Share Name Share Symbol Market Type Share ISIN Share Description
Thalassa Holdings Limited LSE:THAL London Ordinary Share VGG878801031 ORD SHS USD0.01 (DI)
  Price Change % Change Share Price Shares Traded Last Trade
  0.00 0.00% 80.50 0.00 08:00:00
Bid Price Offer Price High Price Low Price Open Price
78.00 83.00 80.50 80.50 80.50
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Oil Equipment Services & Distribution 0.00 -5.07 29.80 2.6 14
Last Trade Time Trade Type Trade Size Trade Price Currency
- O 0 0.00 GBX

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Date Time Title Posts
19/6/201916:29THALASSA ENERGY, Oil Service Company.4,299
12/9/201312:32THALASSA ENERGY:13
06/8/200803:55Thalassa Energy Ltd.8

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Thalassa Daily Update: Thalassa Holdings Limited is listed in the Oil Equipment Services & Distribution sector of the London Stock Exchange with ticker THAL. The last closing price for Thalassa was 80.50p.
Thalassa Holdings Limited has a 4 week average price of 78p and a 12 week average price of 78p.
The 1 year high share price is 96p while the 1 year low share price is currently 69p.
There are currently 17,450,275 shares in issue and the average daily traded volume is 5,011 shares. The market capitalisation of Thalassa Holdings Limited is £14,047,471.38.
ntv: He has jacked by the THAL share price by restarting the buy back but if he stops the buy back at any point the THAL share price will drop like a stone He will probably do that to get at LSR's cash Maybe another preference share issue or some other devious plan to get at your money YOU HAVE BEEN WARNED
varies: On further reflection I find that the offer for LSR cannot make sense for THAL shareholders. We are told that the asset value of THAL is well above the current share price : over 120p, I believe. For this reason THAL is buying its own shares in. Yet, as has been pointed out here, the value indicated by LSR's current share price is much lower. Taking 28.5p an offer of 14.64p cash plus 26/100ths of a THAL share indicates a value of only 53.3p for a THAL share. If the offer succeeds, there will be many disgruntled former LSR shareholders eager to sell their THAL shares on any substantial rise and this is likely to be a dampener for some time. At the risk of proving too clever, I have sold some THAL at 80.5p and put the money into LSR at 28.5p. Unfortunately the purchase attracts stamp duty of 0.5% but this "arbitrage" seems hard to resist. If THAL go away, LSR shareholders should eventually receive over 30p but the wait may be a long one ! If the offer succeeds, I stand to recover half my outlay in cash and the cancellation of THAL's preference shares would make its ordinary shares less unattractive.
cockerhoop: You do have to laugh, the Preference Share issue has cost THAL a stack in professional fees, knocked over 25% off the share price resulting in higher dilution for DS buying LSR than could have been achieved without it and because not that many shares were sold since October it's hardly increased DS's voting influence. Man's a genius!
ntv: 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
hindsight: Complete farce, amazing share price holds up in view of the voting rights. Havent seen deepvalue post here yet
andyr0503: Trying to answer your question, though I am sure topvest will do it better (written because I had not seen topvest’s response when I wrote this). THAL bids to buy LSR with a paper for paper offer (or possibly a part cash, part paper offer). Current NAV of LSR, which will be all cash shortly, is 33.6p, which is what LSR shareholders were hoping for via a liquidation. But a liquidation has been blocked by THAL, so shareholders may be forced to accept a substandard offer for their shares, below that 33.6p, to cash out. Currently with the share price around 27p, THAL could try to get away with say an offer of 30p paid in THAL shares, because they would continue to threaten to block the liquidation route. But THAL shares would still be relatively illiquid so LSR shareholders trying to sell their new THAL shares subsequently to get the cash they were hoping for in the LSR liquidation will find the price falling, and will get nowhere near the 33.6p per share a liquidation would get them . Meanwhile THAL would own LSR, and have got that 33.6p per share worth of cash for nominally 30p per share but in fact for less than that as they were only offering their paper. THAL will only be denied if sufficient LSR shareholders refuse to play ball. There is no simple way out of the blocking vote impasse, other than a Just and equitable compulsory liquidation of LSR, but that involves legal costs, uncertainty and delay. Hope that helps.
