Thalassa Holdings Ltd: Trading Statement (1545685)
28 January 2023 - 1:40AM
UK Regulatory
Thalassa Holdings Ltd (THAL) Thalassa Holdings Ltd: Trading
Statement 27-Jan-2023 / 14:40 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.
-----------------------------------------------------------------------------------------------------------------------
Thalassa Holdings Ltd
Thalassa Holdings Ltd
(Reuters: THAL.L, Bloomberg: THAL:LN)
("Thalassa" or the "Company")
Trading Statement
Thalassa announces information in respect of its convertible
loan note (dated 27th October 2021) ('CLN') investment in Tappit
Technologies (UK) Ltd ("Tappit"). As at 30th June 2022, Thalassa's
investment in Tappit was valued at GBP4,265,737.96 (or 53.7p/shr)
of the total net asset value of Thalassa of GBP11,942,998 as of
that date. The amount invested in Tappit amounted to GBP3m which
with accrued interest and discounted FV of the principle amounted
to GBP3,257,443.96. The difference of GBP1,008,294 was based on the
NPV of the holding according to the Black-Scholes model in
agreement with our Auditor. The position will be written down to
GBP0 in Thalassa's books.
In May 2022, Thalassa was notified by Tappit of a potential
GBP18m financing event. Subsequently, in August 2022, Thalassa was
informed that the transaction did not complete.
In early November 2022, Thalassa was notified by a director of
Tappit that the company was arranging a funding facility. The
Chairman of Thalassa was a lender under the funding facility but
has since been repaid.
Without prior notification, Thalassa was advised on 26th January
2023, that Messrs Taylor and Pitts of Begbies Traynor (Central) LLP
had been appointed as administrators of Tappit on the 20th January
2023 and that a sale of Tappit's business and assets by way of a
pre-packaged sale to Tap Holdco Limited completed on the same
date.
Thalassa is considering all its options including, but not
limited to, possible legal action.
Commenting, Duncan Soukup, Chairman said:
"After 40 years in finance I am clearly still learning.and still
making mistakes."
"I believe that Tappit's board should not blame Covid, but take
responsibility for the company's demise which, in my opinion, was
completely avoidable if they had heeded my warnings when I served
on the Board. In any event, at Thalassa the 'buck stops here', with
me. I will, therefore, exceptionally and on a purely moral basis,
submit a proposal to the Board to contribute assets or rights in
the amount of Thalassa's initial investment of GBP3m (equivalent to
38p/shr). The Board will explore the viability of my proposal with
our legal and financial advisors and apprise the Market in due
course".
END
For further information, please contact:
Enquiries: enquiries@thalassaholdingsltd.com
Thalassa Holdings Ltd
-----------------------------------------------------------------------------------------------------------------------
ISIN: VGG878801114
Category Code: TST
TIDM: THAL
LEI Code: 2138002739WFQPLBEQ42
Sequence No.: 219051
EQS News ID: 1545685
End of Announcement EQS News Service
=------------------------------------------------------------------------------------
Image link:
https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=show_t_gif&application_id=1545685&application_name=news
(END) Dow Jones Newswires
January 27, 2023 09:40 ET (14:40 GMT)
Thalassa (LSE:THAL)
Historical Stock Chart
From Mar 2024 to Apr 2024
Thalassa (LSE:THAL)
Historical Stock Chart
From Apr 2023 to Apr 2024
