TIDMTHAL
RNS Number : 1406N
Thalassa Holdings Limited
28 September 2021
28 September 2021
This announcement contains inside information as defined in
Article 7 of the Market Abuse Regulation 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", "THAL" or the "Company")
Interim Results for the period ended 30 June 2021
GROUP RESULTS 1H 2021 versus 1H 2020
Net financial income / (expense) ($0.01)m vs. $2.39m
Group Net Profit/(Loss) for the period ($1.12m) vs. $0.61m
Group Earnings/(Loss) Per Share (both basic ($0.14)/(GBP0.10) vs.
and diluted)*(1) $0.04/GBP0.03
Reported Book value per share*(2) $1.84/GBP1.33 vs. $1.85/GBP1.50
Net Cash $1.9m vs. $6.8m
Portfolio Holdings and available for sale
investments $10.9m vs. $13.5m
*(1) based on weighted average number of shares
in issue of 7,945,838 (1H20: 15,138,558)
*(2) based on actual number of shares in issue as at 30 June 2021
of 7,945,838
ARL
-- Focus on further continued development of Flying Node towards commercialisation
-- Efforts to monetise investment through commercial
collaboration, third party funding or business combination in
progress
id4
-- Software development completed and commercialisation and
monetisation of investment now primary objectives
London Medical Laboratory ("LML")
-- As announced on 17 September 2021, Thalassa exited from its
LML commitment due to unforeseen circumstances.
-- LML had not availed itself of the Thalassa facility and
Thalassa was, therefore, not due any interest.
-- Tim Donell, the Company's CFO remains on the Board of LML.
Investor Enquiries:
Thalassa Holdings Ltd
Duncan Soukup, Chairman +33 (0)6 78 63 26 89
www.thalassaholdingsltd.com
Note to Editors: Thalassa Holdings Ltd, incorporated and
registered in the BVI, is a holding company with various interests
across a number of industries.
CHAIRMAN'S STATEMENT
I am happy to present the unaudited interim accounts for the six
months to 30 June 2021.
The stock market merry-go-round continues...except in China.
US and European stock markets continue to climb and hit new
highs. These markets through the end of August 2021 are up between
10% (Spain) and 26% (Sweden). At the other end of the spectrum,
China has declined by 7.64% since the beginning of the year and by
+/-17% from its February high.
Rotation out of technology into more cyclical companies has been
the main theme recently. in an environment of continued Covid-19
uncertainty, this strikes us as possibly wishful thinking. Covid is
not going away in a hurry and with the summer holidays about to
end, it will be interesting to see whether a fourth wave disrupts
the burgeoning economic recovery. Whilst stock market investors are
clearly split, the Fed remains clearly cautious...on the fence!
OPERATIONS
Given the divestiture of ALNA and AMOI, the Board's primary
focus is to bring costs in line with the Company's reduced capital
base whilst at the same time creating value for shareholders.
ANEMOI (AMOI LN)
Investors will be aware that AMOI shares have been suspended
pending further announcements on a potential Reverse Take Over
(RTO).
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.
The company is continuing to investigate opportunities to
increase shareholder value including but not only the possibility
of a merger or sale of the business.
ALINA (ALNA LN)
Having completed its 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, the
Board is now focused on the acquisition of assets to enhance
shareholder value. To this end the Company recently announced the
acquisition of 2.7% of Dolphin Capital Investors (DCI LN). On 21
July 2021, DCI issued a fact sheet stating that as of Q4 2020, NAV
was 16p. NAV has been calculated as a going concern, which somewhat
contradicts the reality of the situation, namely that DCI is in
liquidation. In the Board's experience there is usually a
substantial mismatch between a going concern valuation and a
company in liquidation. Whether the ultimate value of DCI shares,
in liquidation, lies North of the current market price of 4.2p but
South of the stated 16p NAV remains to be seen. We would be happy
were DCI to achieve 8p, for a gain in excess of 100% or ecstatic if
the new DCI Board achieved 12p which would give ALNA a better than
200% return on investment. Given DCI's current market price, it
would appear that Mr Market, does not believe that 16p is
achievable!?
