levels, implying that, in our opinion, we are
heading for a combination of 1970s-style stagflation and2008-style
debt crises - that is, a stagflationary debt crisis.
https://www.bloomberg.com/graphics/2021-coronavirus-global-debt/
Chairman's Statement
Trading update
The Company's hedging strategy has served THAL shareholders well
during the first half of the year and whilst our
long-quoted-holdings suffered, in some cases substantial declines,
these were largely offset by gains in our hedge positions.
We covered most hedge positions shortly before the mid-June
market bottom and subsequent rally, but have since repositioned,
and increased our hedge exposure, after what we perceive to have
been a 'dead cat' bounce.
Market Action
Shareholders who read my Statement in the Company's recently
released 2021 Annual Report will know that I had for some time
anticipated a major market correction, which was, in my opinion,
long overdue.
Global Technology stocks took the full brunt of the 2022
correction on the chin, which has seen Cathie Woods' ARK Innovation
ETF give back virtually all its 383% gain, and which is now down
74% since peaking in December 2021. Many of ARK's investments had
no earnings (with no prospect of sustainable earnings) or were
trading on triple digit p/e multiples. Many of the major stock
market indices have performed badly but not as badly as the
investment vehicles with substantial exposure to "Story Stocks". At
the time of writing, the Dow Jones Index is down Year to Date
("YTD") 15.29%, the S&P 500 is down 13% and the NASDAQ Index is
down 19%. whilst European Indices are down YTD between 7% and
22%.
Macro Outlook
Your Board is of the opinion that the Market's recent rally is
unsustainable, and take the view that there is another leg down in
US and EU (incl. UK) stock prices, which will be driven by
earnings' misses and subsequent reduction in overly optimistic
earnings estimates for 2022, 2023 and 2024.
Analysts surveyed by Bloomberg are still estimating that S&P
500 earnings will increase from current level of
199.67 to 235.78, an increase of 18.08%, in 2022, by +5.22% in
2023, and by +9.02% in 2024. Given the fact that inflation is
currently running at record levels, and our view that Central
Bankers could well tighten too much, just as Western economies
grind to a standstill, we believe that analysts will rapidly start
to reduce their 2022 Q3 and Q4, as well as 2023 and 2024 earnings
estimates when they get back from their summer holidays.
ARL - https://autonomousroboticsltd.com/
-- Focus on further continued development of Flying Node towards
commercialisation with significant progressmade in software
development.
-- Offshore trials scheduled for the second half of 2022.
-- Advanced sales process aborted due to potential buyer itself
being acquired
Tappit - https://tappit.com/
-- We await news on further developments
Janzz - https://janzz.technology/
-- Company recently closed strategic investment by subsidiary of
major Japanese industry market-leader
ALNA - https://www.alina-holdings.com/
-- Please refer to Alina website
AMOI - https://anemoi-international.com/
-- Please refer to Anemoi website
NWT - https://newmarksecurity.com/
-- Please refer to Newmark Securities' website
Conclusion
We anticipate a further correction to Western Stock Markets, and
remain cautious on the macro-economic outlook, which we believe
could deteriorate significantly this Winter.
Duncan Soukup
Chairman
Thalassa Holdings Ltd
12 August 2022
Responsibility Statement
We confirm that to the best of our knowledge: a. the condensed
set of financial statements has been prepared in accordance with
IAS 34 'Interim FinancialReporting' and gives a true and fair view
of the assets, liabilities, financial position and profit or loss
of theCompany and the undertakings included in the consolidation as
a whole as required by DTR 4.2.4 R; b. the interim management
report includes a fair review of the information required by DTR
4.2.7R(indication of important events during the first six months
and description of principal risks and uncertaintiesfor the
remaining six months of the year); and c. the interim management
report includes a fair review of the information required by DTR
4.2.8R(disclosure of related parties' transactions and changes
therein).
Cautionary statement
This Interim Management Report (IMR) has been prepared solely to
provide additional information to shareholders to assess the
Company's strategies and the potential for those strategies to
succeed. The IMR should not be relied on by any other party or for
any other purpose.
