REG-Thalassa Holdings Ltd Thalassa Holdings Ltd: Trading Statement

Thalassa HoldingsAnnouncement

27/01/2023 14:45

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   Thalassa Holdings Ltd (THAL)
   Thalassa Holdings Ltd: Trading Statement

   27-Jan-2023 / 14:40 GMT/BST
   Dissemination of a Regulatory Announcement that contains inside
   information in accordance with the Market Abuse Regulation (MAR),
   transmitted by EQS Group.
   The issuer is solely responsible for the content of this announcement.

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   Thalassa Holdings Ltd

                             Thalassa Holdings Ltd

                     (Reuters: THAL.L, Bloomberg: THAL:LN)

                         ("Thalassa" or the "Company")

                               Trading Statement

                                        

   Thalassa announces information  in respect  of its  convertible loan  note
   (dated 27th October 2021) (‘CLN’)  investment in Tappit Technologies  (UK)
   Ltd (“Tappit”). As at 30th June 2022, Thalassa’s investment in Tappit  was
   valued at £4,265,737.96  (or 53.7p/shr) of  the total net  asset value  of
   Thalassa of £11,942,998  as of that  date. The amount  invested in  Tappit
   amounted to  £3m which  with accrued  interest and  discounted FV  of  the
   principle amounted  to £3,257,443.96.  The  difference of  £1,008,294  was
   based on the NPV  of the holding according  to the Black-Scholes model  in
   agreement with our  Auditor. The position  will be written  down to £0  in
   Thalassa’s books.

   In May 2022, Thalassa was notified by Tappit of a potential £18m financing
   event. Subsequently,  in  August  2022, Thalassa  was  informed  that  the
   transaction did not complete.

   In early November  2022, Thalassa  was notified  by a  director of  Tappit
   that the company  was  arranging  a  funding  facility.  The  Chairman  of
   Thalassa was  a lender  under  the funding  facility  but has  since  been
   repaid.

   Without prior notification,  Thalassa was  advised on  26th January  2023,
   that Messrs Taylor  and Pitts of  Begbies Traynor (Central)  LLP had  been
   appointed as administrators of Tappit on the 20th January 2023 and that  a
   sale of Tappit’s business and assets by way of a pre-packaged sale to  Tap
   Holdco Limited completed on the same date.

   Thalassa is considering  all its  options including, but  not limited  to,
   possible legal action.

   Commenting, Duncan Soukup, Chairman said:

   “After 40 years in  finance I am clearly  still learning…and still  making
   mistakes.”

   “I  believe  that  Tappit’s  board  should  not  blame  Covid,  but   take
   responsibility  for  the  company’s  demise  which,  in  my  opinion,  was
   completely avoidable if they had heeded  my warnings when I served on  the
   Board. In any event, at Thalassa the  ‘buck stops here’, with me. I  will,
   therefore, exceptionally and on a purely moral basis, submit a proposal to
   the Board  to contribute  assets or  rights in  the amount  of  Thalassa’s
   initial investment of £3m (equivalent to ~38p/shr). The Board will explore
   the viability of  my proposal with  our legal and  financial advisors  and
   apprise the Market in due course”.

                                      END

   For further information, please contact:

   Enquiries:             1 enquiries@thalassaholdingsltd.com
   Thalassa Holdings Ltd  

    

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   ISIN:          VGG878801114
   Category Code: TST
   TIDM:          THAL
   LEI Code:      2138002739WFQPLBEQ42
   Sequence No.:  219051
   EQS News ID:   1545685


    
   End of Announcement EQS News Service

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References

   Visible links
   1. mailto:enquiries@thalassaholdingsltd.com


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