Thalassa Holdings Limited Trading update (7331N)
May 11 2018 - 1:31AM
UK Regulatory
TIDMTHAL
RNS Number : 7331N
Thalassa Holdings Limited
11 May 2018
Thalassa Holdings Ltd
(Reuters: THAL.L, Bloomberg: THAL:LN)
("Thalassa, "THAL" or the "Company")
Trading update
This announcement contains inside information for the purposes
of Article 7 of Regulation 596/2014.
The board of Thalassa (the "Board") is pleased to provide the
market with a trading update.
The Board reports that its subsidiary Autonomous Robotics Ltd's
("ARL") prototype autonomous underwater vehicle ("AUV") has
successfully concluded tethered underwater tests and will be
undergoing autonomous underwater tests in the near future.
The Board has been advised by FairfieldNodal, Inc. ("FFN") that
FFN is focusing on growing the business of Thalassa's former
subsidiary WGP Group Ltd and does not currently intend to conclude
an investment in ARL, as announced on 15 August 2017.
Thalassa is now exploring options to raise further capital in
ARL to accelerate the development of the prototype, prior to
focusing on the development of launch and recovery systems.
The Board announces that it expects that the full year results
to 31 December 2017 will be released during the week commencing 11
June 2018.
The Company further announces that it has authorised its broker,
WH Ireland Limited ("WHI"), to purchase up to 1,000,000 ordinary
shares in THAL (the "Buy Back Shares") during its close period
commencing on 11 May 2018. The authority given to WHI includes an
agreed maximum price per share to be offered, but otherwise any
purchases made by WHI will be at times and prices of its choosing
and independently of the Company. Such purchases will be made by
WHI on the Company's behalf in accordance with the Company's
Articles of Association and pursuant to the Board authority dated
12 July 2017 to buy back up to GBP4,000,000 of the Company's
shares. The Company has to date purchased 3,069,090 shares under
this authority for a total cost of GBP2,724,875.81 or an average
price of 88.78 pence per share. Any purchases will be reported as
they take place. Whilst the Company's share price is below net
asset value per share, the Board's opinion is that buying back
shares is a means by which shareholder value can be enhanced.
Duncan Soukup, Chairman of Thalassa, stated: "We are delighted
with the progress achieved by ARL in the development of its AUVs
and are confident that the vision of the ARL engineers will, when
completed, attract significant demand. Thalassa is, therefore, keen
to attract third party investment in ARL to accelerate the node
development programme."
"On a related note, we would like to congratulate WGP Group Ltd
for winning the ConocoPhillips' 2017 Supplier award which
recognises excellence in supplier performance world-wide
(www.conocophillips.com/news-media/story/conocophillips-announces-winners-of-2017-supplier-recognition-award-program)."
Investor Enquiries:
Thalassa Holdings Ltd
Duncan Soukup, Chairman +33 (0)6 78 63 26 89
WH Ireland Limited (Nominated Adviser and Broker)
Chris Fielding, Head of Corporate Finance +44 (0)207 220 1650
www.thalassaholdingsltd.com
Note to Editors:
Thalassa Holdings Ltd, incorporated and registered in the BVI
and quoted on AIM, is a holding company with various interests
across a number of industries.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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