Thalassa Share Discussion Threads

[jmf69] 10/5/2017 21:17

Agm tomorrow

[kooba] 02/5/2017 16:18

Update from LSR gone down reasonably well...almost got to £ breakeven!

[cockerhoop] 27/4/2017 08:59

Jeroen Bos the fund manager at Church House has written a book 'Deep Value Investing' which is worth the cover price imo. Talks through about 15 examples of Church House investments.

[jmf69] 27/4/2017 08:52

Waiting for news on the possible disposal.

[frazboy] 27/4/2017 08:31

A couple of block trades were recorded last night, about 100k shares IIRC. Perhaps Church house adding.

[jmf69] 22/4/2017 22:41

A small cap fund that looks for unloved companies priced at a discount to their liquid assets. Largely UK weighted, the fund has a bias to the service sectors.The objective is long-term capital growth; income distributions (if any) are likely to be low.The Deep Value investments Fund invests in companies that are trading at a discount to their net asset value (nav).This particular investment approach is based on the philosophy created by Benjamin Graham, the dean of value investing. His most famous book the "The Intelligent Investor" is the basis on which The Deep Value Investments Fund approaches potential investments.Companies that the fund invests in have strong balance sheets, creating a margin of safety, but tend to suffer from low (temporarily) profitability due to issues relating to e.g. specific business issues, legal, technological and or industry cyclicality.Due to these factors these solid but cheap companies can be bought at attractive prices and with the benefit of time should be expected to return to previous levels of profitability and hence higher share prices. Buying companies at these low valuations will also often make them potential takeover targets.

[frazboy] 21/4/2017 16:42

Makes sense, it wasn't the BB programme, it was they who were accumulating the chunks.

[cockerhoop] 21/4/2017 16:37

Deep value investors!

[jmf69] 21/4/2017 16:28

Church house investments has over 3% now

[kooba] 20/4/2017 16:31

Not really a chartist....but are these threatening to have a major breakout??

[kooba] 20/4/2017 12:33

Malcys blogThalassa HoldingsAfter yesterday's announcement I picked up the phone this morning to Duncan Soukup to try and catch up on what exactly is going on. Always a refreshingly honest and intelligent view on the oil market is forthcoming and today was no exception. There are discussions ongoing about a potential sale of either WGP Group or ARL although I get the feeling that DS wouldnt shed a tear if nothing were to come of it. The company has a terrific record at the moment with activity in most key areas of the North Sea which gives predictable cash flow and of course ARL has potential across a much broader bunch of sectors than just oil and gas. Always an interesting ride, whatever happens to THAL you know that it is in good hands

[kooba] 20/4/2017 11:36

Hoping it's an offer that 'can't be refused' and if to a bigger company quite possibly easier for them to fund the rather exciting robotics development...it did say all or part of one or two of the subsids so we will have to see.Rather hoping they both go for good money ...certainly rather not be left with robotics as the only operation! Though it's in the valuation for nothing and is on life support capex wise currently so no liability.

[jmf69] 20/4/2017 11:27

Unless they sell at a premium

[cockerhoop] 20/4/2017 11:20

I can completely understand the sale of ARL - investment required etc but to sell WGP at this point in the O&G cycle seems very strange.

[kooba] 20/4/2017 10:54

Bright 'side' ...fat fingers and pre-emptive !Don't disagree...never seems easy to buy a decent amount...even after the results I struggled to get more the 10k again yesterday missed the announcement sidetracked by Lions squad announcement but struggled to pick up another 10k at 66p once I had read the rns.Not chasing here because maybe early days but figure the announcement wouldn't have been made unless the offer was viewed as serious and potentially attractive...but there's now a for sale sign up on the oil services business so maybe there is further interest.But there could still be very decent upside if this progresses as to add value one must consider the potential disposal will be at a significant premium to book.imho.

[frazboy] 20/4/2017 09:52

"bright send"?

I did think about buying back in yesterday on the back of the announcement but couldn't get a reasonable number at a reasonable price - should the board make the announcement I was referring to then there may yet be a small window to pick some up, so its good to be on top of events, and have a valuation in mind. Agree?

[kooba] 20/4/2017 09:38

Though I'm not sure you will be looking for the bright send in anything here having posted you dumped your holding after the results?

[frazboy] 20/4/2017 09:06

No I don't know but had the board stated in the press release that this was the intention - to wind the company up - then a very basic NAV analysis, as calculated by numerous posters here, suggests the share price would be significantly higher. It didn't state that but perhaps the board may make their intentions clearer to realise value for shareholders?

As you say, time will tell

[kooba] 20/4/2017 08:38

Well I don't actually know...do you??I figure he may have had enough in the public sector..normally operates private.Let's wait and see hey!

[frazboy] 20/4/2017 08:21

Oh... and if you think having pulled it off, the cash will wing its way back to shareholders.

[kooba] 20/4/2017 08:16

Depends whose running it :))The very recent WH Ireland note has 100p target in line with NAV...but interesting says sum of parts could be worth double that!

[frazboy] 20/4/2017 08:14

In a sale you would expect to get approaching NAV (assimung the price of holdings like LSR are correctly valued) for everything other than WGP and the robotics arm which are a bit trickier to value. The plant on the balance sheet mainly relates to WGP I believe and is quoted as having a value of around $13m. This is perhaps not too far from what you would expect from WGP in sale. I have a range from $10m to $20m for this asset. Even at the bottom of this range there's upside in the share price if you think Duncan can pull it off

[jmf69] 20/4/2017 08:03

Surely a profitable company like thal should be worth more than the nav and not less?

[jmf69] 19/4/2017 20:15

Book value of thal at year end was 1.02 gbp per share. I am guessing this would have been enhanced since year end and ds would only be interested in selling either or both interests at above the asset value given the potential and prm dominance of wgp. All IMHO. I wouldn't want any sale on the cheap.

[kooba] 19/4/2017 18:28

All interesting points...but I suppose we shouldn't worry about where the disposal proceeds go until there is a disposal.Having seen where the shares traded (and the trust bought from DS!) I would be surprised if there was not significant value added if the disposal proceeds otherwise with light now at the end of the oil services tunnel difficult to see why sale would appeal....maybe he's just had enough of whinging shareholders and poor valuation and is going to max the valuation through liquidating everything in an orderly way and pay it all out??