Duncan Soukup
Chairman
Thalassa Holdings Ltd
12 August 2022
Financial Review
Continuing Operations
Total revenue from operations for the period to 30 June 2022 was
GBP0.1m (1H21: GBP0.1m).
Net financial income from investment operations was GBP0.56m
(1H21: GBP0.21m),
Cost of Sales was a credit of nil (1H21 : GBP0.18m) comprising
development costs (net of capitalised costs) at ARL, resulting in a
Gross Profit of GBP0.68m (1H21: gross profit GBP0.51m).
Administration expenses were GBP0.33m (1H21: GBP1.25m).
Depreciation costs were GBP0.15m (1H21: GBP0.06m).
Operating Profit was therefore GBP0.35m (1H21 Loss:
(GBP0.75)m).
Profit before tax was GBP0.2m (1H21 loss: (GBP0.8m)).
Net assets at 30 June 2022 amounted to GBP11.9m (1H21:
GBP10.5m). The increase in net assets primarily due to the sale of
id4 to Anemoi International Ltd in 2021.
Net cash (being cash balances less borrowings) was GBP0.8m as at
30 June 2022 (1H21: GBP1.4m).
Net cash inflow from operating activities amounted to GBP0.18m
compared to an outflow of GBP1.85m in 1H21.
Net cash outflow from investing activities amounted to GBP0.26m,
which related to the purchase of portfolio securities and R&D
in ARL, compared to 1H21 of GBP0.47m.
Net cash outflow from financing activities amounted to GBP3.89m
(1H21: inflow GBP1.29m). This relates to the settlement of the
short position on USD, which resulted in a gain of GBP0.3m.
Interim Condensed Consolidated Statement of Income
For the six months ended 30 June 2022
Six months Six months Year
ended ended ended
30 Jun 22 30 Jun 21 31 Dec 21
Unaudited Unaudited Audited
Note GBP GBP GBP
Continuing Operations
Revenue 119,498 122,712 138,656
Net financial income/(expense) 553,522 (9,262) (355,204)
Other gains 101,691 218,574 (22,380)
Share of losses of associated entities (93,758) - (9,156)
Cost of sales - 177,921 (55,125)
Gross Profit 680,953 509,945 (303,209)
Administrative expenses excluding exceptional costs (330,190) (1,254,530) (1,406,048)
Profit/(loss) before depreciation 350,763 (744,585) (1,709,257)
Depreciation 4&5 (147,083) (63,477) (101,462)
Profit/(loss) before taxation 203,680 (808,062) (1,810,719)
Taxation (431) (838) 132,240
Profit/(loss) for the year from continuing operations 203,249 (808,900) (1,678,479)
Profit/(loss) for the year from discontinued operations - - (305,509)
Gain on disposal of subsidiary - - 2,440,728
Profit/(loss) for the year 203,249 (808,900) 456,740
Attributable to:
Equity shareholders of the parent 203,249 (766,439) 456,740
Non-controlling interest - (42,461) -
203,249 (808,900) 456,740
Earnings per share - GBP (using weighted average number of shares)
Basic and Diluted 3 0.03 (0.10) 0.06
The notes on pages 13 to 18 form an integral part of this
consolidated interim financial information. Interim Condensed
Consolidated Statement of Comprehensive Income
For the six months ended 30 June 2022
Six months Six months Year
ended ended ended
30 Jun 22 30 Jun 21 31 Dec 21
Unaudited Unaudited Audited
GBP GBP GBP
Profit/(loss) for the financial year 203,249 (808,900) 456,740
Other comprehensive income:
Exchange differences on re-translating foreign operations 586,430 (111,573) 134,698
Total comprehensive income 789,679 (920,473) 591,438
Attributable to:
Equity shareholders of the parent 789,679 (878,012) 591,438
Non-Controlling interest - (42,461) -
Total Comprehensive income 789,679 (920,473) 591,438
The notes on pages 13 to 18 form an integral part of this
consolidated interim financial information.