camerongd53: Even less of a idea what is going on here!!! Suspension of buyback is lifted and price rises back to 90p. Was someone using the drop in price for a month to buy shares on the cheap. Have no idea what the proposed deal to sell off parts of the company will have on the share price but management must surely have an idea. As they are not communicating we must surely be operating in a false market. There must be a reasonable case for a suspension of the shares pending a meaningful announcement. All will become clear in a month or so when details are announced and will hopefully be for the better. The price that the company buys back shares if any will give us an indication of what the effect on the share price will be
glasshalfull: ...or perhaps the rise in the THAL share price is due to investors waking up to the fact that sum of the parts is probably worth circa. £1 coupled with oil services stocks beginning to find favour??? If I may, Current market market Cap = £10.9m * WGP valuation = Operating Profit (EBITDA) of US$3.7m in 2015 x 5 multiple = $18.5m or £15m * LSR holding = 19,093,376 LSR shares @ 27.5p (current bid price) = £5.25m * PML holding = 40,000,000 PML shares @ 0.95p (current bid) = £380k * Net Cash = Per WH Ireland estimates for yr ended 31.12.2016 following LSR investment = $3.6m or £2.9m Sum of the parts total = £23.53m With 22m shares in issue you are looking at a ballpark valuation of £1.07p before applying any discounts or perhaps factoring in a higher valuation for WGP? So essentially I believe it's a doubler from here. Kind regards, GHF
philjeans: From Investors Champion today; THAL is a holding company with two operating subsidiaries in the Energy Services sector and 2 passive investments, one of which is significant relative to its balance sheet. We have followed this company through its highs and lows over the past few years and a full history of our research is available from the link here. Thalassaâ̈́4;™s operating subsidiaries are WGP Group (WGPG) and Autonomous Robotics (‘;ARâ€482;). WGPG is a marine geophysical services company which offers bespoke project management and geophysical services throughout the global upstream oil and gas industry. WGPG’s principal focus over the past few years has been the provision of permanent reservoir monitoring (‘;PRM’) services, in respect of which it has carved a strong niche. PRM has proved more resilient than other oil services areas in the current oil price sell-off and WGPG benefits from 2 sizeable long term PRM contracts with oil majors Statoil and ConocoPhillips. AR is an early stage ‘Autonomous Underwater Vehiclesâ̈́4;™ research and development company which is developing a Flying Nodes system for deep water Ocean Bottom Nodes seismic surveys. The Flying Nodes system concept been shown through survey modelling to offer a significant cost saving for Ocean Bottom Seismic (OBS) deep water surveys compared with alternative node OBS solutions. Applications for this could also extend to Defence and Security. AR will require significant new funding over the coming years and seems a possible ‘spin-offâ̈́4;™ candidate. Passive Investments The Group had, until recently, net cash broadly equivalent to its market cap but has since used some of this in acquiring a 23% equity stake in The Local Shopping REIT plc (“;LSRâ€), a property investment trust in which Thalassa is endeavouring to improve and accelerate returns to shareholders. LSR is currently in wind down and the Net Asset Value (NAV) of this business at 31st March 2016 was £35.3m or 43p per share compared with the current share price of 28p per share. Thalassa could be termed both a recovery and deep value play, with a twist,with considerable opportunities across multiple fronts. Thalassa net assets at 30 June 2016 (after significant impairment of seismic equipment) amounted to US$26.4m resulting in net assets per share of US$1.17 (£0.93) versus a current share price of only 47p. Cash as at 30 June 2016 was US$13.2m (£10.5m) some of which has been invested in shares of The Local Shopping REIT (LSR), representing 23.14% of share capital of this business. The current market capitalisation of approximately £10.3m therefore implies zero value for WGP and ARL. The former has 2 very valuable long terms contracts and is well placed to being a long-term survivor in the oil and gas space, where PRM will be increasingly required. ARL has significant potential but requires further funding to commercialisation, which is being sought from oil majors. There are evident possibilities to split these out and secure greater value. A November 2016 trading update confirmed that WGPG results for the year ended 31 December 2016 would exceed previous estimates indicated by the Company which were for revenue and pre-tax profit of US$10.5m and US$1.1m, respectively. The oil and gas sector has been in the doldrums for several years but the Group was quick to cut costs and conserve cash, a discipline that many others didn’t follow. The Chairman, who enjoys the odd battle, has communicated opportunities to extract more value from the wind down (or other) of LSR. Unlike many if its seismic competitors which are burdened due to excessive debt and over capacity, WGP is more asset light by comparison and importantly debt free. Accordingly, the Group is well placed to ride out the current storm. The latest news of a contract from ConocoPhillips Skandinavia AS to acquire seismic data sets on the Eldfisk field in the North Sea in 2017 overs encouragement for 2017. The duration of the 2017 shoot is estimated at approximately 2 months and is expected to commence during Q2.
