Thalassa Share Discussion Threads

[ntv] 22/1/2019 09:42

ATTENTION TO NEW BUYERS
your shares will be worthless because of the issue of preference shares to existing holders
you will have virtually no voting rights and DS will walk off with all the cash when the share price gets low enough

[ntv] 22/1/2019 09:26

POS
and down it goes

[skyship] 18/1/2019 08:43

Agreed, a total farce. They have even issued another RNS today stating the uprating to the Main Board and delisting on AIM will take place over the next 2weeks. A £15m MCap, BVI holding company with more than dubious corporate governance has no chance of a Main Board listing...…..surely???

[ntv] 17/1/2019 13:57

short it to hell

[hindsight] 17/1/2019 09:26

Complete farce, amazing share price holds up in view of the voting rights. Havent seen deepvalue post here yet

[skyship] 17/1/2019 08:58

WH Ireland, their Nomad, is also a disgrace.

[ntv] 17/1/2019 08:52

to say the least the London Stock Exchange should be ashamed of itself in allowing this sham of a company to even be listed on the AIM market let alone apply and to have a main market listing. You have opened a large can of maggots
LSE you are a disgrace

[rndm355] 10/1/2019 08:51

Thalassa Chairman takes on two sets of shareholders.

[ntv] 09/1/2019 09:28

nobody would went the valueless ordinary shares as they have virtually no value to an new shareholder so it will be a low offer to try and grab some stock to try to get to 50%

[andyr0503] 06/1/2019 18:24

Crumbs, thanks GWR7! Worth sharing on the LSR thread too if you wish.

[topvest] 06/1/2019 18:11

Good post. Yes, this company is a disgrace.

[gwr7] 06/1/2019 15:24

I'm following this with interest. Here's a post from over four years ago.

GWR7 - 17 Sep 2014 - 09:12:11 - 2801 of 4217

From a corporate governance viewpoint I regard this as completely uninvestable. As has been pointed out, Thalassa is lending money to a Thalassa trust to buy shares in Thalassa. This seems reminiscent of the activities of Enron. The trust is supposedly a beneficial trust for employees of the company but it is under water, largely due to the purchase of 1 million shares from chairman Soukup at the startling price of £2.70 (using a loan from the company). This was a beneficial exit for Soukup, who is a trustee (lol) but not so good for thin cat employees and shareholders.
The thing is, the trust has racked up over $7m of loans from the company. As it is under water on the shares it has bought it has no means of paying back these loans so by rights you would think they ought to be impaired. Given also that Thalassa pays a company in which Soukup has an interest over 400k a year on consultancy fees I can see why it's registered in the British Virgin Islands.
Barge pole job for me.

[gfrae] 28/12/2018 11:09

Could well be, frazboy,
It is a mystery to me.

[frazboy] 27/12/2018 13:43

I meant to add, that volume on Thalassa has been pretty modest since the preference shares were issued

[frazboy] 27/12/2018 13:38

Absolutely gfrae. I wonder if the reason DS has gone for the main market listing, is, despite his best efforts with the preference shares, he still won't be able to swing a shareholder vote to buy LSR on the terms he's planning

[gfrae] 27/12/2018 12:52

I suspect the company would be delighted to buy all shares offered to them at these prices.

[topvest] 27/12/2018 12:37

Yes, agreed - that would be amusing. This company is pure GREED.

[ntv] 23/12/2018 13:10

amyone know a spread bet firm that you can short these with?

[ntv] 23/12/2018 13:08

topvest
agreed and which LSR shareholders really want worthless THAL ordinaries(they won't get Peference shares)
my guess an all share offer
from memory the prefs have 10 times voting powers
Preference shares get first claim on assets as well if liquidated
WAFJ the AIM FSA london stock exchange are
How many other directors will run off with a couple of mates with all the cash in due course
wonder what the rumuneration package will be this year

[topvest] 22/12/2018 15:09

This is what was said in September: really no need to try and work out.

"LSR

Thalassa currently owns 25.48% of The Local Shopping REIT plc ("LSR"). The liquidation of the company's assets continues apace; unfortunately, the losses incurred on disposal also continue apace. We are clearly unhappy with the level of cost that LSR and, therefore, its shareholders are incurring whilst its advisers, managers and consultants are rewarded for generating ever increasing losses!

THAL's 25% holding does, however, represent 'negative equity control', which, bluntly put means that LSR will be unable to distribute any cash to its shareholders beyond the sum of its retained earnings (currently GBP8.1m but dwindling fast) without an extraordinary resolution requiring 75% of the votes cast at the meeting. Clearly no such majority can be achieved without Thalassa's votes.

Thalassa accounts for its holding in LSR as an associate company. As a result, Thalassa's current holding cost basis is +/-29.6p per share, which does not reflect the +/-2.5p per share of Forex hedging gains that the Company has also realised and booked.

I believe that Thalassa shareholders will do well out of the Company's investment in LSR, in spite of LSR's woeful performance!"

Very clear:
1. Historical cost was 29.6p.
2. Clear undertaking of 'minority equity control' and likely blocking of any special resolution.
3. Conclusion that they will do well, and so the only way they will do well is if non-Thalassa shareholders of LSR get proportionately, a lot less.

[andyr0503] 22/12/2018 09:27

Frazboy - Yes, I was going on their press announcements. I do agree that DS paid early to mid 30s for his early holdings. I think the reconciliation between the two may be to do with exchange rate changes and hedging - that was all I could think of.

[frazboy] 22/12/2018 09:02

Andy - by the way, you said THAL had made a profit on the LSR holding but if you go back to the original announcements regarding the purchases I think you’ll find DS paid early to mid 30s for his holdings. That is inconsistent with what is stated in the more recent Thalassa press announcements. Happy to be corrected on this.

[cockerhoop] 22/12/2018 07:35

Frazboy,Was just thinking aloud really - very interesting that a full listing gives additional flexibility in certain circumstances which goes against the general perception of AIM having virtually no regulation.Anyway good to bounce a few thoughts :-)