Interim Condensed Consolidated Statement of Financial
Position
As at 30 June 2022
As at As at As at
30 Jun 22 30 Jun 21 31 Dec 21
Note Unaudited Unaudited Audited
Assets GBP GBP GBP
Non-current assets
Goodwill - 147,979 -
Intangible assets 4 1,073,047 1,000,632 907,531
Property, plant and equipment 5 1,608,478 738,269 1,661,081
Portfolio investments 6 1,536,883 1,786,524 1,187,346
Loans 7 6,056,810 6,089,729 5,705,273
Investments in associated entities 8 2,494,091 - 2,325,457
Total non-current assets 12,769,309 9,763,133 11,786,688
Current assets
Trade and other receivables 897,740 578,531 809,607
Cash and cash equivalents 1,297,876 6,099,161 5,398,208
Total current assets 2,195,616 6,677,692 6,207,815
Liabilities
Current liabilities
Trade and other payables 1,156,112 693,375 1,113,289
Short term debt 9 163,262 53,532 -
Borrowings 9 459,280 4,701,915 4,475,560
Total current liabilities 1,778,654 5,448,822 5,588,849
Net current assets 416,962 1,228,870 618,966
Non-current liabilities
Long term debt 9 1,243,273 442,179 1,252,335
Total non-current liabilities 1,243,273 442,179 1,252,335
Net assets 11,942,998 10,549,824 11,153,319
Shareholders' Equity
Share capital 11 128,977 128,977 128,977
Share premium 21,717,786 21,717,786 21,717,786
Treasury shares (8,558,935) (8,558,935) (8,558,935)
Other reserves (1,696,320) 188,369 (1,696,320)
Non-Controlling Interest - (163,117) -
Foreign exchange reserve 3,836,171 2,431,576 3,836,171
Retained earnings (3,484,681) (5,194,832) (4,274,360)
Total shareholders' equity 11,942,998 10,549,824 11,153,319
Total equity 11,942,998 10,549,824 11,153,319
The notes on pages 13 to 18 form an integral part of this
consolidated interim financial information.
These financial statements were approved by the board on 12
August 2022.
Signed on behalf of the board by: Duncan Soukup
Interim Condensed Consolidated Statement of Cash Flows
For the six months ended 30 June 2022
As at As at As at
30 Jun 22 30 Jun 21 31 Dec 21
Unaudited Unaudited Audited
Notes GBP GBP GBP
Profit/(Loss) before income tax from:
Continuing operations 203,680 (1,017,374) (1,810,719)
Add back Portfolio Holdings (561,455) 209,312 374,741
Discontinued operations - - (285,509)
Profit/(Loss) before income tax (357,775) (808,062) (1,721,487)
Adjustments for:
Impairment losses on goodwill - - 149,992
(Increase)/decrease in trade and other receivables (88,133) (76,143) (311,077)
(Decrease)/increase in trade and other payables 42,823 (71,283) 347,870
Accrued interest income 180,132 (171,592) -
Gain/(loss) on disposal of portfolio investments (294,986) (388,540) 117,541
Net exchange differences (26,161) (111,193) (93,995)
Depreciation 4&5 147,083 63,477 210,401
Share of losses of associate (93,758) - (9,156)
Fair value movement on portfolio investments 672,217 (281,978) (704,554)
Cash generated by operations 181,442 (1,845,314) (2,014,465)
Taxation (431) (2,006) 132,240
Net cash flow from operating activities 181,011 (1,847,320) (1,882,225)
Sale/(purchase) of property, plant and equipment - (18,741) (1,564,752)
Sale/(purchase) of intangible assets 4 (167,576) (314,854) (212,433)
Sale/(purchase) of investment property - - -
Net (purchase)/sale of portfolio investments 6 (89,465) - 97,010
Investments in subsidiaries - - (815,428)
Issuance of investment loans - (138,333) -
Net cash flow in investing activities (257,041) (471,928) (2,495,603)
Cash flows from financing activities
Interest Expense (25,132) (17,639) -
Leasing Liabilities (45,051) (22,385) -
Proceeds from borrowings 32,116 1,326,267 354,229
Repayment of borrowings 9 (3,853,018) - 2,167,225
Net cash flow from financing activities (3,891,085) 1,286,243 2,521,454
Net increase in cash and cash equivalents (3,967,115) (1,033,005) (1,856,374)
Cash and cash equivalents at the start of the year 5,398,208 7,020,592 7,116,110
Effects of exchange rate changes on cash and cash equivalents (133,217) 111,574 138,472
Cash and cash equivalents at the end of the year 1,297,876 6,099,161 5,398,208
The notes on pages 13 to 18 form an integral part of this
consolidated interim financial information.
