Thalassa Share Discussion Threads

[tiswas] 22/10/2020 13:27

Would someone smarter than me care to explain where we are on this and the Lombard Odier reduction of holding by 90% today?

[janeann] 02/10/2020 07:38

surprised how quiet this board is given Lord soukups activities; perhaps everyone has sold up and left?

[kooba] 30/9/2020 04:49

On checking buyback the correct figure was in June rns so I was out on the high side.The average purchase price of the total number of shares held in treasury, 11,554,505 shares, is 67.10 pence per share for a cost of £7,753,339.11.

[kooba] 29/9/2020 15:20

I always thought the idea was getting in while they are cheap and before they are winners! Points taken though..average buybacks around mid 70s I reckon..but the idea of buying back shares at 50% discount to assets is hat it value accretive of NAV I guess.The share-price is the markets responsibility and the asset value the boards.

[tiswas] 29/9/2020 14:37

baner

What was the average price of buy backs, I am pretty sure it is well above the recent share price. That is not creating value, as yet.

Then look at the historic share price graph to see how the value of your investment has done over the last few years.

Then look at how the market values the shares v nav. He may well end up a winner but not just yet!

[gfrae] 29/9/2020 14:27

Yes, I agree that this might be a good time to have cash, there may be some interesting assets available at good prices, especially in travel and leisure.
The shares are currently at a massive discount to cash now, and shareholders are about to receive new shares which will also have some value.

[kooba] 29/9/2020 14:14

I don't disagree, I have to go through the announcements carefully myself as they can be quite complex , but having been able to talk to the company in the past there is always good reason behind actions.What I can see is the company has assets of 150p and 92p is in cash (or equivalent ) and it appears we are going into a much more active,I also know that Mr S made an excellent return on the last reverse transaction and disposal through THAL and is obviously a capable deal maker. He has made clear previously (and through his rather on point Chairs statements) that he did not see value in opportunities previously , I believe the current backdrop means there are opportunities in the public and private sector and it appears that timing is right to have independent listed vehicles to accommodate these opportunities.I'm sure more in terms of intent and ambition will emerge as these assets are spun off, but as with the market returns earlier this year is company is one of the few that appears to be not only navigating bit benefitting from current uncertainty.Looking forward to a lot more news this quarter.Have added past few days.

[baner] 29/9/2020 14:01

tiswas

why are you so sceptical re mr S - he seems to be good at creating value and also looks after the best interest of all shareholders - the buy backs being one good example of that.

[tiswas] 29/9/2020 13:27

kooba

I think I agree with your summary but the trouble here is that Mr S is far too clever for his own good.

What that means is that retail punters like me are finding it increasingly difficult to establish the true value here and how it will be realised although to be fair I think he considers retail investors a nuisance anyhow.

Although to be fair he does usually respond promptly to my enquiries.

[kooba] 29/9/2020 12:45

Well some big news announcements and no comment.My take is that there is frustration at the share price relative to core value and hence the regig in holdings as they are poised to launch a number of acquisitions through the controlled vehicles , hence in speci distribution of two separate listed counters. Looks like asset value of companies to be de-merged 45-50p.I reckon the assets left in THAL will be at least 100p.So as with everything in this market who knows how they will trade after distribution. But likely to be lots of activity coming.The cash return on Croatian venture removes some uncertainty and at no cost, unfortunately the world has changed a bit since inception of that move.I think exciting times over the next few months and hopefully a better reflection of underlying value. Is THAL becoming a SPAC ( shell ) machine ...if they have the deals to reverse in can create huge value.Pleased price is responding.

[varies] 22/9/2020 14:57

a third and last post from me today
I missed the RNS of 26 June 2020.
THAL bought back 2.3million shares at 56p, reducing the number of shares with voting rights to 14 million. There are also 11.5 million shares held in treasury without votes making c25.5 million in all.
So THAL has not been buying up small lots through the market as it used to.

[varies] 22/9/2020 14:48

I was wondering whether THAL was still buying back its shares.
Note 12 to the interim statement tells us that it did indeed buy back c2,300,000 shares during the period to 30 June leaving c14,000,000 outstanding.
I forget what proportion of the capital Mr S holds but it will obviously have risen.
The RNS announcements should provide details and I am going to glance at these.

[varies] 22/9/2020 11:18

Hindsight
Many thanks.
My recollection is that LSR had sold almost all its portfolio by the time THAL bought it and that this purchase was tantamount to a Rights Issue in that THAL acquired cash in return for an issue of shares.
The Travel and Leisure business has little appeal at the moment and it is just as well if this plan has been abandoned.
I do need to look hard at THAL before chancing my arm again.
On the other hand Mr Soukup is unpredictable and THAL could look quite different soon.

[hindsight] 22/9/2020 10:47

Varies, this plan seems to have changed

LOCAL SHOPPING REIT (LSR)

On 24 June 2020 LSR published its Interim Results for the period ended 31 March 2020. At that time, the Board stated that "Following the buy-back, trading in the Company's shares on the London Stock Exchange was suspended, as the Company did not meet the minimum free-float requirement. The directors are actively working on plans for remedying this situation and restoring trading in the Company's shares."

"The board are currently working on a plan to transfer the Company to the Standard List and change the Company's investment objectives from a Real Estate Investment Trust (REIT) to an operating company focused on Travel and Leisure, subject to necessary approvals. Further details will be announced in due course."

[varies] 22/9/2020 10:31

Whilst still wary of Mr Soukup's high-handed approach to other shareholders, I must confess to being a little tempted by the 67% discount from NAV offered here.
For long periods THAL bought back its own shares in the market and I wonder if this policy will soon be resumed.
It has the effect, of course, of increasing NAV for continuing shareholders and also of increasing the proportion of capital owned by Mr S.

[gfrae] 22/9/2020 08:27

Results look good.

[hindsight] 21/9/2020 19:35

If anyone is considering buying, please do some research, it wont take long to confirm what Varies says above is true.

[energeticbacker] 21/9/2020 18:12

Net asset value per share three times the current share price - another candidate for Investors Champion's Bonkers Bargain series? The maverick Executive Chairman appears to be steering a prudent course over the pandemic.

[kooba] 21/9/2020 16:55

Can't seem to access...what's the gist?

[kooba] 21/9/2020 16:16

No but exceptional returns this half year and previous track record of positive returns, indication that current markets are favourable to strategy.If this were a hedge fund it would be one of the best performing over period. Delighted management are busy making money as it goes...nb this is also not their primary business.They are working on a number of corporate opportunities it seems.

[mr macgregor] 21/9/2020 15:30

Are you sure the financial income is repeatable? There isn't much else.

[kooba] 21/9/2020 13:54

Market cap £7m net financial income $2.39m for half year giving big uplift in NAV to 150 p...could be argued that getting markets right and making the assets sweat to make money for share holders is poor quality earnings I guess but I say jolly well done and long may it continue. Surprisingly positive update in these times and much overlooked. Plus the best value updates of any Chair I've read!

[mr macgregor] 21/9/2020 11:17

More ramblings from the Sage of Sidcup. As Boris pretends to be Churchill, the poor man’s Warren Buffett announces revenue of a quarter of a million (rofl).
THAL has been reduced to a bet against the market and there are more sensible ways of doing that than buying its shares.