RNS Number : 5091Z
Thalassa Holdings Limited
21 September 2020
This announcement contains inside information as defined in Article 7 of the Market Abuse Regulation No. 596/2014 and is disclosed in accordance with the Company's obligations under Article 17 of those Regulations.
Thalassa Holdings Ltd
(Reuters: THAL.L, Bloomberg: THAL:LN)
("Thalassa" or the "Company")
Results for the 6 months ended 30 June 2020
The Company is pleased to announce its financial results for the 6 months ended 30 June 2020. A summary of the results is set out below.
Highlights for the 6 months ended 30 June 2020
GROUP RESULTS 1H 2020 versus 1H 2019
Net financial income / (expense)
$2.39m vs. ($0.18m)
Group Net Profit/(Loss) for the year
$0.61m vs. ($2.28m)
Group Earnings/(Loss) Per Share (both basic and diluted)*1
$0.05/£0.04 vs. ($0.13)/(£0.10)
Reported Book value per share*2
$1.85/£1.50 vs. $1.60/£1.26
Cash
$12.9m vs. $28.4m
*1 based on weighted average number of shares in issue of 15,138,558 (1H19: 17,361,071)
*2 based on actual number of shares in issue as at 30 June 2020 of 14,013,017
1H20 HIGHLIGHTS
Financial Income
· As previously announced, Group was well hedged going into the February 2020 market collapse. Substantial gains realised on both long and short equity and currency positions.
· Market exposure reduced to zero between July and end August as NASDAQ reached new highs.
· Small hedge positions fortuitously re-instated end August beginning Sept that have benefitted from TSLA US, SFTBY US led tech rout.
· Global recovery looks more like unusual (to say the least!) "K" chart with stock prices going North while economies head South
o Market Outlook: stormy with the chance for gale force winds and severe flooding!
Gitone
· Loan agreement originally negotiated at €11m re-negotiated down to €5.5m
ARL
· Further progress in Node development
· Grant funding delays due to Covid-19
· Two new software engineers recruited to accelerate development of the node software
o Outlook: Discussions with potential strategic partners on-going
id4
· Won Best Compliance Solution Award at the WealthBriefing Swiss Awards 2020
· First major contract bids submitted
o Outlook: Substantial commercial interest building in id4 modular Know-Your-Client ("KYC") compliance software. Business developing to plan with potential contract pipeline building
Enquiries:
Thalassa Holdings Ltd
Duncan Soukup (Executive Chairman)
+33 (0)6 78 63 26 89
WH Ireland Limited(Financial Adviser)
+44 (0)207 220 1650
Chris Fielding, Managing Director, Corporate Finance
Chairman's Statement
I am happy to present the unaudited interim accounts for the six months to 30 June 2020.
The first half of 2020 was highlighted by the February/March collapse in global financial markets, followed by unprecedented Central Bank intervention to avoid a repeat of 1929 when, following a 45% decline, the US market increased by 45% before falling 89% as a result of tight monetary and fiscal policy.
Last year in our Interims, I wrote…For most of the first half of the year under review, Financial Markets ignored increased Political and Economic risks and focused on decreasing interest rates…in the misguided belief that negative interest rates are a sign of a healthy economy! It is my belief that third and, unless something changes very soon, fourth quarter earnings will disappoint and that a substantial correction in the markets is on the cards.
Based on our relatively negative view on the outlook for Global Economic Growth and the impact it could well have on inflated Asset Valuations, your board has taken a very cautious approach to reinvesting the Company's cash, and whilst the Company recently completed the previously announced acquisition of id4 and is reviewing further potential acquisitions, we are not willing to overpay, a position we share with none other than Berkshire Hathaway where cash at the end of June 2020 exceeded $122 billion!
As a result of our increased concerns regarding valuations in both the Private and Public Markets, we increased the size of our market hedges in the second quarter, which impacted our first half results (showing a loss of $30,000) but which have since turned substantially positive and are now showing a profit of ±$50,000, a $80,000 swing.
Back to 2020…Our fears were, apparently, well founded and in February 2020 the markets duly delivered the inevitable correction, followed by unprecedented Central Bank intervention on a Global scale, which in turn has led to the less anticipated (by professional investors) rally which took the tech-led NASDAQ to an all-time high and a 2020 net increase of ~+34% (a staggering ~+82% increase from its March 23 low to its September 2 peak and a trailing p/e ratio of nearly 70x).
