Interim Results
Thalassa Holdings Ltd
(Reuters: THAL.L, Bloomberg: THAL:LN)
("Thalassa" or the "Company")
Results for the 6 months to 30 June 2014
The Company is pleased to announce its financial results for the 6 months ended 30 June 2014. A summary of the results is set out below.
Contacts:
Thalassa Holdings Ltd:
Duncan Soukup, Executive Chairman +33 (0)6 78 63 26 89
WH Ireland Limited (Nominated adviser):
Chris Fielding, Head of Corporate Finance 020 7220 1650
Highlights for the 6 months ended 30 June 2014
o Revenue from core Seismic Operations up 31% to US$9.3m from US$7.1m in 1H 2013
o Manufacturing Revenue US$0.0m versus US$4.5m in 1H 2013 following conclusion of one-off Statoil manufacturing contract
· Group Revenue US$9.3m versus US$11.6m in 1H 2013
o Gross Profit from Seismic Operations up 53.8% to US$4.0m from US$2.6m in 1H 2013
· Group Gross Profit up 2.6% to US$4.0m from US$3.9m in 1H 2013
· Group Gross Margin increased by 30.4% to 43.7% from 33.5% in 1H 2013 due to change in revenue mix, improved equipment utilisation and increased pricing on seismic activities
· Group Net Profit US$0.7m versus US$1.0m in the same period a year ago
o Adjusted Group Net Profit US$1.2m versus US$1.0m in 1H 2013 (excluding R&D costs at Autonomous Robotics (previously GO Science) of US$0.5m)
· Group Earnings Per Share (diluted)* US$0.03 (£0.02) versus US$0.07 (£0.05) in 1H 2013
o Adjusted Group Earnings Per Share (diluted) US$0.05 (£0.03) versus $0.07 (£0.05) in 1H 2013 (excluding impact of R&D costs at Autonomous Robotics of US$(0.02))
· Book value per share up 80.2% to US$2.09 (£1.23) versus US$1.17 (£0.76) in 1H 2013
· Debt US$ nil (1H 2013: US$ nil)
· Cash US$21.2m (1H 2013: US$16.8m)
· Contracted deployment in 2H 2014 on behalf of Russia's SMG increasingly unlikely
· Pipeline of order-enquiry and tenders submitted increased to US$175m, an increase of 23% over US$142m at 31 December 2013. Several of these tenders expected to impact 2H 2014.
· Significant interest in further sales of TGS Multi-Client data
· Final outcome for the year therefore heavily dependent on pipeline conversion, the scale of data sales and any SMG deployment
*based on weighted average number of shares in issue of 25,373,880 (1H 2013: 13,913,567)
WGP Operations
• Multi-client contract with TGS commenced May 2014 to jointly acquire and own multi-client high resolution 3D (HR3D) seismic data using the newly assembled P-Cable system and mini-PMSSTM. An initial R&D survey was undertaken on behalf of Lundin Petroleum followed by the survey on 10 blocks (approximately 500km2) in the Barents Sea as a pre-cursor to the Norwegian 23rd Licensing Round which is due to be announced in Q4 2014. It is anticipated that the HR3D data sets will prove invaluable to oil company clients in being able to assess the hydrocarbon potential within the licence blocks. The programme, which has to date been pre-funded by advanced non-exclusive data sales to two oil majors, is likely to be extended by a further 200-300km2 in the second half of 2014.
• Contract with SAExploration, Inc. ("SAE") on behalf of BP Alaska to provide shallow water source handling and deployment services for seismic acquisition projects in the North Prudhoe Bay, Alaska concluded August 2014. Conditions were extremely challenging from an environmental and logistical perspective which extented the boundaries of WGP's experience and capabilities. This has been followed by a further survey on behalf of SAE on the North Slope following which, the operation is expected to relocate elsewhere in Alaska until the end of the operating season.
• Continuation of the service contract with Statoil with mobilisation of the DPMSSTM for the Spring survey over the Snorre field in the Norwegian sector of the North Sea.
