Thalassa Holdings Limited Update re sale of the assets of WGP Group Ltd (6341O)
May 21 2018 - 2:00AM
UK Regulatory
TIDMTHAL
RNS Number : 6341O
Thalassa Holdings Limited
21 May 2018
Thalassa Holdings Ltd
(Reuters: THAL.L, Bloomberg: THAL:LN)
("Thalassa, "THAL" or the "Company")
Update re sale of the assets of WGP Group Ltd
On 5 January 2018, Thalassa announced that, following the sale
of the assets of WGP Group Ltd ("WGP"), the Company's net cash as
at 31 December 2017 was estimated at $20.3m.
Notwithstanding that (i) Thalassa executed the WGP sale
agreements on 31 December 2017 and (ii) the cash proceeds had been
received in escrow by the Company's lawyers on 29 December 2017,
the purchaser completed the agreements on 1 January 2018. As a
result, the cash was held in escrow by the Company's lawyers
following completion and received by the Company on 2 January 2018,
the first business day of 2018.
Accordingly, the sale is being treated as having completed on 1
January 2018 and therefore in its balance sheet as at 31 December
2017, the Company now expects to show (i) its interest in WGP as
assets held for sale of approximately $10.2m and (ii) net cash of
approximately $2.8m; $8.4m gross cash less accrued operating costs
and 2017 and prior year taxes. The sale will therefore be reflected
in Thalassa's accounts for the year ending 31 December 2018.
The Board continues to expect that the full year results to 31
December 2017 will be released during the week commencing 11 June
2018.
Investor Enquiries:
Thalassa Holdings Ltd
Duncan Soukup, Chairman
WH Ireland Limited (Nominated Adviser and Broker)
Chris Fielding, Head of Corporate Finance
www.thalassaholdingsltd.com
Note to Editors:
+33 (0)6 78 63 26 89
+44 (0)207 220 1650
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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END
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