Thalassa Share Discussion Threads

[cockerhoop] 12/4/2017 09:41

Frazboy,

Agree lots of questions regarding the balance sheet:

I'm now unsure that the missing $7.5m was spent on PPE - as you say it's only increased PPE by $3m in assets.

I estimate at prevailing exchange rates $7.5m was spent on LSR and $0.52m on Papua Mining. At year end these should have been worth approx $6.1m marked to market. That suggests $2.5m ($8.6m-$6.1m)invested in associated entities that we're currently unaware of.

In addition we have $0.826m in 'available for sale' investments, again I'm unsure what that is?

It will require the AR to have a chance to get to the bottom of it.

[bookbroker] 12/4/2017 09:39

That is why DS should have taken the company private, the business with the discretionary trust, his objectives are difficult to fathom, look at his track record, he is an opportunist at heart, that is why this will likely be rated accordingly, the market simply does not reflect value to one-man bands, they play too many tunes!

[kooba] 12/4/2017 09:10

Well I've been buying....struggle to get anything meaningful...order in at 57p partially filled.

[frazboy] 12/4/2017 09:08

PJ1 - I'm with you out. I'm out. The share BB may come to the rescue, but I'm not holding my breath. There are other factors that further decrease my confidence in DS -
i)The cash position is also much tighter than it may appear once you take Trade and other payables into account ii) He's failed to recognise in the accounts that the loan to the Thal DT (of which I presume he is the main benefactor) is probably non-performing but is still in the accounts as an asset and is used in NAV calculations iii) the above remark on the $7.5m of investment that is missing (post 3860), and the fact that his tangible assets have not risen by a similar amount iv) he wants to take credit for his trading activities, but has not marked his asset purchases at market value (bearing in mind that he, presumably, used dollars which were worth more when than they are now when he made those purchases, and both LSR (not that I have a problem with that purchase), and Papua (ahem..) are below the purchase price.

I'll watch from the sidelines - best of luck all holders (except DS)

[jmf69] 12/4/2017 09:06

On the way back up

[kooba] 12/4/2017 09:02

Yes ...far as aware.were not operating during close period but now free to make purchases...which I would expect.

[cockerhoop] 12/4/2017 08:42

Frazboy,

Looks like this could relate to the $7.5m spent - as you say not very explicit!

'Despite little time between contract award and mobilisation over Ekofisk in August 2016, WGP designed, built and delivered a new 3rd generation Portable Modular Source System (PMSSTM) on time. This was largely possible due to tight control of all significant parts of the process and logistics. The first mobilisation was executed successfully, despite a complicated work programme, and the vessel departed on schedule. However, bad weather in October delayed survey operations, nevertheless, work was completed in early November.'

[pj 1] 12/4/2017 08:19

I think this will bounce back but short term at least I've taken the hit this morning and bailed out. Its too complicated for me and too many unknowns currently.

KISS

[bookbroker] 12/4/2017 08:18

What would have been better for shareholders would have been to return some of the capital on Thal. balance sheet last year, it may not have been that tax effective, but they would still have a good asset in WGP, at the moment DS is clutching at straws to achieve value, and the market price sums it up.

[frazboy] 12/4/2017 08:17

"Net cash outflow from investing activities, amounted to $16.0m relating to the investment in plant and equipment, the purchase of available for sale investments and investments in associates."

Anyone else think that requires a little more explanation?

[bookbroker] 12/4/2017 08:15

It's not reacting badly, it's reacting on the facts, the company will need to hive the ARL part, and try and realise some value by developing the business, DS has spent money by trying to increase value for the holding company, and as yet he is stuck! The LSR punt was just pointless, and until he can alter the mindset of the manangement there it will remain so, they are clearly running that REIT in an inept manner, need to dispose of the assets sharpish and return any value to the holders in the company!

[jmf69] 12/4/2017 08:10

On the plus side at least the buyback can continue at a lower price

[jmf69] 12/4/2017 08:09

Market reacting badly by the looks of it. Results seem ok to me but what do I know

[kooba] 12/4/2017 08:01

Well on surface should be positive.Want to look at robotics side more as it looks like they are going to try to finance as a separate entity which could crystallise further value as it's probably valued at nothing as things stand.

[pj 1] 12/4/2017 07:57

Any bets on how the Market will react to that lot?

[kooba] 12/4/2017 07:31

Book value over £1 can certainly justify paying up on share repurchase...highly asset enhancing anywhere down here.

[kooba] 12/4/2017 07:25

The thing is DS has made over £1m for company this year 'hedging' ...that is trading ....and over £4m in the 8 years since float...so loose cannon or not his focus is to create value here for shareholders...after all he is a large personal holder.If there is no game plan behind Papua ...which is still valued in line with purchase I would be surprised...on that basis I bought some Papua when they went sub 1p as I don't mind following in.But it is far from focus of valuation...LSR could be viewed as miscalculated but I believe the company will come away with a good return far above sitting on cash.Got to love the statement on the debt binge...wholly agree.

[rcturner2] 12/4/2017 07:17

bookbroker is someone I assume lost money here in the past and is bitter about it

a good read as always, NAV is well backed by real assets and the underlying business is performing well

[kooba] 12/4/2017 07:14

Focusing on the positives there?Nav 101p up from 79p All looks strong on underlying performance and an upbeat statement.LSR are moving ahead ..check the bb re recent auction yields.But let's go back to the £400k in Papua ...

[bookbroker] 12/4/2017 07:02

That mine investment needs an explanation, said he'd been following the progress of it for a number of years, what I see is a few guys fdrilling a few holes, not a lot to observe, really a waste of money, next time he should use his own cash, should repay it, loose cannon springs to mind!

[rbonnier] 11/4/2017 23:14

Exactly bookbroker and I don't see many new contracts coming through Ds over paid for local shop and squandered a load of shareholders cash on a mine in the middle of no where which has recently seen its share price crash by 50%.