Some people might argue that today's valuations are supported by all-time lows in Treasury yields. In 2000, the last time the NASDAQ traded at such lofty multiples, interest rates were somewhere between 6% and 7%, whilst today they are somewhere between -1% and 1%. The argument that a 0% interest rate justifies a high p/e multiple only holds water if the rest of the equation (economic stability and growth) are in place. This is definitely not the case at the moment. Indeed, I would argue that global financial markets should be trading on substantially lower p/e's today than they are or were in 2000, on both an absolute and relative basis to bonds because the risk of further economic and political failure, which I believe currently exist, far outweigh the opportunity or likelihood for further multiple expansion.
Let me be clear, I do not believe one should measure Risk using the academic definition of 'the standard deviation from the mean'. The reasoning that high volatility is synonymous with risk is, when taken in isolation, complete (academic) madness. If volatility did not exist nor would opportunity. Our view, as defined in the Miriam Webster dictionary, is "the possibility (or probability) of loss or injury", which is also the definition used by none other than Mr. Warren Buffett.
One need look no further than to the Madoff collapse to see to what degree of insanity the low volatility argument can be taken. Bernie Madoff worked out that Hedge Fund marketeers were so hung up on risk adjusted returns that he just made them up and then added a small dose of intrigue by telling them he clearly couldn't tell them how he achieved near perfect (risk-adjusted) returns (high Sharpe ratios) because if he did everyone would copy him, which would result in collapse of his trading model. We all know what happened next…!
It is this complete lack of understanding of "risk" that has driven Robin Hood investors to chase tech-stocks to multiples not seen since 2000. It is also why so many of these investors (including my external IT manager) lost so much money between 3rd and 9th September 2020. These investors were either unaware or chose to forget that even in investing, stock and option prices are not a one-way bet!
Thalassa's current Holdings include:
ANEMOI
Anemoi is a BVI registered Company set up, as a cash shell, to acquire an operating company. The process is on-going, and we will keep the market apprised of developments.
APEIRON
Apeiron is a Swiss registered Company set up to acquire partial or full control of FinTech/RegTech companies. The Company's first transaction was the recently announced acquisition of id4.
AUTONOMOUS ROBOTICS (ARL)
Progress has continued with the development of the Flying Node concept. Two new software engineers have been recruited to build our own capability to fly the nodes. ARL has been awarded a grant funded project to assist with developing a bespoke sensor system for the node but its final approval has been delayed by Covid-19.
The company is continuing to develop contacts and interest with potential strategic partners with a view to shortening the path to a fully commercialised solution.
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."
Outlook
The first half of 2020 was, in your Board's opinion, relatively predictable, the second half is less so. We believe that volatility will increase as the US Presidential elections approaches, which puts investors who are over-exposed to either equities or bonds at extreme risk, but for those, like us, with cash in the bank, offers unprecedented opportunity.
At some point Govt. support will be withdrawn and we will, as Mr Buffett puts it…find out who has been swimming naked when the tide goes out.
We believe that now is a good time to put our house in order and plan (research) potential acquisitions for the future and, where possible, hedge our exposure to a further market correction as best we can.
Responsibility Statement
We confirm that to the best of our knowledge:
(a) the condensed set of financial statements has been prepared in accordance with IAS 34 'Interim Financial Reporting';
(b) the interim management report includes a fair review of the information required by DTR 4.2.7R (indication of important events during the first six months and description of principal risks and uncertainties for the remaining six months of the year); and
(c) the interim management report includes a fair review of the information required by DTR 4.2.8R (disclosure of related parties' transactions and changes therein).
Cautionary statement
This Interim Management Report (IMR) has been prepared solely to provide additional information to shareholders to assess the Company's strategies and the potential for those strategies to succeed. The IMR should not be relied on by any other party or for any other purpose.
Duncan Soukup
Chairman
Thalassa Holdings Ltd
21 September 2020
Financial Review
Continuing Operations
Total revenue for the period to 30 June 2020 was $0.3m (1H19: nil).
Cost of Sales of $0.03m (1H19: $0.002m) comprising development costs (net of capitalised costs) at ARL and LSR property costs, resulting in a Gross Profit of $0.24m (1H19: gross loss $0.002m).
Administration expenses were $2.01m (1H19 excluding exceptional costs: $1.47m). Depreciation costs were $0.01m (1H19: $0.02m).
Exceptional administration costs were nil (1H19: $0.6m in connection with the then lapsed offer to acquire The Local Shopping REIT plc).
Operating Loss was therefore $1.7m (1H19: operating loss $2.1m).