OUTLOOK
I would repeat my statement from last year, "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."
The big question your board is asking itself, is not will the US
Federal Reserve reduce bond buying but how quickly will they
increase interest rates. Our current view is that the Fed is more
concerned with Employment than inflation and not in a hurry to
raise interest rates. Having said that, input price inflation is
running substantially ahead of FED targets and if wage inflation
follows suit the FED will be faced with a real problem...allow
inflation to overshoot or combat inflation and risk harming the
economic recovery and job growth. In the meantime the only game in
town is the stock market!
Your Board is in the same camp as the FED and believes that
deflationary risks are as great as inflationary risks. In other
words, we remain cautious and would like to see the porridge cooked
before serving and eating.
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' and gives a
true and fair view of the assets, liabilities, financial position
and profit or loss of the Company and the undertakings included in
the consolidation as a whole as required by DTR 4.2.4 R;
(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
20 September 2021
Interim Condensed Consolidated Statement of Income
For the six months ended 30 June 2021
Six months Six months Year
ended ended ended
30 Jun 30 Jun 31 Dec
21 20 20
Unaudited Unaudited Audited
Note $ $ $
Continuing Operations
Revenue 169,768 269,327 55,855
Cost of sales 246,149 (29,528) 900
Gross profit 415,917 239,799 56,755
------------------------------------- ----- ------------ ------------ ------------
Administrative expenses excluding
exceptional costs (1,735,604) (2,009,187) (3,131,073)
Exceptional administration costs - - (77,603)
------------------------------------- ----- ------------ ------------ ------------
Total administrative expenses (1,735,604) (2,009,187) (3,208,676)
------------------------------------- ----- ------------ ------------ ------------
Operating loss before depreciation (1,319,687) (1,769,388) (3,151,921)
------------------------------------- ----- ------------ ------------ ------------
Depreciation 5 (87,818) (9,268) (47,771)
------------------------------------- ----- ------------ ------------ ------------
Impairment - - -
------------------------------------- ----- ------------ ------------ ------------
Operating loss (1,407,505) (1,778,656) (3,199,692)
------------------------------------- ----- ------------ ------------ ------------
Net financial income/(expense) (12,814) 2,390,564 3,591,382
------------------------------------- ----- ------------ ------------ ------------
Other gains 302,391 - 1,160,300
------------------------------------- ----- ------------ ------------ ------------
Profit/(loss) before taxation (1,117,928) 611,908 1,551,990
------------------------------------- ----- ------------ ------------ ------------
Taxation (1,159) (994) 109,303
------------------------------------- ----- ------------ ------------ ------------
Profit/(loss) for the year from
continuing operations (1,119,087) 610,914 1,661,293
------------------------------------- ----- ------------ ------------ ------------
Discontinued Operations
Profit/(loss) for the year from
discontinued operations - - (868,303)
------------------------------------- ----- ------------ ------------ ------------
Gain on disposal of subsidiary - - 121,891
------------------------------------- ----- ------------ ------------ ------------
Profit/(loss) for the year (1,119,087) 610,914 914,881
------------------------------------- ----- ------------ ------------ ------------
Attributable to:
Equity shareholders of the parent (1,060,345) 688,859 765,725
Non-controlling interest (58,742) (77,945) 149,156
(1,119,087) 610,914 914,881
------------------------------------- ----- ------------ ------------ ------------
Earnings per share - US$ (using
weighted average number of shares)