• Completion of LoFS 17 survey for BP over the Valhall field in the Norwegian sector of the North Sea.
Autonomous Robotics Operations
• Business acquisition completed November 2013
• A change of name from GO Science to Autonomous Robotics Limited ("ARL") reflecting the market sector and expertise/ambitions of the company
• Implementation of detailed design and manufacture plan of the mobile sensor grid system, now at the latter part of the overall system concept stage
• Stakeholder requirements, concept of operations plans and risk assessment under review with QinetiQ plc and seismic industry experts in UK and USA
• Ongoing discussions with a number of suppliers/potential partners regarding the next stage - system definition and design
Chairman's Statement
Overview
I am pleased to report the Group's interim results for the six months to 30 June 2014.
The Group has made excellent progress on its core seismic activities from the solid foundations laid in 2013 with the addition of two new service contracts in 1H 2014 with SAExploration, Inc. and the TGS Multi-Client contract.
Improved profitability from seismic operations reflect the Group's focus on increasing both equipment utilisation and higher pricing.
The Group has increased investment in Operating Equipment, IT (a new ERP system), People and R&D:
• Equipment: Refurbishment and upgrade of existing equipment, purchase of new equipment including a mini-PMSSTM and high resolution 3D P-Cable system deployed on the multi-client project in the first half. A total of US$5.7m has been invested in operating assets in the first half of 2014
• IT: US$0.3m investment in new ERP system
• People: expansion of middle management both on and offshore to support business growth
• R&D: continued investment in next generation technology at ARL. Stakeholder requirements, concept of operations plan and risk assessment currently under review with QinetiQ plc and seismic industry experts
Outlook
• Since the end of the 1H 2014, the Group has completed 2 additional seismic surveys for Statoil as part of R&D trials to test third party sensors
• In September 2014 the D-PMSSTM was deployed over Grane. The first survey is scheduled to run for three weeks, subject to weather, following which the D-PMSSTM will be deployed for a further 4 weeks over the Snorre field, subject to weather
• Anticipated extension to Multi-Client survey in the Barents Sea by a further 200-300km2
• Completion of the SAE project in the North Prudhoe Bay, Alaska
• Contracted deployment in 2H 2014 on behalf of Russia's SMG is considered to be increasingly unlikely
• Pipeline of order-enquiry and tenders submitted increased to US$175m, an increase of 23% over US$142m at 31 December 2013. Several of these tenders expected to impact 2H 2014.
The Group's ability to convert some of this pipeline into 2014 Revenue has been jeopardised by the increased US/EU sanctions against Russia. Further, on 2 September 2014, the Russian State owned parent of Joint Stock Company Sevmorgeo ("SMG") implemented a top-level management change and announced the appointment of Andrew Zayonchek as its new CEO.
As a result, some US$10m of budgeted Russian revenue in 2H 2014 is unlikely to materialise in this period. We will not know whether the Ecuador project will be resurrected in 2014 or further work in the Arctic will resume in 2015 until we have met with new management at SMG and the impact of any further sanctions becomes clear.
In addition, under the terms of our contract, SMG is responsible for the demobilisation and repatriation of the Company's equipment, which is currently in storage in Ecuador. However, in a worst case scenario we may not recover the outstanding trade receivable or the repatriation costs which, in the aggregate, amount to approximately US$4.1m (a non-cash item of US$3.3m being the outstanding trade receivable, and a cash item of US$0.8m relating to repatriation costs).
WGP has a long history of working for the Russian Government and with Russian companies worldwide. I am confident that the current situation will blow over, however, I am less confident in predicting how long the current tensions will last.
We have approached the CEO of Rosgeo (SMG's parent company) to arrange an immediate meeting and look forward to the continuation of a 15 year mutually beneficial relationship.
On a positive note, both of the two Oil Majors who have invested in the Multi-Client High-Resolution project in the Barents Sea and our Operating Partner are impressed with the initial data results and we remain confident in securing additional revenue in 2H 2014 from Data Sales.
If, as we anticipate, final results in the Barents Sea are as successful as we hope, we believe that current on-going discussions regarding the deployment of the P-Cable and mini-PMSSTM system beyond the EU should also materialise.