Interim Condensed Consolidated Statement of Changes in
Equity
For the six months ended 30 June 2022
Attributable to owners of the Company
Non- Total
Share Share Treasury Other Foreign Retained controlling Shareholders
Exchange
Capital Premium Shares Reserves Reserve Earnings Total Interest Equity
GBP GBP GBP GBP GBP GBP GBP GBP GBP
Balance as at
31 December 128,977 21,717,786 (8,558,935) 78,716 3,697,697 (5,428,679) 11,635,562 (122,298) 11,513,264
2020
Total
comprehensive - - - 109,653 (1,266,121) 233,847 (922,621) (40,819) (963,440)
income
Balance as at 128,977 21,717,786 (8,558,935) 188,369 2,431,576 (5,194,832) 10,712,941 (163,117) 10,549,824
30 June 2021
Disposal of
subsidiary with - - - (1,884,689) - - (1,884,689) - (1,884,689)
NCI
Exchange on
conversion to - - - - - - - - -
GBP
Total
comprehensive - - - - 1,404,595 920,472 2,325,067 163,117 2,488,184
income
Balance as at
31 December 128,977 21,717,786 (8,558,935) (1,696,320) 3,836,171 (4,274,360) 11,153,319 - 11,153,319
2021
Total
comprehensive - - - - - 789,679 789,679 - 789,679
income
Balance as at 128,977 21,717,786 (8,558,935) (1,696,320) 3,836,171 (3,484,681) 11,942,998 - 11,942,998
30 June 2022
The notes on pages 13 to 18 form an integral part of this
consolidated interim financial information. Notes to the Interim
Condensed Consolidated Financial Information
1. General information
Thalassa Holdings Ltd (the "Company") is a British Virgin Island
("BVI") International business company ("IBC"), incorporated and
registered in the BVI on 26 September 2007. The Company is a
holding company with various interests across a number of
industries.
Autonomous Robotics Limited ("ARL" - formerly GO Science 2013
Ltd) is a wholly owned subsidiary of Thalassa and is an Autonomous
Underwater Vehicle ("AUV") research and development company.
Apeiron Holdings (BVI) Ltd is a BVI registered company and is
wholly owned by Thalassa. It owns 100% of Alfalfa AG which is a
company registered in Switzerland.
WGP Geosolutions Limited is a wholly owned subsidiary of
Thalassa which has an additional subsidiary, WGP Group AT GmbH,
both currently non-operational.
2. Significant Accounting policies
The Group prepares its accounts in accordance with applicable UK
Adopted International Accounting Standards.
The accounting policies applied by the Company in this unaudited
consolidated interim financial information are the same as those
applied by the Company in its consolidated financial statements as
at and for the period ended 31 December 2021 except as detailed
below.
The financial information has been prepared under the historical
cost convention, as modified by the accounting standard for
financial instruments at fair value.
2.1. Basis of preparation
The condensed consolidated interim financial information for the
six months ended 30 June 2022 has been prepared in accordance with
International Accounting Standard No. 34, 'Interim Financial
Reporting'. They do not include all of the information required for
full annual financial statements and should be read in conjunction
with the consolidated financial statements of the Company as at and
for the year ended 31 December 2021.
These condensed interim financial statements for the six months
ended 30 June 2022 and 30 June 2021 are unaudited and do not
constitute full accounts. The comparative figures for the period
ended 31 December 2021 are extracted from the 2021 audited
financial statements. The independent auditor's report on the 2021
financial statements was not qualified.
All intra-group transactions, balances, income and expenses are
eliminated in full on consolidation.
2.2. Going concern
The financial information has been prepared on the going concern
basis as management consider that the Group has sufficient cash to
fund its current commitments for the foreseeable future.