Basic and Diluted 3 (0.14) 0.04 0.06
------------------------------------- ----- ------------ ------------ ------------
Interim Condensed Consolidated Statement of Comprehensive
Income
For the six months ended 30 June 2021
Six months Six months Year
ended ended ended
30 Jun 21 30 Jun 20 31 Dec 20
Unaudited Unaudited Audited
$ $ $
Loss for the financial year (1,119,087) 610,914 914,881
Other comprehensive income:
Exchange differences on re-translating
foreign operations (154,358) (618,630) (332,954)
Total comprehensive income (1,273,445) (7,716) 581,927
---------------------------------------- ------------ ----------- ----------
Attributable to:
Equity shareholders of the parent (1,214,703) 117,333 432,771
Non-Controlling interest (58,742) (125,049) 149,156
Total Comprehensive income (1,273,445) (7,716) 581,927
---------------------------------------- ------------ ----------- ----------
Interim Condensed Consolidated Statement of Financial
Position
As at 30 June 2021
As at As at As at
30 Jun 21 30 Jun 20 31 Dec 20
Note Unaudited Unaudited Audited
Assets $ $ $
Non-current assets
Goodwill 4 204,724 204,724 204,724
Intangible assets 4 1,384,344 577,497 948,739
Investment properties - 3,868,782 -
Property, plant and equipment 5 1,021,373 63,448 418,656
Available for sale financial
assets 6 2,471,603 5,341,353 1,934,068
Loans 7 8,424,958 8,216,085 7,606,077
Total non-current assets 13,507,002 18,271,889 11,112,264
------------------------------- ----- ------------- ------------- -------------
Assets Held for Sale - 407,031 -
Current assets
Trade and other receivables 800,380 2,421,232 680,443
Cash and cash equivalents 8,438,006 12,891,696 9,712,779
Total current assets 9,238,386 15,312,928 10,393,222
------------------------------- ----- ------------- ------------- -------------
Liabilities
Current liabilities
Trade and other payables 959,263 1,469,036 1,044,721
Short term debt 8 74,060 - -
Borrowings 8 6,504,958 6,183,066 4,706,981
Total current liabilities 7,538,281 7,652,102 5,751,702
------------------------------- ----- ------------- ------------- -------------
Net current assets 1,700,105 7,660,826 4,641,520
------------------------------- ----- ------------- ------------- -------------
Non-current liabilities
Long term debt 8 611,741 472,041 39,331
Total non-current liabilities 611,741 472,041 39,331
------------------------------- ----- ------------- ------------- -------------
Net assets 14,595,366 25,867,705 15,714,453
------------------------------- ----- ------------- ------------- -------------
Shareholders' Equity
Share capital 10 208,522 255,675 208,522
Share premium 36,714,225 45,416,298 36,714,225
Treasury shares (11,414,289) (10,216,218) (11,414,289)
Other reserves 260,603 (179,431) 106,245
Non-Controlling Interest (225,667) 503,624 (166,925)
Retained earnings (10,948,028) (9,912,243) (9,733,325)
Total shareholders' equity 14,595,366 25,867,705 15,714,453
Total equity 14,595,366 25,867,705 15,714,453
------------------------------- ----- ------------- ------------- -------------
Interim Condensed Consolidated Statement of Cash Flows
For the six months ended 30 June 2021
As at As at As at
30 Jun 30 Jun 31 Dec
21 20 20
Unaudited Unaudited Audited
Notes $ $ $
Cash flows from operating activities
Profit/Loss for the period before taxation (1,117,928) 611,908 (3,199,699)
Impairment losses on goodwill - - -
(Increase)/decrease in trade and other
receivables (105,342) (1,528,300) 123,388
(Decrease)/increase in trade and other
payables (98,618) 174,903 78,171
Loss/(gain) on disposal of PPE - - -
Gain/(loss) on disposal of AFS investments 88,130 (2,162,700) 1,907,391
Net exchange differences (153,833) (618,630) 1,379,322
Accrued interest income (237,392) (37,231) -
Depreciation 5 87,818 9,268 47,771
Share of losses of associate/gain on
disposal - - (701,165)
Fair value movement on AFS financial
assets (581,487) 226,778 1,290,219
Cash generated by operations (2,118,652) (3,324,004) 925,398
Taxation (2,775) - 109,303