Therefore, the final outcome for the year is heavily dependent on the scale of data sales, pipeline conversion and any SMG deployment.
Notwithstanding the current political situation, we continue to believe that the Group, with its strong position in niche markets, is very well placed to create significant shareholder value over the next few years.
Financial Review
Group results for the six months to 30 June 2014 showed an increase of 31% in revenue from core Seismic Operations to US$9.3m from US$7.1m in 1H 2013. 1H 2014 Revenue from Seismic Operations has been generated from the completion of the LoFS 17 survey on the Valhall field for BP, the survey over the Snorre field for Statoil, the commencement of the two new projects for SAExploration in Alaska and the Multi-Client project with TGS in the Barents Sea.
Manufacturing Revenue was US$0.0m versus US$4.5m in the comparative period, resulting in total Group Revenue of US$9.3m versus US$11.6m in 1H 2013. Manufacturing Revenue of US$4.5m in 1H 2013 reflected the non-recurring revenue recognised in relation to the manufacture and sale of equipment to Statoil.
Cost of Sales in relation to Seismic Operations increased by 13.0% in 1H 2014 to US$5.2m (1H 2013: US$4.6m) resulting in gross profit of US$4.0m, an increase of 53.8% versus the same period last year of US$2.6m. Total Group Gross Profit was US$4.0m compared to US$3.9m in 1H 2013 (including non-recurring manufacturing revenue and associated costs).
Gross margin in the first six months of 2014 has increased by 30.4% to 43.7% from 33.5% in 1H 2013. The increase in margin representing change in revenue mix and improved equipment utilisation and increased pricing on seismic activities.
Administrative expenses increased by 21.7% in 1H 2014 to US$2.8m (1H 2013: US$2.3m), largely due to investment in R&D related costs of ARL which has contributed costs of US$0.4m in the period as compared to US$0.0m in 1H 2014, and investment in personnel from the hiring of new staff.
Operating Profit from Seismic activity increased by 50.0% in 1H 2014 to US$1.2m (1H 2013: US$0.8m) reflecting an increase in Revenue and improved margins in the period with operating margin increasing by 10.1% to 13.1% from 11.9% in the prior period. The Group's total Operating profit of US$0.7m versus US$1.3m in 1H 2013 includes R&D costs at ARL that generated an operating loss of US$0.5m in the period (1H 2013: US$0.0m).
Depreciation and Amortisation of US$0.5m (1H 2013: US$0.3m) reflects depreciation on the Group's equipment of US$0.4m (1H 2013: US$0.3m), the increase reflecting depreciation on additions purchased during the period, and amortisation of US$0.1m on the intellectual property in ARL (1H 2013: US$0.0m).
Net financial income of US$0.2m included foreign exchange gains in the period partially offset by interest and share option charges (1H 2013: US$0.1m).
Group profit before tax, incorporating the R&D related costs of ARL of US$0.5m, was US$0.9m versus US$1.4m in 1H 2013.
Tax in the period of US$0.2m is an estimate of the tax liability incurred in the first half from the Group's operations across its different regions of activity.
Net profit on Seismic Operations increased by 140% to US$1.2m versus US$0.5m in 1H 2013 with an increase in net margin of 74.7% to 13.1% from 7.5% in the comparative period.
Group net profit, incorporating the R&D related costs of ARL, was US$0.7m versus US$1.0m in 1H 2013.
Net assets at 30 June 2014 amounted to US$52.4m (1H13: US$19.1m) resulting in net assets per share of US$2.09 (£1.23), an increase of 80.2% versus US$1.16 (£0.76) in 1H 2013.
The Company had debt of US$0.0m at the period end (1H 2013: US$0.0m).
Net cash flow from operating activities amounted to US$(0.2)m largely as a result of the increase in trade receivables balance of US$4.2m at the period end from activity in the first half of which US$4.1m has subsequently been received. This excludes balances due from SMG from 2013.