3. Earnings per share
Six months Six months Year
ended ended ended
30 Jun 22 30 Jun 21 31 Dec 21
Unaudited Unaudited Audited
The calculation of earnings per share is based on
the following loss and number of shares:
Profit/(loss) for the period 203,249 (808,900) 456,740
Weighted average number of shares of the Company 7,945,838 7,945,838 7,945,838
Earnings per share:
Basic and Diluted (GBP) 0.03 (0.10) 0.06
Number of shares outstanding at the period end: 7,945,838 7,945,838 7,945,838
4. Intangible assets
Development
costs Patents Software Sub-total Goodwill Total
GBP GBP GBP GBP GBP GBP
At 31 December 2021
Cost 762,358 126,382 22,550 911,290 - 911,290
Accumulated amortisation - - (3,759) (3,759) - (3,759)
Net book amount 762,358 126,382 18,791 907,531 - 907,531
Half-year ended 30 June 2022
Opening net book amount 762,358 126,382 18,791 907,531 - 907,531
FX movement - - 2,546 2,546 - 2,546
762,358 126,382 21,337 910,077 - 910,077
Additions 167,576 - - 167,576 - 167,576
Amortisation charge - - (3,958) (3,958) - (3,958)
FX movement - - (648) (648) - (648)
Closing net book amount 929,934 126,382 16,731 1,073,047 - 1,073,047
At 30 June 2022
Cost 929,934 126,382 25,096 1,081,412 - 1,081,412
Accumulated amortisation - - (8,365) (8,365) - (8,365)
Net book amount 929,934 126,382 16,731 1,073,047 - 1,073,047
The intangible assets held by the Group increased as a result of
capitalising the development costs of Autonomous Robotics Ltd
("ARL").
5. Property, plant and equipment
Plant
Land and and Motor
Total buildings Equipment Vehicles
Cost GBP GBP GBP GBP
Cost at 1 January 2022 2,017,577 1,413,282 119,576 484,719
FX movement 114,583 81,030 9,376 24,177
2,132,160 1,494,312 128,952 508,896
Cost at 30 June 2022 2,132,160 1,494,312 128,952 508,896
Depreciation
Depreciation at 1 January 2022 356,496 27,776 114,924 213,796
FX movement 37,146 19 12,980 24,147
393,642 27,795 127,904 237,943
Charge for the year on continuing operations 143,125 93,623 1,996 47,506
Foreign exchange effect on year end translation (13,085) 7 (3,665) (9,427)
Depreciation at 30 June 2022 523,682 121,425 126,235 276,022
Closing net book value at 30 June 2022 1,608,478 1,372,887 2,717 232,874
6. Securities
The Group classifies the following financial assets at fair
value through profit or loss (FVPL):-
Equity investments that are held for trading
As at As at As at
30 Jun 21 30 Jun 21 31 Dec 21
Unaudited Unaudited Audited
GBP GBP GBP
Securities
At the beginning of the period 1,187,346 1,397,983 1,417,003
Additions 2,078,047 3,225,366 3,445,080
Unrealised gain/(losses) (168,131) 29,704 (518,523)
Disposals (1,693,596) (2,866,529) (3,172,142)
Forex on opening balance 133,217 - 15,928
At period close 1,536,883 1,786,524 1,187,346
Investments have been valued incorporating Level 1 inputs in
accordance with IFRS7.
Notes to the Interim Condensed Consolidated Financial
Information Continued
7. Loans and holdings
As at As at As at
30 Jun 22 30 Jun 21 31 Dec 21
Unaudited Unaudited Audited
GBP GBP GBP
Loans at period open 1,333,599 1,262,670 1,279,849
Accrued interest - to be waived 22,403 19,059 39,365
Forex on opening balance 150,599 - 14,385
Loans at period close 1,506,601 1,281,729 1,333,599
Portfolio Holdings at 1 January 4,371,674 4,235,156 4,292,777
Issued - 324,085 255,607
Interest 158,225 157,053 293,767
Repaid - - (475,861)
Forex 20,310 51,006 5,384
Fair Value Adjustment - 40,700 -
Portfolio holdings at period close 4,550,209 4,808,000 4,371,674
Total of loans and holdings 6,056,810 6,089,729 5,705,273
The Loan is to the THAL Discretionary Trust, the terms of the
loan are set with a 0% interest rate however interest has been
accrued at 3% as per IFRS requirements, it is the intention of the
Company to waive this interest upon repayment of the capital.
