Thalassa Share Discussion Threads

[catswhiskas] 21/11/2016 07:45

Will try and top up sub 40p I think currently we are very undervalued.

[rivaldo] 21/11/2016 07:36

Well, well...a great performance, and optimism for the future too.

With such a "very conservative" view taken on the cost provisions it's likely there will be an additional sizeable increase in profits to come.

[kooba] 21/11/2016 07:33

Seems the core business is doing well ...with some over provisioning feeding back in too....with the value of the oil services side together with the liquid assets making the market cap look too cheap imho.However really need some clarity on extra curricular activities in LSR and investment in Papua gold to makes sense of where the future focus is to be and that confusion is currently leaving notable discount to any reasonable valuation.Still should be a positive response today but the shares have massively underperformed the oil services sector....maybe DS needs to mind his own back for an activist to come in and realise some value in his own vehicle as the market is not valuing his management that highly at the moment and it appears a sum of the parts valuation would far outstrip current structure.

[masurenguy] 21/11/2016 07:11

A positive update !

RNS Number : 6547P
Thalassa Holdings Limited
21 November 2016

Trading Update for WGP Group Ltd

The Board of Thalassa today issues a trading update for its wholly owned subsidiary WGPG following successful completion of the autumn Permanent Reservoir Monitoring programmes in the North Sea. Notwithstanding the continued 'difficult' trading conditions in the oil and gas industry, the Board is pleased to report that it expects WGPG results for the year ended 31 December 2016 to exceed previous estimates indicated by the Company in its announcement of 19 September 2016 for Revenue and Profit Before Taxation ("PBT") of $10.5m and $1.1m, respectively. These improvements are the result of the $2m in late data sales announced on 10 October 2016, increased operational days & vigorous cost management.

The Board is therefore raising its estimate for WGPG Revenue to $13.9m and PBT to $1.6m. This estimate incorporates substantial provisions for higher personnel related costs, and contingencies for maintenance repair and replacement, as well as for equipment upgrades that have been identified and will be incurred in 2016. Due to the challenge of quantifying the above mentioned costs at this juncture, the Board has taken a very conservative view on provisions which it would hope are in excess of final requirement and which could result in a further increase in PBT of up to $1.5m.

Duncan Soukup, Chairman commented: "Whilst WGPG is not immune to the fall in the price of oil, it is gratifying to note that the Board's quick and incisive response to this collapse has been vindicated. I am happy to report that WGPG's focus on operational performance, client service and vigorous cost management to reflect substantially lower budgeted revenues has resulted in positive margin expansion during 2016 as revenues progressively exceeded internal forecasts. The Board is extremely pleased with the operating results achieved in unquestionably difficult circumstances. As painful and disruptive as the staff redundancy programme was at the end of 2015 and in early 2016, it was unfortunately entirely necessary and appropriate given the dire state of the industry. Margin improvements of the magnitude achieved in 2016 are unlikely to be repeated in 2017 as WGPG's staffing levels have been cut to reflect current market conditions. Nonetheless, the Board is confident, barring a sustained collapse in the price of oil below $40 bbl., that the outlook for 2017 is positive and that WGPG can build upon its long term contracts in the North Sea, respond to increased order enquiry and continue to selectively grow its business profitably. The Board will update the market on Thalassa's 2016 outlook once the full impact of costs at WGPG have been finalised."

[columbarius] 10/11/2016 15:28

Sort them out Duncan.

[jmf69] 10/11/2016 15:14

So it begins

[alter ego] 10/11/2016 14:34

interesting RNS today - DS must have plans for the investment in LSR.

[kooba] 08/11/2016 11:34

The holding in Papua worth a bit more today than yesterday! we now have a man on board.Not sure what's lit them up today though.

[jmf69] 27/10/2016 10:07

Interested to see what ds wants to do with LSR?

[catswhiskas] 12/10/2016 10:08

So will i but I wont if thal bids for lsr

[gfrae] 12/10/2016 09:30

Will eat my pants if LSR bids for THAL.