stux: Potential for seismic gains I have been taking a very close look at a small cap company that could imminently be announcing that contracts are in place for a deal that will transform its fortunes and those of its shareholders. The company is Aim-traded and British Virgin Island registered Thalassa Holdings (THAL: 135p), a company that was founded in September 2007 by executive chairman and former banker Duncan Soukup to acquire marine seismic equipment and, in particular, a technology called Portable Modular Source System (PMSS™). This equipment is installed on vessels to provide a seismic source to enable oil and gas exploration and production companies to perform life of field seismic studies or permanent reservoir monitoring. A year later the company floated on Aim, raising £4.2m at 50p a share, and it is fair to say that progress has been pretty uneventful in the interim as highlighted by a share price gyrating either side of that float price in the following four years, trading as low as 26p at one point before recovering this year to around 73p. That was until the end of last month when the share price rocketed from 73p to 167p in a single day, hitting an intra-day high of 191p on 27 February, with 1.55m shares traded in almost 800 bargains. To put that into some perspective, Thalassa only has 11.85m shares in issue, excluding the 1.46m held in Treasury, so turnover represented 13 per cent of the issued share capital. And there was heavy trading volumes on both Thursday 28 February and Friday 1 March with a further 785,000 shares traded in around 400 bargains. So in the space of three days almost 20 per cent of the share capital went through the market which is some going when you consider that around three-quarters of the share capital is not in public hands and 84 per cent is held by the top six shareholders. Mr Soukup holds 29.1 per cent of the company's equity. Transformational deals The reason for the share price surge and massive buying activity was the announcement that Thalassa has received and executed a letter of intent with Statoil ASA (NO: STL), the Norwegian energy company listed on the Oslo and New York Stock Exchanges, to provide long-term seismic acquisition services for permanent reservoir monitoring of the Snorre and Grane oil fields in the Norwegian sector of the North Sea. The seismic acquisition contract is for an initial fixed term until the end of 2017 and Statoil has the option to extend the contract by two further terms of two years each. Subject to contracts being signed, the first survey is scheduled to commence on 1 October this year over the Snorre field. The total contract value, excluding any extensions, is $32m (£21m) and this could double to $65m if Statoil exercises options to extend the contract by a further four years. The letter of intent also covers Statoil's purchase of a bespoke dual portable modular source system (D-PMSS™), which Thalassa's WGP subsidiary will maintain and operate throughout the duration of the contract. The proposed value of this contract is $19.8m (£13.2m) and delivery of the system is expected by 1 October 2013. The procurement process for the D-PMSS™ has already started and Statoil has agreed to meet all costs incurred by Thalassa in the event that final contracts are not executed. Mr Soukup notes that "this is truly a game changing development for Thalassa", which is not without foundation when you consider that in the half year to the end of June 2012 Thalassa reported revenues of only $4m, although analyst John Cummins at house broker WH Ireland expects turnover of $9.8m in the second half. So a $32m four-year seismic acquisition contract and a $19.8m contract for the D-PMSS™ is material to say the least. Earnings forecasts WH Ireland is holding fire with its earnings estimates until the Statoil contract is signed, but it is obvious that substantial earnings upgrades would follow assuming the deal completes. To give you some idea of the earnings potential, in the half year to the end of June 2012, Thalassa reported pre-tax profits of $351,000 on revenues of $4m to produce six monthly adjusted EPS of 4¢. Mr Cummins expects Thalassa to have made pre-tax profit of $1.3m on revenue of $13.8m for the year as a whole and was previously forecasting profits of $1.8m on revenue of $15.3m in 2013 (excluding the Statoil contract). On that basis, EPS rises from 10.1¢ in 2012 to 12.9¢ in 2013, at the current share price of 135p, Thalassa is being valued on 15 times current year earnings estimates before substantial earning upgrades to factor in the Statoil contract. Moreover, it's not as if the current forecasts are off the mark because Thalassa announced in mid-January that it had signed a contract with SMG Ecuador, the Ecuador business of State Sevmorgeo Company, the Russian geological sea survey company, to provide and operate Thalassa's Portable Modular Source System as part of seismic data acquisition surveys being conducted in Ecuador by SMG Ecuador. This contract runs between February and June this year and has an initial value of $4.17m, or almost 30 per cent of Thalassa's current year revenue estimate. It is also clear from the newsflow that there is growing demand for the company's expertise and services, so importantly current year revenue and earnings forecasts look well underpinned. WH Ireland calculates that the wider seismic data acquisition market is growing at between 10 to 15 per cent a year, which supports the 28 per cent growth in adjusted EPS this year (excluding Statoil). Moreover, in my view, earnings upgrades in the order of at least 60 per cent could be on the cards if the Statoil letter of intent turns into a firm contract. True, there is always the risk that the Norwegian company doesn't close on the deal and, with Thalassa's share price currently around 135p, or almost double the 73p level it was trading on ahead of the contract news, there would be a number of stale bulls heading swiftly for the exit. In this scenario I could easily see Thalassa's shares heading back towards 100p, wiping out a quarter of its market value. Blue-sky share price gains But this is all about Thalassa confirming in the coming weeks that it has signed a contract with Statoil, which would undoubtedly put a rocket under its share price again. That's because after factoring in a 60 per cent earnings upgrade to 2014 estimates of around 9.3p a share I can see Thalassa producing EPS of 22.5¢, or 15p at current exchange rates. That assumes Thalassa's turnover rises to almost $25m to generate pre-tax profits of $3.2m in 2014, almost double the $13.8m revenue forecast for 2012. So, at 135p, the shares are in effect trading on a modest nine times my estimate of prospective earnings post likely upgrades - a massive discount to much larger peers such as Hunting, which trades on 15 times 2013 earnings estimates. In fact, I can see Thalassa's share price rising well above 200p on news of any formal contract with Statoil, offering us over 50 per cent share price upside. True, a low free float means the small cap shares are volatile and any investment in Thalassa has to come with a wealth warning given that after recent gains the share price already factor in some, but clearly not all of the earnings upgrades that could follow confirmation of the Statoil contract. That said, I believe the risk-reward favours a modest investment and rate Thalassa shares a speculative buy on a spread of 130p to 135p. FROM SIMON THOMPSON
Thalassa share price data is direct from the London Stock Exchange
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