Net financial income was $2.4m (1H19: expense $0.18m). The net income comprised $1.8m gains on investments and a net $0.6m exchange rate gain as at 30 June 2020.
Profit before tax was $0.6m (1H19: loss $2.9m).
Net assets at 30 June 2020 amounted to $25.9m (1H19: $27.5m) resulting in net assets per share of $1.85/£1.50 based on 14,013,017 shares in issue versus $1.60/£1.26 in 1H19 (based on 17,175,275 shares in issue).
The Company had no net debt (cash less borrowings) at the period end (1H19: $nil).
Net cash outflow from operating activities amounted to $3.3m compared to an outflow of $2.0m in 1H19.
Net cash outflow from investing activities amounted to $5.3m, which includes the loan to Gitone Beteiligungsverwaltungs GmbH, compared to a net cash outflow in 1H19 of $2.5m.
Net cash outflow from financing activities amounted to $2.5m which related to the repayment of borrowings and the purchase of a further 2,229,266 Treasury shares (1H2019: inflow $15.5m).
Net cash (being cash balances less borrowings) was $6.7m as at 30 June 2020 (1H19: $12.2m, Y/E 2019: $16.6m)
Interim Condensed Consolidated Statement of Income
For the six months ended 30 June 2020
Profit for the period from discontinued operations
-
-
478,046
Profit/(loss) for the period
610,914
(2,280,498)
(3,058,198)
Attributable to:
Equity shareholders of the parent
688,859
(2,280,498)
(3,028,479)
Non-controlling interest
(77,945)
-
(29,719)
610,914
(2,280,498)
(3,058,198)
Earnings per share - US$ (using weighted average number of shares)
Basic and Diluted
4
0.05
(0.13)
(0.18)
Interim Condensed Consolidated Statement of Comprehensive Income
For the six months ended 30 June 2020
Six months
Six months
Year
ended
ended
ended
30 Jun 20
30 Jun 19
31 Dec 19
Unaudited
Unaudited
Audited
$
$
$
Profit/(loss) for the financial period
610,914
(2,280,498)
(3,058,198)
Other comprehensive income:
Exchange differences on re-translating foreign operations
(618,630)
(12,722)
578,281
Total comprehensive income
(7,716)
(2,293,220)
(2,479,917)
Attributable to:
Equity shareholders of the parent
117,333
(12,722)
(2,450,198)
Non-controlling interest
(125,049)
-
(29,719)
Total comprehensive income
(7,716)
(12,722)
(2,479,917)
Interim Condensed Consolidated Statement of Financial Position
As at 30 June 2020
As at
As at
As at
30 Jun 20
30 Jun 19
31 Dec 19
Note
Unaudited
Unaudited
Audited
$
$
$
Assets
Non-current assets
Goodwill
5
204,724
-
204,724
Intangible assets
5
577,497
229,808
173,466
Investment properties
3,868,782
-
4,138,318
Property, plant and equipment
6
63,448
69,265
75,455
Available for sale financial assets
7
-
2,966,209
4,801,450
Investment Loans
9
8,216,085
1,670,094
1,695,302
Investments in associated entities
-
6,112,907
-
Total non-current assets
12,930,536
11,048,283
11,088,715
Assets Held for Sale
407,031
-
435,383
Current assets
Trade and other receivables
2,421,232
5,342,214
1,432,031
Available for sale financial assets
7
5,341,353
-
-
Cash and cash equivalents
12,891,696
28,369,569
24,198,744
Total current assets
20,654,281
33,711,783
25,630,775
Liabilities
Current liabilities
Borrowings
10
6,183,066
16,128,792
7,557,243
Trade and other payables
1,469,036
1,082,585
1,685,491
Total current liabilities
7,652,102
17,211,377
9,242,734
Net current assets
13,002,179
16,500,406
16,388,041
Non-current liabilities
Lease liabilities
472,041
-
510,965
Total current liabilities
472,041
-
510,965
Net assets
25,867,705
27,548,689
27,401,174
Shareholders equity
Share capital
12
255,675
255,675
255,675
Share premium
45,416,298
45,416,298
45,416,298
Treasury shares
(10,216,218)
(7,982,183)
(8,690,465)
Other reserves
(179,431)
(151,804)
439,199
Non-controlling interest
503,624
-
628,673
Accumulated deficit
(9,912,243)
(9,989,297)
(10,648,206)
Total shareholders equity
25,867,705
27,548,689
27,401,174
Total equity
25,867,705
27,548,689
27,401,174
These financial statements were approved by the board on 21 September 2020.
