REG - Thalassa Holdings - WGP Earn Out update

Thalassa HoldingsAnnouncement

19/11/2018 07:05

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.
 




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