 16/12/2024 07:30 EQS Regulatory News Thalassa Holdings Ltd: Results of Placing LSE:THAL Thalassa Holdings Limited
"Further to the announcement on 11 December 2024 in relation to the Placing, the Company is pleased to announce that Peterhouse Capital Limited has successfully conditionally placed 8,710,000 new ordinary shares of $0.01 each in the capital of the Company (the "Placing Shares") with institutional investors and existing shareholders ("Placees") (the "Placing"). Following the Dutch Auction process, the independent directors of the Company set the placing price at £0.25 ("Placing Price"). At the Placing Price, the Placing has raised gross proceeds of approximately £2,177,500.
The Company expects to publish a Prospectus in connection with the Placing on 20 December 2024.
Application will be made to the FCA for admission of the Placing Shares to the Equity Shares (Transition) Category of the Official List of the FCA and to the London Stock Exchange for admission to trading of the Placing Shares on its main market for listed securities ("Admission"). It is expected that Admission of the Placing Shares will become effective at or around 8.00 a.m. on 23 December 2024 and that dealings in the Placing Shares will commence at that time. The Placing Shares are conditional on Admission.
The Placing Shares will, when issued, be credited as fully paid and will rank pari passu in all respects with the existing ordinary shares of the Company and will on issue be free of all claims, liens, charges, encumbrances and equities." |
I see it is Alina that is subscribing for thalassa ...A company controlled by DS and was spun out of Thalassa now investing in Thalassa...All just games and no value creation at all...the Ned's and advisors should put a stop to all the related party goings on but guess they make fees out of all this engineering between interests.Should take the whole lot private and stop playing about with shareholder funds. |
Dutch auction strike price thoughts? Also will Soukup participate? Is he allowed to?
Fair value?
No dividends (according to ADVEN) No dividends issued between 11 Dec 2014 and 11 Dec 2024
So dead money in respect of income and significant capital loss. |
I think Mr Soukup is still due to repay a further short £1m to the company following the failure of Tappit...so rather than use funds to buy shares at a huge discount to book would it not be appropriate to honour that promise first?Sept 2024"As at the time of writing I have so far covered £2,086,00 for the losses incurred by the Company due to the collapse of Tappit, due wholly, in my opinion, to the incompetence of the Company's Board. I will continue to contribute funds up to a total of £3m." |
Well that materially dilutes what is meant to be the NAV ..a huge discount to book values to raise money to back what has been an unmitigated failure by the management in creating shareholder value ….more money to throw at more random investments…quite unbelievable that anyone would support such a track record and seems aimed at being a diversion from the managements complete lack of strategic success and what is likely overvalued underlying portfolio holdings. Just another throw of the dice with more funds being put in at a huge discount.
If folks like DS want a plaything they should do it away from listed markets…completely unsuited to the role imo. |
PS.
I have refreshed my recollection of Autonomous Robotics by watching the short video available under that title.
This video looks unchanged to me from my last viewing a year or two ago and l suspect that there is no demand yet for the Flying Nodes.
The cost of their development appears at about £1,500,000 in the accounts and this is no longer being amortised. Expenditure on them has more or less come to an end.
So there is about 20p per share to knock off the declared asset value in this respect. |
Hedgehog. Thank you for posting these figures.
I am very pleased to see that Mr Soukup has paid THAL over £2 million in restitution for the Tappit debacle and will bring this up to £3 million.
The shares look extremely cheap on an asset basis but we small shareholders have no say in what happens here.
The same applies, of course, to small shareholders in most companies ! |
27/09/2024 07:00 EQS Regulatory News Thalassa Holdings Ltd: 2024 Interim Results LSE:THAL Thalassa Holdings Limited
"Interim Results for the period ended 30 June 2024
The Company is pleased to announce its results for the six months ended 30 June 2024. The unaudited interim results have been submitted to the FCA and will shortly be available on the Company’s website: www.thalassaholdingsltd.com
Highlights for the 6 months ended 30 June 2024
GROUP RESULTS 1H 2024 versus 1H 2023, unless otherwise stated (Unaudited)
• Profit /(loss) after tax for the year £0.24m vs (£0.53)m
• Group Earnings Per Share (basic and diluted)*1 £0.03 vs (£0.07)
• Book value per share*2 £1.19 vs £1.20
• Investment Holdings *3 £8.8m vs £7.7m
• Cash £1.4m vs £0.6m ...
Holdings -
Restitution -
As at the time of writing I have so far covered £2,086,00 for the losses incurred by the Company due to the collapse of Tappit, due wholly, in my opinion, to the incompetence of the Company’s Board. I will continue to contribute funds up to a total of £3m.