[catswhiskas] 10/10/2016 20:37

Malcy may well be right and these shares are significantly under valued which could mean they could rise significantly in the coming weeks.The clue is Soukup said today they will be issuing a trading update in coming weeks we've just had the Jaws 2 update so there must be material news to report so close after the interims. Im wondering if there could be a reverse takeover at LSR going to be announced is Soukup talking to the LSR board at the moment to agree terms of a deal .Will Thalassa holdings comprise of Papua and Local shopping reit by Christmas.

[gfrae] 10/10/2016 16:43

They are well offered at 30p or less.

[jbarcroftr] 10/10/2016 16:06

Rating revaluation of small businesses due to come in stages over the next three years should see a reduction in rates payable - the biggest cost after rent

[pj 1] 10/10/2016 15:54

What do you mean by 'new rating values'?

[jbarcroftr] 10/10/2016 15:40

New rating values( when they arrive) are likely to help LSR

[gfrae] 10/10/2016 14:45

It does look as though he has paid a bit too much for his stake in LSR, and there is no obvious way to cash out of LSR unless he is thinking of buying the whole thing. On the other hand the stock is trading at a substantial discount to NAV so he is unlikely to come to too much harm there.

[kooba] 10/10/2016 13:30

Malcys blogThalassa HoldingsThe clue is in the name at Thalassa and that is 'holdings' as Chairman Duncan Soukup has made clear in recent months by investing in a variety of companies such as Papua Mining in which he announces an increased stake today. Probably more interesting is the news that WGP Survey, a wholly owned subsidiary of the group has made further sales of multi client data acquired with the TGS-NOPEC geophysical company in 2014. These will generate around $2m of gross revenue prior to allocating to the multi client partners. Thalassa is a very interesting company and whilst operating in a difficult environment has a Chairman with a desire to make money for shareholders whatever it takes. I have a feeling that the shares are significantly undervalued and should be at least on a few radar screens at least for the longer term.

[masurenguy] 10/10/2016 08:57

Net cash at the interims was $13.2m (£10.6m) which was reduced to $7.9m (£6.3m) after they paid for their 23.2% stake in the REIT. Their current market cap is £8.6m so technically the net cash is now 73% of that figure. However, if you add back the cash invested in the REIT at par value then the notional net cash position is currently circa 23% above the current market cap.

[kooba] 10/10/2016 08:53

Cash at Interims £10.6 m at today's exchange rateMarket cap today £8.5mLet's hope they were holding $ !Total net assets after write downs over £20mObviously there has been some post balance sheet investments but certainly at a discount to cash and listed investments and trading at half book value per share.

[rcturner2] 10/10/2016 08:40

Cash is not above market cap.

[cliveas] 10/10/2016 08:19

RNS'S Missed?

By the market?

This company has more cash than Mcap and its no secret that WGP has been struggling but these contract wins mark a change in sentiment is to come.Chairman sounds upbeat re soon to be released trading update.

They have also completed major investment into Papua new guinea mine at a substantial discount to that companies current share price All looking very positive imho. GL.

The Board of Thalassa is pleased to announce that WGP Survey Ltd, a wholly owned subsidiary of WGP Group Ltd ("WGP"), has made further sales of the multi client data acquired with TGS-NOPEC Geophysical Company ASA in 2014. These sales will generate approximately USD$2 million in additional gross revenue prior to allocation amongst the multi client partners.

Duncan Soukup, Chairman of Thalassa, said: "These data sales are extremely welcomed and we expect to be able to issue a trading update in the coming weeks, which will also reflect the completion of the current acquisition programmes in the North Sea."

[gfrae] 26/9/2016 11:45

Tilton,likewise,although coincidentally had just bought a few prior to the announcement of the LSR purchase. I sold soon after at a small loss.

[tiltonboy] 26/9/2016 11:31

gfrae,

Only as a holder of LSR. Would like to know what the game plan is!