Net cash flow used in operating activities (2,121,427) (3,324,004) 1,034,701
-------------------------------------------- ------
Net cash flow from discontinued operations - - (563,302)
-------------------------------------------- ------ ------------ ------------- -------------
Sale/(purchase) of property, plant
and equipment (25,927) (1,551) (390,971)
Sale/(purchase) of intangible assets (435,592) (420,072) (775,273)
Sale/(purchase) of investment property - 157,175 3,725,261
Net (purchase)/sale of AFS financial
assets (625,663) 1,396,019 (2,608,009)
Investments in subsidiaries - (6,385,349) (8,150,392)
Net cash flow used in investing activities
- continuing operations (1,087,182) (5,253,778) (8,199,384)
-------------------------------------------- ------ ------------ ------------- -------------
Proceeds from disposal of Alina Holdings
PLC - - 121,891
Net cash flow from investing activities
- discontinued operations - - 121,891
-------------------------------------------- ------ ------------ ------------- -------------
Cash flows from financing activities
Purchase of treasury shares - (1,525,753) (2,723,824)
Leasing Liabilities (30,969) - 39,331
Interest Expense (24,404) - -
Proceeds from borrowings 1,834,851 (1,021,720) 212,343
Repayment of borrowings - - (3,007,076)
Net cash flow from financing activities
- continuing operations 1,779,478 (2,547,473) (5,479,226)
-------------------------------------------- ------ ------------ ------------- -------------
Net cash flow from financing activities
- discontinued operations - - (468,856)
-------------------------------------------- ------ ------------ ------------- -------------
-
Net decrease in cash and cash equivalents (1,429,131) (11,125,255) (13,554,176)
Cash and cash equivalents at the start
of the year 9,712,779 24,198,744 24,198,744
Effects of exchange rate changes on
cash and cash equivalents 154,358 (181,793) (931,789)
Cash and cash equivalents at the end
of the year 8,438,006 12,891,696 9,712,779
-------------------------------------------- ------ ------------ ------------- -------------
Interim Condensed Consolidated Statement of Changes in
Equity
For the six months ended 30 June 2021
Attributable to owners of the Company
----------------------------------------------------------------- ------------
Non- Total
Share Share Treasury Other Retained controlling Shareholders
Capital Premium Shares Reserves Earnings Total Interest Equity
$ $ $ $ $ $ $ $
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 2020 255,675 45,416,298 (10,216,218) (179,431) (9,912,243) 25,364,081 503,624 25,867,705
--------------- --------- ------------ ------------- ---------- ------------- ------------ ------------ -------------
Redemption of
Capital (47,153) (8,702,073) - - - (8,749,226) - (8,749,226)
Purchase of
treasury
shares - - (1,198,071) - - (1,198,071) - (1,198,071)
Disposal of
subsidiary
with NCI - - - - 89,072 89,072 (396,344) (307,272)
Total
comprehensive
income for
the
period - - - 285,676 89,846 375,522 (274,205) 101,317
Balance as at
31 December
2020 208,522 36,714,225 (11,414,289) 106,245 (9,733,325) 15,881,378 (166,925) 15,714,453
--------------- --------- ------------ ------------- ---------- ------------- ------------ ------------ -------------
- - - - - - - -
Forex - - - - - - - -
adjustment
on bought
forwards
Total
comprehensive
income for
the
period - - - 154,358 (1,214,703) (1,060,345) (58,742) (1,119,087)
Balance as at
30 June 2021 208,522 36,714,225 (11,414,289) 260,603 (10,948,028) 14,821,033 (225,667) 14,595,366
--------------- --------- ------------ ------------- ---------- ------------- ------------ ------------ -------------
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 (BVI) Ltd is a BVI registered company and is
wholly owned by Thalassa. It owns 100% of Apeiron Holdings AG which
is a company registered in Switzerland. In 2019 Apeiron Holdings AG
completed the acquisition of 84% of id4, a FinTech company also
registered in Switzerland.