NWT -
Newmark Security recently published Full Year 2024 (Yr end 30 April) results, which confirmed our view on recovery with Revenues up +10% and EBITDA up +50%. NWT shares have also performed well since the beginning of the year and have increased 26.67% YTD. ..." |
What we really need is Mr Soukup to fulfil his promise to make good THAL's loss on Tappit |
I haven't heard anything, I've just been taking a look at stuff on the internet. |
Thalassa said they were taking legal advise over what happened but never heard anything more. The company went on a pre pack when they called the receiver ..a vehicle set up a month or two before they pulled the plug. What have you heard...it went up then under...not sure if they are still a going concern in their "new" ownership. |
I have to be careful what I say, but maybe investors in Tappit Technologies, which appears to include the taxpayer, should ask where exactly all that cash went. |
So last week the company buys 9.94% holding in surgical innovations ..a not so successful highly illiquid UK smaller company. Market Cap £7.467m..for £700k i guess? Since that acquisition represents a large part of its market value it should have been disclosed rather than just a holding in company rns.Now it buys for an undisclosed sum 10.09% of a loss making bombed out surgical device company on Euronext. Market cap E 4.48m no idea what was paid as the shares have crashed to tiny fractions of a Euro. Maybe between e140k and e400k..who knows.Though i see it has just entered in merger talks..maybe 2+2 = 5 or just making a bigger loss making outfit?https://api.safegrp.com/api/public/pdfs/1721976729335-741345078_SafePRSpineUp.pdfThe merger apparently values the company at e10m..lovely but that is on the basis of valuing a smaller rival at e10m it seems ..so just engineering really. So having got some cash in from the last disaster..we are buying lumps of illiquid companies in surgical devices with no apparent strategy they wish to share with shareholders..but an area they seem to have no experience as far as i can see.There appears no governance with this company whatsoever.Today's rns is not really a trading update at all..it doesn't mention cash paid for this 10% holding and doesn't explain the rational of using the cash in making these recent investments. So explains nothing as to the financial impact or rational of what they are now doing.This continues to be a rather unsuccessful plaything for the Chairman..with little prospect of returning value to shareholders any time soon and virtually no explanation for the very random strategy..if there is one at all. |
tiltonboy, agree just in time |
Results out on the various Soukup issues.Across the board very poor and very difficult to know where the companies are going and how any of it works for shareholders.Just appear punting vehicles for DS and there appears no accountability in how bad things go.Nav down again after being well down last year..no clarity on how DS is to pay the promised funds to the company..though those funds are shown on the balance sheet.All in all really not appropriate way of running a listed company.Needs to make a sensible offer relative to book value..half ?? to take it private so he can play with the assets by himself. |
So to give shareholders some surety in meeting a commitment to cover the losses on an investment where there was some overlapping personal involvement assets were to be sold to meet the promise..."As a first step, non-binding heads of terms have been signed with a potential purchaser, which will be followed by a binding Sale and Purchase Agreement ("SPA"). it is anticipated that initial completion will occur around the end of February 2024."So where are we ..there is expectation in the market for an initial completion by the end of Feb...we are mid April no update. |
Thank goodness we managed to get out of LSR in time.
Soukup is a fantasist |
No not really..there has been no external funding that might have validated a valuation just seems to suck money in and not really go anywhere over many years.Like all these things you can make them look clever in presentations but if you cant make a product that finds a market then not much point. Also any potential market will not wait for them to get their act together.Also as there are a number of conflicts in the world right now there has been talk of defence capability..looks like the Ukrainians and Russians are both developing submersible drones to attack vessels..often the way that technological advances are made during conflict.The nodes seem to aim at seismic surveys but have previously cited defence possibilities ..but without any customers or revenues difficult to know whether that business has any value. https://autonomousroboticsltd.com/ |
Kooba,
"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 ! |
Clear as mud ..a year ago the Chairman promised to pay the company the capital value of a failed investment that he personally was involved with. A year later there appears no certainty of receiving this money and now it is to be staggered over 2 years with no details of the security that shareholders have over the assets. The Ned's need to get a grip on what is going on here. The company effectively has interest free loans out for £4.5m representing a large chunk of shareholder funds on the balance sheet.The discretionary trust loan and now effectively in the form of a property pledged to the company, that we neither own or get the benefit of rental income. We have a market cap of less than £2m which i suppose reflects the uncertainty of just about everything around this business and its management and corporate governance. |
Thanks, Kooba. |
Think the Trust probably owns some shares in the 2 businesses floated out of Thalassa too , both have also fallen sharply. Certainly I doubt the loan is anywhere near covered by its holdings so unsure why this non interest bearing loan is held at full value with there being no certainty of repayment. Lending shareholder funds interest free to buy shares in the company to give employee freebies might not be so bad if the company was successful , when it is not and ultimately exposes shareholders to further potential losses it really questions the regard the board has for its shareholders. |
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 ! |
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 shareholders..it'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. |
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