Thalassa Holdings Limited WGP Earn Out update (6758H)
November 19 2018 - 1:00AM
UK Regulatory
TIDMTHAL
RNS Number : 6758H
Thalassa Holdings Limited
19 November 2018
Thalassa Holdings Ltd
(Reuters: THAL.L, Bloomberg: THAL:LN)
("Thalassa", "THAL" or the "Company")
WGP Earn Out 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 announce that,
following the announcement of 23 October 2018, the Company has
received the second balance of $0.6 million of the earn out from
Fairfield Geotechnologies. The Company has now received a total of
$1.2 million, being the contracted 20% of the $6 million earn out.
The final balance of $4.8 million is payable by 11 September
2019.
Given that the equipment that WGP Group Ltd is currently
manufacturing for its client is targeted for use on a second
contract over a new field, the Board is now confident that the
Company will in due course receive a further earn out payment
amounting to an additional $4 million.
Duncan Soukup, Chairman of Thalassa, said: "I am happy to report
that the receipt of the second payment of $0.6 million triggers the
final payment of $4.8 million due 11 September 2019, which the
Company will now recognise as a receivable. As a result, the
Company's Book Value of c.$29 million (as at 30 June 2018) will
increase by $6m to c.$35m. The Company's cash balance as of today
is little changed from the c.$18.5 million announced 23 October
2018."
Investor Enquiries:
Thalassa Holdings Ltd
Duncan Soukup, Chairman +33 (0)6 78 63 26 89
WH Ireland Limited (Nominated Adviser and Broker)
Chris Fielding, Managing Director, 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 news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
UPDDMMMMVVDGRZM
(END) Dow Jones Newswires
November 19, 2018 02:00 ET (07:00 GMT)
Thalassa (LSE:THAL)
Historical Stock Chart
From Apr 2024 to May 2024
Thalassa (LSE:THAL)
Historical Stock Chart
From May 2023 to May 2024