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 United Kingdom.
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 2020 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 2021 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 2020.
These condensed interim financial statements for the six months
ended 30 June 2021 and 30 June 2020 are unaudited and do not
constitute full accounts. The comparative figures for the period
ended 31 December 2020 are extracted from the 2020 audited
financial statements. The independent auditor's report on the 2020
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.
Notes to the Interim Condensed Consolidated Financial
Information Continued
3. Earnings per share
Six months Six months Year
ended ended ended
30 Jun 30 Jun 20 31 Dec 20
21
Unaudited Unaudited Audited
The calculation of earnings per share
is based on
the following loss and number of shares:
Profit/(loss) for the period (1,119,087) 610,914 914,881
Weighted average number of shares of
the Company 7,945,838 15,138,558 14,139,629
Earnings per share:
Basic and Diluted (US$) (0.14) 0.04 0.06
4. Intangible assets
Development
costs Patents Software Sub-total Goodwill Total
$ $ $ $ $ $
At 31 December 2020
Cost 838,147 110,592 - 948,739 361,909 1,310,648
Accumulated amortisation
and impairment - - - - (157,185) (157,185)
Net book amount 838,147 110,592 - 948,739 204,724 1,153,463
------------ -------- --------- ---------- ---------- ----------
Half-year ended 30 June
2021
Opening net book amount 838,147 110,592 - 948,739 204,724 1,153,463
FX movement (6,088) 1,504 - (4,584) - (4,584)
832,059 112,096 - 944,155 204,724 1,148,879
Additions 372,157 37,596 30,436 440,189 - 440,189
Amortisation charge - - - - - -
Closing net book amount 1,204,216 149,692 30,436 1,384,344 204,724 1,589,068
------------ -------- --------- ---------- ---------- ----------
At 30 June 2021
Cost 1,204,216 149,692 30,436 1,384,344 361,909 1,746,253
Accumulated amortisation
and impairment - - - - (157,185) (157,185)
Net book amount 1,204,216 149,692 30,436 1,384,344 204,724 1,589,068
------------ -------- --------- ---------- ---------- ----------
The intangible assets held by the Group increased as a result of
capitalising the development costs of Autonomous Robotics Ltd
("ARL") and id4 AG, alongside the introduction of a new ERP system
within the Group.
Notes to the Interim Condensed Consolidated Financial
Information Continued
5. Property, plant and equipment
Plant
Land and and Motor
Total buildings Equipment Vehicles
Cost $ $ $ $
Cost at 1 January 2021 784,149 75,829 187,937 520,383
FX movement 5,709 1,032 (378) 5,055
----------------------------------- ----------
789,858 76,861 187,559 525,438
Additions 685,454 664,237 980 20,237
Cost at 30 June 2020 1,475,312 741,098 188,539 545,675
Depreciation
Depreciation at 1 January 2021 365,494 25,277 160,405 179,812
FX movement 693 344 215 134
----------------------------------- ----------
366,187 25,621 160,620 179,946
Charge for the year on continuing
operations 87,818 37,184 3,237 47,397
Foreign exchange effect on year
end translation (66) (27) (3) (36)
Depreciation at 30 June 2021 453,939 62,778 163,855 227,307
----------------------------------- ---------- ---------- ---------- ---------
Closing net book value at 30 June
2021 1,021,373 678,320 24,685 318,368
----------------------------------- ---------- ---------- ---------- ---------
Additions relate to the office lease taken out in Aperion
Holdings AG, with a corresponding liability in note 10.
Depreciation differs to the Income Statement due to forex
translation.
