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THAL Thalassa Holdings Limited

0.00 (0.00%)
Last Updated: 08:00:00
Delayed by 15 minutes
Share Name Share Symbol Market Stock Type
Thalassa Holdings Limited THAL London Ordinary Share
  Price Change Price Change % Share Price Last Trade
0.00 0.00% 26.00 08:00:00
Open Price Low Price High Price Close Price Previous Close
26.00 26.00 26.00 26.00
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Industry Sector

Thalassa THAL Dividends History

No dividends issued between 13 Jun 2014 and 13 Jun 2024

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Posted at 12/1/2024 10:49 by varies
"Clear as mud" is an apt description for Thalassa's accounts.
Do you have any insight into Flying Nodes ?
There is an imaginative video about these on the co's web-site based, I fear, on artists' impressions rather than physical objects.
THAL seems to have spent about £5 million on their development but has no orders yet !
Posted at 06/1/2024 19:58 by varies
Thanks again, Kooba.
The Discretionary Trust seems to hold 25.71%, say 2 million shares now worth c. £480,000.
I wonder if THAL has any security for the loan beyond this holding. The share price may well have been about 70p when these arrangements were made.
There seem to be good reasons for Thalassa Holdings being registered in the British Virgin Islands !
Posted at 06/1/2024 14:07 by kooba
That is true and leads to a conflicted position for Soukup who is the only obvious beneficiary. Controlling the discretionary trust means he has full control of the company ..DS is a trustee. The trust owns shares in the company but owes the company a chunk of money that presumably is secured against the shares. The shareholding now does not cover the loan and there is no obvious way that the debt can be repaid. 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. It's effectively an interest free loan to himself now invested in the shares which have fallen well below the loan amount and there is no obvious way how shareholders will get repaid. Using shareholder funds on this scale and holding such a large equity holding is highly dubious.This all needs tidying up for the benefit of all's a bloody mess and the non executives need to step up and protect minority shareholder interests. Should all be wound up and cash repaid.
Posted at 06/1/2024 12:06 by varies
Thanks so much, Kooba.
Amongst the assets I see a loan of £1,492,000 to the Thalassa Discretionary Trust, a trust set up for the benefit of employees and presumably managed by Mr. Soukup.
The trust has a large holding in THAL but no information is provided about its other assets and whether it could repay this loan.
Mr. Soukup receives a salary from THAL of over £300,000 p.a. So he may not see an advantage in liquidating the company much as you and l and others might like to see this.
Posted at 05/1/2024 12:22 by varies
With many misgivings I have dipped my toe back in this pool and bought a few more shares.
I have spent an hour studying the full annual report for 2022 available on the company web-site and am not much wiser for it.
l do notice in Note 11, however, that the Tappit investment was not been written off entirely in the 2022 accounts as the chairman had promised to compensate THAL for the £3 million initially invested. "As a result, only the value of the accrued interest and Option value , totalling £1,432,041 has been written off above".
So the asset value presumably includes this £3 million expected from the chairman.
Posted at 06/5/2023 17:11 by hedgehog 100
THAL has just top-sliced its holding in NWT, after a good recent run for NWT's shares:-

04/05/2023 07:00 UK Regulatory (RNS & others) Newmark Security PLC Holding(s) in Company LSE:NWT Newmark Security Plc

NWT is something comparatively rare this year: a tech penny share that is performing well, both technically and fundamentally:-

Newmark Security (NWT) 56.5p Market cap. £5.3M.

"Newmark Security in 2023: A Transformed Tech & USA Success Story"

Up 71.2% (33p to 56.5p), on a strong return to profitability.

And with plenty more likely to come on both fronts.

Newmark Security (NWT):-
Posted at 11/2/2023 12:17 by varies
Thank you very much for posting the link to the announcement, which I had missed, about the investment in LML not proceeding.
I agree with all you say but fear that THAL may be exposed to large losses on its open short positions as a result of the recent recovery in world stock markets. Mr Soukup's recent pronouncements suggested that THAL had made money on its "hedging operations" earlier in 2022 and that he had re-opened these.
As you say, we can only form a vague idea as to the value of THAL's assets.
Like you I would regard a liquidation worth 60p per share as a very welcome outcome.
Posted at 10/2/2023 08:55 by varies
Thank you , Kooba.
Are you saying that THAL never proceeded with the investment in London Medical Labs or that it did and that there was no subsequent issue of capital by LML ?
I agree with you heartily that this is not a successful company.
It did succeed some years ago in selling a business for a handsome sum of money but has squandered the proceeds.
The report and accounts are indeed rich in pontification but short in detail of THAL's assets. A small comfort to be derived from the Tappit fiasco is that Mr. Soukup may now perceive his limitations.
Posted at 02/2/2023 20:55 by varies
Having spent the last hour trawling through THAL's announcements since July 2019, I remain in a muddle as to what they still own.
The transactions between Anemoi, Apeiron and id4 are certainly convoluted.
In Feb 2021 THAL advanced £2.5 million to London Medical Laboratories and undertook to take part in a subsequent issue of capital. We have heard nothing recently about this.
After the Tappit disaster we must hope that Mr Soukup will fasten down the hatches as another shock might be fatal.
I now regard my recent small investment here as no more secure than money placed on a horse!
Posted at 01/2/2023 20:24 by varies
A very thin market; I have bought a few shares at about 30p which may prove unwise.
Looking back through my records, I see that I was buying THAL shares at 86p in May 2018 and selling them at 80p in March and April 2019. I sold my last at 62p in Jan 2020.
Not brilliant but I have had the good luck to be out of this share for 3 years.
One simple means by which Mr Soukup could compensate THAL for its losses on Tappit would be to buy the holding off THAL for the price paid. I fear that the solution chosen is likely to be more complicated but wait with interest to see what it is.

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