Thalassa Share Discussion Threads

[kooba] 06/4/2021 15:32

Cornerstone FS an Alternative payments and FX platform that Thalassa has an investment in listed today.Raised money at premium to Thalassa investment looks interesting in a growing but competitive sector.

[gfrae] 02/2/2021 09:40

A good summary Mr kooba !
It is much easier to hang around and await developments while the shares are sitting at such a large discount to NAV.

[kooba] 02/2/2021 09:39

https://www.londonmedicallaboratory.co.uk/Also offering private Covid testing to corporates and individuals.

[kooba] 02/2/2021 08:42

Another very interesting transaction in another hot area with clear short term IPO intent. I am rightly or wrongly looking at Thalassa now as a boutique investment bank. They are cherry picking high growth areas , FinTech , Medical ,Ticketing and probably a few other areas where there is bounce back opportunities such as travel and tourism. There are also the spin out vehicles where I believe Thalassa still has warrant interest. Undoubtedly building an interesting portfolio of assets but still looks somewhat random looking at rns's in isolation ,but if one looks at it as an opportunistic fast moving investor adding value to situations then makes more sense.Be good to have clear mission statement from the company so the visibility on how they see the company growing and creating value and perhaps how investments are valued might help . In the meantime trading at a huge discount to book and to me it looks like a question of time before this is discovered..in the meantime picking bits up as and when like yesterday.

[cockerhoop] 29/1/2021 11:45

Missed it? It does appear to have reduced the spread to just below 100% though :-)

[tiswas] 29/1/2021 11:04

Surprised that no one here has commented on the Anemoi activity a few days back.

[kooba] 03/12/2020 17:57

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 discretionMaybe should be awarded to shareholders for long service??

[kooba] 03/12/2020 17:56

Must ask when your biggest institutional holder wants out at a huge discount to book and even cash whether you are doing things that shareholders can get behind I guess ...knowing DS he will hopefully take up the challenge and show shareholders he can get the share price to better reflect the value and prospects of the company. Be nice..but lack of any transparency in where the company is headed and various random moves make this unlikely in the near termHaving bought shares from one shareholder at 65p though they should be bid at that level in the market for all shareholders I guess.

[kooba] 03/12/2020 17:48

From the report and accountsThe 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 discretionIt also owes Thalassa £1.7m at the time paying interest at 3%.DS wife seems to be a trustee.Since the holding in the trust seems far too large for the purpose of dishing out awards as incentives ..not sure why they don't wind a chunk up at 65p value cancelling the debt..Further asset accretive to shareholders..can't see lending shareholder funds at 3% makes any sense.But nor does the cost base relative to the market cap!Difficult to see where this is all going at the moment.

[kooba] 03/12/2020 17:33

Don't think DS has gone over 30%..very close.As to whether a share buyback triggers the over 30% rule I am also not so sure.The THAL Disc trust plus DS have been over 30% for ages so are not counted as acting in concert or they have dispensation.As to whether the THAL trust can vote I'm not sure but expect not as they are governed by the board.Not sure who the beneficiary is either , not sure what employees the company has left ...seems to be just DS!!

[tiswas] 03/12/2020 16:34

No, I am not looking for a bid either. Just worried that with DC holding and the Trust, if that holding can be voted, it may be forced on us.

You say no bid necessary, can you expand?

[cockerhoop] 03/12/2020 16:07

Tiswas,

I was pondering that but seem to recall if the 30% level is triggered by buybacks, corporate events etc the holder can get dispensation but that is kinda muddied by DS being the exec causing the event!

[tiswas] 03/12/2020 16:01

Is he not in mandatory bid territory then if he has gone over 29.9% or do different rules apply because of where the business is registered?

[cockerhoop] 03/12/2020 15:55

I was going by the company website modified for the LO sale (but will have missed any interim changes, perhaps just the 25,000 buyback on 2nd Dec)

[tiswas] 03/12/2020 15:30

So we do not have much protection against a bid at 65p if he fancies it?

[tiswas] 03/12/2020 15:29

Hmm, I missed that. Bloody alerts!

According to Stockopedia he has 3.6m and the discretionary trust 3.1m. With just under 8m shares not in treasury they each have over 40% or am I missing something?

[cockerhoop] 03/12/2020 15:07

Which I think takes DS just over 30%!

[cockerhoop] 03/12/2020 14:58

Interesting THAL just yesterday bought entire Lombard Odier 14.27% stake at 65p

[kooba] 19/11/2020 14:23

Interesting another investment in FinTech https://www.cornerstonefs.com/Fingers in a lot of hot areas here.

[kooba] 19/11/2020 12:41

Unclear on Anemoi ..on a standard list and two way price albeit very wide!I had put a limit order in at 2p successfully through Hargreaves in my SIPP but not dealt , but not indicating there is any issue and I think I have seen some trade go through.Tiny market cap and trade so maybe nobody making a price through RSP. You might be better trying limit or fill or kill order , but personally wouldn't be selling near a penny as big discount to nav and I'm sure one won't have to wait that long to find out which direction this is going in..a reverse transaction can add significant value with the right deal . No advise intended.

[tiswas] 19/11/2020 11:16

Thanks again kooba

It is not like me not to understand my investments but this is one where I quite frankly gave up trying some time ago in the hope that THAL would revert to nav. What I had not anticipated was the manner in which it would be done!

Not had an answer back from my broker yet as to why I can not trade Anemoi within my ISA. The company has a nice new website and I see that it states:

Following the publication of its prospectus on 19 October 2020, Anemoi International Limited is pleased to ‎announce the admission of its entire issued share capital to the Official List (by way of a Standard Listing under Chapter 14 of the Listing Rules) and to trading on the London Stock Exchange's Main Market for listed securities

I wonder then why there is a problem?

[kooba] 19/11/2020 10:55

In the breakdown with the demerger details Anemoi had 4c book per share about 3p cash LSR had 38c book I believe so 28p, LSR carry chunk of cash and some residual retail assets retained to maintain REIT status. Difficult to know on write downs to be fair many tenants still paying rent and with ultra low interest rates those that are quality probably are up in value. There wasn't a revaluation done this year but the rental income appears high relative to yields at auction I guess.But property is not LSRs focus now so I would imagine these assets will be liquidate in due course. New focus travel and leisure, an area where there could be some exceptional value just now. It's all going to be about the deals that go into the vehicles...most SPAC/ shells out there trade at huge premiums to their book value so these two interesting at discounts.Holding on to all three, and adding to LSR today. THAL trading at 1/3 of book value the other two nearer half all pretty liquid , with opportunities like Tappit out there it's a once in several decades opportunity buyers market.

[tiswas] 19/11/2020 10:17

On 24/6 they said of LSR

The Net Asset Value at 31 March 2020 was £6.933 million or 30.55p per share (September 2019: £6.992 million or 30.81p per share).

So presumably writedowns needed because of covid but what is it really worth now?