8. Investments in associated entities
On 17 December 2021, the acquisition of id4 was complete by
Anemoi International Ltd with consideration in the form of shares
issued to Thalassa and its subsidiary Aperion BVI totaling 36.92%
of the voting rights. The investment is recognised using the equity
method as described in the financial statements for December
2021
Movement on interests in associates can therefore be summarised
as follows:
As at As at As at
30 Jun 22 30 Jun 21 31 Dec 21
GBP GBP GBP
Fair value of investment at beginning of period 2,325,457 - 2,086,448
Share of losses for the period (93,758) - (9,156)
Conversion of loan notes to preference shares - - 248,165
Exchange Variance 262,392 - -
2,494,091 - 2,325,457
There are no other entities in which the Group holds 20% or more
of the equity, or otherwise exercises significant influence over
the affairs of the entity.
9. Borrowings
As at As at As at
30 Jun 22 30 Jun 21 31 Dec 21
Unaudited Unaudited Audited
Non-current liabilities GBP GBP GBP
Credit facility - - -
Lease liabilities 1,243,273 442,179 1,252,335
1,243,273 442,179 1,252,335
Current liabilities
Credit facility 459,280 4,701,915 4,324,649
Lease liabilities 163,262 53,532 150,911
622,542 4,755,447 4,475,560
The credit facilities outstanding as at 30 Jun 2022 consist of
fixed term advances opened on in May 2022 for GBP461k, this advance
was settled in July 2022. The settling of the facility outstanding
at Dec '21 was completed on the 9th April 2022.
The lease liabilities comprise of amounts owed in relation to
office leases held by ARL and Aperion AG. The lease held by Aperion
Holdings AG was entered in to in Feb 2021.
10. Related party balances and transactions
Under the consultancy and administrative services agreement
initially entered into on 3 January 2011 and most recently updated
1 February 2018 with a company in which the Chairman has a
beneficial interest, the Group was invoiced GBP225,145 (1H21:
GBP261,382) for consultancy and administrative services provided to
the Group. As at 30 June 2022 the amount owed to this company was
GBP268,055 (1H21: GBP156,049).
Having not been paid out under the terms of the agreement, Mr
Soukup volunteered to waive GBP453,856 of the balance held at
December 2021. The 2022 services also remain unpaid and will be
reviewed on an going basis in line with the performance of the
Group.
11. Share capital
As at As at As at
30 Jun 22 30 Jun 21 31 Dec 21
Unaudited Unaudited Audited
GBP GBP GBP
Authorised share capital:
100,000,000 ordinary shares of USD0.01 each 1,000,000 1,000,000 1,000,000
Exchange Rate for Conversion 1.61674 1.61674 1.61674
100,000,000 ordinary shares of USD0.01 each in GBP 618,529 618,529 618,529
Allotted, issued and fully paid:
20,852,359 ordinary shares of USD0.01 each 208,522 208,522 208,522
Average Exchange Rate for Conversion 1.61674 1.61674 1.61674
20,852,359 ordinary shares of USD0.01 each in GBP 128,977 128,977 128,977
The exchange rate used for conversion is the aggregate rate for
the transactions as they occurred.
12. Subsequent events
There were no reportable subsequent events
13. Copies of the Interim Report
The interim report is available on the Company's website:
www.thalassaholdingsltd.com.
-----------------------------------------------------------------------------------------------------------------------
ISIN: VGG878801114
Category Code: IR
TIDM: THAL
LEI Code: 2138002739WFQPLBEQ42
OAM Categories: 1.2. Half yearly financial reports and audit reports/limited reviews
Sequence No.: 181199
EQS News ID: 1419957
End of Announcement EQS News Service
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(END) Dow Jones Newswires
August 15, 2022 02:01 ET (06:01 GMT)
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