Signed on behalf of the board by: Duncan Soukup
Interim Condensed Consolidated Statement of Cash Flows
For the six months ended 30 June 2020
Six months
Six months
Year
ended
ended
ended
30 Jun 20
30 Jun 19
31 Dec 19
Unaudited
Unaudited
Audited
$
$
$
Cash flows from operating activities
Profit/Loss for the period before taxation
611,908
(2,899,093)
(3,789,309)
Impairment losses on goodwill
-
-
157,185
Decrease/(increase) in trade and other receivables
(1,528,300)
752,988
5,956,290
Increase/(decrease) in trade and other payables
174,903
(1,074,107)
(896,649)
Gain on disposal of PPE
-
-
2,686
(Gain)/loss on disposal of AFS investments
(2,162,700)
92,641
(23,484)
Net foreign exchange gain
(618,630)
(30,092)
(287,533)
Accrued interest income
(37,231)
(24,834)
(50,042)
Taxation
-
618,595
132,663
Share of losses of associate
-
614,763
(1,371,455)
Fair value movement on AFS financial assets
226,778
(25,833)
224,307
Cash generated by/(used in) operations
(3,333,272)
(1,974,972)
54,659
Depreciation
9,268
18,205
26,308
Net cash flow (used in)/from operating activities
(3,324,004)
(1,956,767)
80,967
Sale/(purchase) of intangible assets
(420,072)
-
(173,466)
Sale/(purchase) of investment property
157,175
-
293,521
Investment loans
(6,385,349)
-
-
Net Sale / (Purchase) of AFS financial assets
1,396,019
(2,245,498)
(4,214,755)
Net cash acquired on acquisition of subsidiaries
-
-
4,450,049
Purchase of property, plant and equipment
(1,551)
(300,475)
(15,181)
Net cash flow used in/from investing activities - continuing operations
(5,253,778)
(2,545,973)
340,168
Payment/proceeds from the Norwegian tax settlement of WGP group
-
-
(346,296)
Net cash flow used in/from investing activities - discontinued operations
-
-
(346,296)
Cash flows from financing activities
(Purchase)/disposal of treasury shares
(1,525,753)
(644,224)
(1,352,506)
Proceeds from borrowings
-
16,128,792
23,649,036
Repayment of borrowings
(1,021,720)
-
(16,128,792)
Net cash flow from financing activities
(2,547,473)
15,484,568
6,167,738
Net increase/(decrease) in cash and cash equivalents
(11,125,255)
10,981,827
6,242,577
Cash and cash equivalents at the start of the period
24,198,744
17,370,372
17,370,372
Effects of exchange rate changes on cash and cash equivalents
(181,793)
17,369
585,795
Cash and cash equivalents at the end of the period
12,891,696
28,369,569
24,198,744
Interim Condensed Consolidated Statement of Changes in Equity
For the six months ended 30 June 2020
Attributable to owners of the Company
Non-
Total
Share
Share
Treasury
Other
Retained
Total
controlling
Shareholders
Capital
Premium
Shares
Reserves
Earnings
Equity
Interest
Equity
$
$
$
$
$
$
$
$
Balance as at 30 June 2019
255,675
45,416,298
(7,982,183)
(151,804)
(9,989,297)
27,548,689
-
27,548,689
Issue of new shares
-
-
-
-
-
Purchase of treasury shares
-
(708,282)
-
-
(708,282)
(708,282)
Acquisition of subsidiary with NCI
89,072
89,072
658,392
747,464
Total comprehensive income for the period
-
-
-
591,003
(747,981)
(156,978)
(29,719)
(186,697)
Balance as at 31 December 2019
255,675
45,416,298
(8,690,465)
439,199
(10,648,206)
26,772,501
628,673
27,401,174
Purchase of treasury shares
-
-
(1,525,753)
-
-
(1,525,753)
-
(1,525,753)
Total comprehensive income for the period
-
-
-
(618,630)
735,963
117,333
(125,049)
(7,716)
Balance as at 30 June 2019
255,675
45,416,298
(10,216,218)
(179,431)
(9,912,243)
25,364,081
503,624
25,867,705
Notes to the Interim Condensed Consolidated Financial Information
1. General information
Thalassa Holdings Ltd (the "Company") is a British Virgin Island ("BVI") International business company ("IBC"), incorporated and registered in the BVI on 26 September 2007. The Company is a holding company with various interests across a number of industries.
Autonomous Robotics Limited ("ARL" - formerly GO Science 2013 Ltd) is a wholly owned subsidiary of Thalassa and is an Autonomous Underwater Vehicle ("AUV") research and development company.