6. 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 21 30 Jun 20 31 Dec 20
Unaudited Unaudited Audited
$ $ $
Available for sale investments
At the beginning of the period 1,934,068 4,801,450 4,801,450
Additions 4,462,197 19,589,204 28,983,183
Unrealised gain/(losses) 41,095 (370,754) 214,956
Disposals (3,965,757) (18,678,547) (32,065,521)
At period close 2,471,603 5,341,353 1,934,068
-------------------------------- ------------ ------------- -------------
AFS investments have been valued incorporating Level 1 inputs in
accordance with IFRS7.
Notes to the Interim Condensed Consolidated Financial
Information Continued
7. Investment Loans
As at As at As at
30 Jun 21 30 Jun 20 31 Dec 20
Unaudited Unaudited Audited
$ $ $
Loans at period open 1,746,866 1,695,302 1,695,302
Accrued interest - to be waived 26,368 25,589 51,564
---------- ---------- ------------
Loans at period close 1,773,234 1,720,891 1,746,866
--------------------------------- ---------- ---------- ------------
Portfolio Holdings at period 5,859,211 - -
open
Issued 448,362 6,495,194 10,661,053
Accrued interest - to be waived 217,278 - 90,245
Repaid - - (6,538,704)
Forex 70,565 - 578,810
Fair Value Adjustment 56,308 - 1,067,808
Portfolio holdings at period
close 6,651,724 6,495,194 5,859,211
--------------------------------- ---------- ---------- ------------
Total of loans and holdings 8,424,958 8,216,085 7,606,077
--------------------------------- ---------- ---------- ------------
The Loan is to the THAL Discretionary Trust, the terms of the
loan are set with a 0% interest rate however interest has been
accrued at 3% as per IFRS requirements, it is the intention of the
Company to waive this interest upon repayment of the capital.
The portfolio holdings increased through further drawdown of
convertible loan notes to Anemoi International Ltd and the issuance
of a convertible loan note from the Group company Apeiron AG to
Janzz Technologies of CHF200,000.
8. Borrowings
As at As at As at
30 Jun 21 30 Jun 20 31 Dec 20
Unaudited Unaudited Audited
Non-current liabilities $ $ $
Credit facility - -
Lease liabilities 611,741 472,041 39,330
---------- ---------- ----------
611,741 472,041 39,330
------------------------- ---------- ---------- ----------
Current liabilities
Credit facility 6,504,958 6,148,339 4,694,511
Lease liabilities 74,060 34,727 12,470
---------- ---------- ----------
6,579,018 6,183,066 4,706,981
------------------------- ---------- ---------- ----------
The credit facilities outstanding as at 30 Jun 2021 consist of
fixed term advances opened on 28 Jun 2021 for GBP4.4m and opened on
7 Jun 2021 for EUR300k, both advances were settled by 31 Jul 2021
and new credit facilities opened.
The lease liabilities comprise of amounts owed in relation to
office leases held by ARL and Aperion AG. The lease held by Aperion
Holdings AG was entered in to in Feb 2021.
Notes to the Interim Condensed Consolidated Financial
Information Continued
9. 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 accrued $335,000
(1H20:$264,000) for consultancy and administrative services
provided to the Group. At 30 June 2021 the amount owed to this
company was $200,000 (1H20: $63,287).
10. Share capital
As at As at
30 Jun 2021 31 Dec 2020
$ $
Authorised share capital:
100,000,000 ordinary shares of $0.01
each 1,000,000 1,000,000
Allotted, issued and fully paid:
20,852,359 ordinary shares of $0.01
each 208,522 208,522
11. Subsequent events
In July 2021 the Board entered into non-legally binding heads of
terms with Anemoi International Ltd and one of its investee
companies, id4 AG which set out the key terms for the proposed
acquisition of the entire issued share capital of id4 by
Anemoi.
In July 2021, the loan to Janzz Technologies of CHF 200,000, as
held by the subsidiary Apeiron AG, converted in to equity equal to
133,333 ordinary shares.
12. Copies of the Interim Report
The interim report is available on the Company's website:
www.thalassaholdingsltd.com .
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IR DKOBDDBKBACB
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