Thalassa Share Discussion Threads

[jmf69] 20/4/2017 10:27

Unless they sell at a premium

[cockerhoop] 20/4/2017 10:20

I can completely understand the sale of ARL - investment required etc but to sell WGP at this point in the O&G cycle seems very strange.

[kooba] 20/4/2017 09:54

Bright 'side' ...fat fingers and pre-emptive !Don't disagree...never seems easy to buy a decent amount...even after the results I struggled to get more the 10k again yesterday missed the announcement sidetracked by Lions squad announcement but struggled to pick up another 10k at 66p once I had read the rns.Not chasing here because maybe early days but figure the announcement wouldn't have been made unless the offer was viewed as serious and potentially attractive...but there's now a for sale sign up on the oil services business so maybe there is further interest.But there could still be very decent upside if this progresses as to add value one must consider the potential disposal will be at a significant premium to book.imho.

[frazboy] 20/4/2017 08:52

"bright send"?

I did think about buying back in yesterday on the back of the announcement but couldn't get a reasonable number at a reasonable price - should the board make the announcement I was referring to then there may yet be a small window to pick some up, so its good to be on top of events, and have a valuation in mind. Agree?

[kooba] 20/4/2017 08:38

Though I'm not sure you will be looking for the bright send in anything here having posted you dumped your holding after the results?

[frazboy] 20/4/2017 08:06

No I don't know but had the board stated in the press release that this was the intention - to wind the company up - then a very basic NAV analysis, as calculated by numerous posters here, suggests the share price would be significantly higher. It didn't state that but perhaps the board may make their intentions clearer to realise value for shareholders?

As you say, time will tell

[kooba] 20/4/2017 07:38

Well I don't actually know...do you??I figure he may have had enough in the public sector..normally operates private.Let's wait and see hey!

[frazboy] 20/4/2017 07:21

Oh... and if you think having pulled it off, the cash will wing its way back to shareholders.

[kooba] 20/4/2017 07:16

Depends whose running it :))The very recent WH Ireland note has 100p target in line with NAV...but interesting says sum of parts could be worth double that!

[frazboy] 20/4/2017 07:14

In a sale you would expect to get approaching NAV (assimung the price of holdings like LSR are correctly valued) for everything other than WGP and the robotics arm which are a bit trickier to value. The plant on the balance sheet mainly relates to WGP I believe and is quoted as having a value of around $13m. This is perhaps not too far from what you would expect from WGP in sale. I have a range from $10m to $20m for this asset. Even at the bottom of this range there's upside in the share price if you think Duncan can pull it off

[jmf69] 20/4/2017 07:03

Surely a profitable company like thal should be worth more than the nav and not less?

[jmf69] 19/4/2017 19:15

Book value of thal at year end was 1.02 gbp per share. I am guessing this would have been enhanced since year end and ds would only be interested in selling either or both interests at above the asset value given the potential and prm dominance of wgp. All IMHO. I wouldn't want any sale on the cheap.

[kooba] 19/4/2017 17:28

All interesting points...but I suppose we shouldn't worry about where the disposal proceeds go until there is a disposal.Having seen where the shares traded (and the trust bought from DS!) I would be surprised if there was not significant value added if the disposal proceeds otherwise with light now at the end of the oil services tunnel difficult to see why sale would appeal....maybe he's just had enough of whinging shareholders and poor valuation and is going to max the valuation through liquidating everything in an orderly way and pay it all out??

[frazboy] 19/4/2017 16:59

The only two documents I could find that state that DS is a trustee are here:

hxxp://thalassaholdingsltd.com/documents/2014.01.08-ShareDealings.pdf

hxxp://thalassaholdingsltd.com/documents/20121123.GrantofOptionsandDirectorsDealings.pdf

There's nothing about any other trustees but presumably there are other trustees. As for how the trust would vote in the hypothetical situation outlined above, who knows. This quote is from the 2014 accounts:

"The THAL Discretionary Trust is a trust, independent of Thalassa, established for the benefit of individuals or parties to whom the Trustees wish to make awards at their discretion."

[kooba] 19/4/2017 15:04

Doubt he is only trustee and doubt he can vote for the trust on such an issue....treasury stock won't vote ...which could amplify his influence though.On a plus if they have over £1 liquid then the treasury purchases so far should add value for all shareholders...especially on distribution.

[frazboy] 19/4/2017 13:55

kooba - I think it's more like 69% not under DS's control; I think DS is guardian of the trust too.

[kooba] 19/4/2017 13:41

Well I suppose it will be subject to shareholder vote...if the majority vote in favour of leaving a big pile of cash for DS to play with then I suppose if you don't like the idea then vote with your feet?But I suspect the 80% of shares not owned by DS may require some distribution unless there is a nailed down strategy?

[frazboy] 19/4/2017 13:15

Quite, Greenroom. Why return the funds to shareholders, when it's essentially free leverage for investments, whilst drawing a salary of £200k?

Regardless, I'm looking forward to news of any sale developments - as much out of curiosity as anything else.

[greenroom78] 19/4/2017 13:00

Problem is if he sells the assets who is to say he'll just divi out the cash, you never know what we'll end up being invested in.

[kooba] 19/4/2017 12:29

accusing the chairman and the nomad of deliberately misleading shareholders is quite possibly libellous? ...and as mentioned to what End???He thinks market doesn't value the parts of the business correctly and with shares trading at big discount to 'value' he can't use the paper to do enhancing acquisitions so he can't really build the oil services business either.As to what he does if the sales progress ?? Can either liquidate and repay holders full or in part or change strategy ...which is already fairly random as a group.I personally think DS is suited to running an activist fund...maybe that would be the direction.

[frazboy] 19/4/2017 12:21

Mind you, it is Duncan, nothing should be ruled out.

Surprised that we've not had any RNS's on the buyback programme (prior to this annoucmement) - I thought it had recommenced but wasn't sure.

[frazboy] 19/4/2017 12:08

"They've probably just invented the story to get the price up"

but why would he? It's not like he can sell at the moment (presumably a closed period?), the only reason I can think that we would want the price up, is if he borrowing against his stock.

[tiswas] 19/4/2017 12:05

I must admit that I topped up my small holding last week in the hope that this would happen.

The funding of $94m they say is needed to take ARL to high volume production was clearly going to prohibit them being involved themselves. So it was just a case of how good a potential it really has and what it is worth to someone now.Maybe a sale and some sort of royalties arrangement?

I would be disappointed if WGP were to go at this stage in the cycle but of course it all depends on price.

[basem1] 19/4/2017 12:05

They've probably just invented this story to get the price up. DS has tried everything else and has major skin in the game.