Apeiron Holdings is a BVI registered business and is a wholly owned by Thalassa. It owns 84% of Apeiron AG which is a company registered in Switzerland. Apeiron AG completed in 2019 on the acquisition of iD4, a fintech company, also registered in Switzerland.
The Local Shopping Reit was acquired as a 92.62% owned subsidiary as a result of the tender offer which completed on 1 October 2019.
WGP Geosolutions Limited is a wholly owned subsidiary of Thalassa which has an additional subsidiary, WGP Group AT GmbH, both currently non-operational.
2. Significant Accounting policies
The Group prepares its accounts in accordance with applicable International Financial Reporting Standards ("IFRS") as adopted by the EU.
The accounting policies applied by the Company in this unaudited consolidated interim financial information are the same as those applied by the Company in its consolidated financial statements as at and for the period ended 31 December 2019 except as detailed below.
The financial information has been prepared under the historical cost convention, as modified by the accounting standard for financial instruments at fair value.
2.1. Basis of preparation
The condensed consolidated interim financial information for the six months ended 30 June 2020 has been prepared in accordance with International Accounting Standard No. 34, 'Interim Financial Reporting'. They do not include all of the information required for full annual financial statements and should be read in conjunction with the consolidated financial statements of the Company as at and for the year ended 31 December 2019.
These condensed interim financial statements for the six months ended 30 June 2020 and 30 June 2019 are unaudited and do not constitute full accounts. The comparative figures for the period ended 31 December 2019 are extracted from the 2019 audited financial statements. The independent auditor's report on the 2019 financial statements was not qualified.
All intra-group transactions, balances, income and expenses are eliminated in full on consolidation.
2.2. Going concern
The financial information has been prepared on the going concern basis as management consider that the Group has sufficient cash to fund its current commitments for the foreseeable future.
3. Profit and loss information
The Group went into the market collapse well positioned and benefitted substantially from the collapse in stock prices and strong currency movements. Net financial income during the period was:-
Six months
Six months
Year
ended
ended
ended
30 Jun 2020
30 Jun 2019
31 Dec 2019
Unaudited
Unaudited
Audited
Net interest expense
(29,785)
(113,524)
(136,249)
Gains/(losses) on investments
1,837,654
(78,958)
(220,129)
Foreign currency gains/(losses)
576,997
17,370
(281,593)
Other
5,698
(881)
(2,146)
Net financial income/(expense)
2,390,564
(175,993)
(640,117)
4. Earnings per share
Six months
Six months
Year
ended
ended
ended
30 Jun 2020
30 Jun 2019
31 Dec 2019
Unaudited
Unaudited
Audited
The calculation of earnings per share is based on the following loss and number of shares:
Profit/(loss) for the period ($)
688,859
(2,280,498)
(3,028,479)
Weighted average number of shares of the Company
15,138,558
17,361,071
17,143,300
Earnings per share:
Basic and Diluted (US$)
0.05
(0.13)
(0.18)
5. Intangible assets
Development
costs
Patents
Sub-total
Goodwill
Total
$
$
$
$
$
At 31 December 2019
Cost
135,931
37,535
173,466
361,909
535,375
Accumulated amortisation and impairment
-
-
-
(157,185)
(157,185)
Net book amount
135,931
37,535
173,466
204,724
378,190
Half-year ended 30 June 2020
Opening net book amount
135,931
37,535
173,466
204,724
378,190
FX movement
(8,852)
(2,444)
(11,296)
-
(11,296)
127,079
35,091
162,170
204,724
366,894
Additions
370,131
45,196
415,327
-
415,327
Amortisation charge
-
-
-
-
-
Closing net book amount
497,211
80,286
577,497
204,724
782,221
At 30 June 2020
Cost
497,211
80,286
577,497
204,724
782,221
Accumulated amortisation and impairment
-
-
-
-
-
Net book amount
497,211
80,286
577,497
204,724
782,221
The intangible assets held by the Group increased as a result of capitalising the development costs of Autonomous Robotics Ltd ("ARL") and id4 AG.
6. Property, plant and equipment
Plant
Land and
and
Motor
Total
buildings
Equipment
Vehicles
2020
2020
2020
2020
Cost
$
$
$
$
Cost at 1 January 2020
387,858
73,249
165,758
148,851
FX movement
(7,331)
(4,769)
(2,563)
-
380,526
68,480
163,195
148,851
Additions
1,355
-
1,355
-
Cost at 30 June 2020
381,881
68,480
164,550
148,851
Depreciation
Depreciation at 1 January 2020
312,403
12,208
151,344
148,851
FX movement
(3,238)
(925)
(2,313)
-
309,165
11,283
149,031
148,851
Charge for the year on continuing operations
9,268
5,837
3,431
-
Depreciation at 30 June 2020
318,433
17,120
152,462
148,851
Closing net book value at 30 June 2020
63,448
51,360
12,088
0,000
7. Investments - Available For Sale Financial Assets
The Group classifies the following financial assets at fair value through profit or loss (FVPL):-
Equity investments that are held for trading
As at
As at
As at
30 Jun 2020
30 Jun 2019
31 Dec 2019
Unaudited
Unaudited
Audited
$
$
$
Available for sale investments
At the beginning of the period
4,801,450
787,518
787,518
Additions
19,589,204
2,929,865
11,332,697
Unrealised losses
(370,754)
(69,492)
(319,633)
Disposals
(18,678,547)
(681,682)
(6,999,132)
At 30 June
5,341,353
2,966,209
4,801,450
AFS investments have been valued incorporating Level 1 inputs in accordance with IFRS7.
8. Financial Assets at Fair Value Through Profit or Loss
Financial assets mandatorily measured at FVPL include the following:-
As at
As at
As at
30 Jun 2020
30 Jun 2019
31 Dec 2019
Unaudited
Unaudited
Audited
$
$
$
Non-current assets
Available for sale financial assets
-
2,966,209
4,801,450
Investments in associated entities
-
6,112,907
-
At 30 June
-
9,079,116
4,801,450
Current assets
Available for sale financial assets
5,341,353
-
-
At 30 June
5,341,353
-
-
Amounts recognised in profit or loss:-
Available for sale financial assets
1,935,922
(66,807)
(200,823)
Investments in associated entities
-
(614,763)
(629,523)
1,935,922
(681,570)
(830,346)
The available for sale assets are now being held on a short-term basis and are therefore recognised under current assets.
9. Investment Loans
As at
As at
As at
30 Jun 20
30 Jun 19
31 Dec 19
Unaudited
Unaudited
Audited
$
$
$
Loans
8,216,085
1,670,094
1,695,302
Total investment loans of $8,216,085 comprise the THAL Discretionary Trust loan of $1,720,891, a convertible loan to Gitone Beteiligungsverwaltungs GmbH loan of $6,184,180 and another convertible loan of $311,014.
The THAL Discretionary Trust includes accrued interest of $262,882 and interest is payable at 3% per annum (reviewed periodically).The THAL Discretionary Trust is a trust, independent of Thalassa, established for the benefit of individuals or parties to whom the Trustees wish to make awards at their discretion.
10. Borrowings
As at
As at
As at
30 Jun 20
30 Jun 19
31 Dec 19
Unaudited
Unaudited
Audited
Non-current liabilities
$
$
$
Credit facility
-
-
-
Lease liabilities
472,041
-
510,965
472,041
-
510,965
Current liabilities
Credit facility
6,148,339
16,128,792
7,520,244
Lease liabilities
34,727
-
36,999
6,183,066
16,128,792
7,557,243
A credit facility of $18m taken out in 2019 was continued during the period to cover currency positions. The total outstanding as at 30 June 2020 was $6.1m and this was fully repaid on 3 July 2020. There have been no further draw downs up to the date of this report.
11. Related party balances and transactions
Under the consultancy and administrative services agreement entered into on 30 August 2014 with a company in which the Chairman has a beneficial interest, the Group was invoiced $264,000 for consultancy and administrative services provided to the Group. At 30 June 2020 the amount owed to this company was $63,287 (1H19: $62,682).
12. Share capital
As at
As at
30 Jun 20
31 Dec 19
Unaudited
Audited
$
$
Authorised share capital:
100,000,000 ordinary shares of $0.01 each
1,000,000
1,000,000
Allotted, issued and fully paid
255,675
255,675
Number of
Number
Treasury
Treasury
of shares
shares
Shares $
Number of shares outstanding at the period end:
Balance as 31 December 2019
16,242,283
9,325,239
8,690,465
Shares purchased
(2,229,266)
2,229,266
1,525,753
Balance as 30 June 2020
14,013,017
11,554,505
10,216,218
13. Subsequent events
The borrowing facility mentioned in Note 10 was fully repaid on 3 July 2020.
14. Copies of the Interim Report
The interim report is available on the Company's website: www.thalassaholdingsltd.com.
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