Net cash outflow from investing activities, excluding loans to the THAL Discretionary Trust, amounted to US$(5.9)m largely due to:
• capital expenditure of US$5.7m that includes the refurbishment and upgrade of existing equipment, and the purchase of new equipment including a mini-PMSSTM and high resoulution 3D P-Cable system deployed on the multi-client project in the Barents Sea.
• capital expenditure of US$0.3m on a new ERP system and implementation.
During the period further loans were made to the THAL Discretionary trust of US$4.9m.
Consolidated Statement of Income
For the six months ended 30 June 2014
Six months Six months
ended ended Year ended
30 Jun 2014 30 Jun 2013 31 Dec 2013
Unaudited Unaudited Audited
Note US$ US$ US$
Continuing operations
Revenue 9,259,239 11,643,218 30,551,967
Cost of sales (5,209,706) (7,737,486) (21,259,292)
Gross profit 4,049,533 3,905,732 9,292,675
Administrative expenses (2,794,382) (2,293,916) (4,366,937)
Operating profit before depreciation 1,255,151 1,611,816 4,925,738
Depreciation (524,338) (298,400) (685,173)
Operating profit 730,813 1,313,416 4,240,565
Net Financial Income 167,100 72,922 721,227
Profit before taxation 897,913 1,386,338 4,961,792
Taxation (160,233) (358,632) (575,722)
Profit for the financial period 737,680 1,027,706 4,386,070
Attributable to:
Equity shareholders of the parent 737,680 1,027,706 4,285,931
Non-controlling interest - - 100,139
737,680 1,027,706 4,386,070
Earnings per share - US$ (using weighted average
number of shares
Basic (US$) 3 0.03 0.07 0.26
Diluted (US$) 3 0.03 0.07 0.26
Consolidated Statement of Comprehensive Income
For the six months ended 30 June 2014
Six months Six months
ended ended Year ended
30 Jun 2014 30 Jun 2013 31 Dec 2013
Unaudited Unaudited Audited
US$ US$ US$
Profit for the financial period 737,680 1,027,706 4,386,070
Other comprehensive income:
Exchange differences on re-translation
of foreign operations 1,970 (39,119) 197.185
Unrealised gains on available for sale investments 19,828 - -
Total comprehensive income 759,478 988,587 4,583,255
Attributable to:
Equity shareholders of the parent 759,478 988,587 4,483,116
Non-controlling interest - - 100,139
Total comprehensive income 759,478 988,587 4,583,255
Consolidated Statement of Financial Position
At 30 June 2014
At At At
30 Jun 2014 30 Jun 2013 31 Dec 2013
Unaudited Unaudited Audited
US$ US$ US$
ASSETS
Non-current assets
Goodwill 368,525 368,525 368,525
Intellectual Property 2,907,572 - 2,870,043
Property, plant and equipment 13,382,023 7,591,232 8,153,119
Computer Software 254,089 - -
Multi-Client Library 472,618 - -
Available for sale investments 58,503 38,675 38,675
Total non-current assets 17,443,330 7,998,432 11,430,362
Current assets
Inventory 877,928 1,446,000 690,008
Loans 7,256,904 763,000 1,885,583
Trade and other receivables 11,298,462 5,239,580 7,078,753
Cash and cash equivalents 21,213,030 16,837,567 32,235,155
Total current assets 40,646,324 24,286,147 41,889,499
LIABILITIES
Current liabilities
Trade and other payables 5,561,221 3,787,841 2,084,595
Deferred revenue - 9,369,196 -
Total current liabilities 5,561,221 13,157,037 2,084,595
Net current assets 35,085,103 11,129,110 39,804,904
Net assets 52,528,433 19,127,542 51,235,266
EQUITY
Shareholders Equity
Share capital 250,675 178,175 250,575
Share premium 44,866,060 16,332,196 44,668,608
Treasury shares - (384,226) (279,982)
Other reserves 199,334 (58,768) 177,536
Retained earnings 7.066.020 3,013,960 6,272,185
Total Shareholders Equity 52,382,089 19,081,337 51,088,922
Non-controlling interest 146,344 46,205 146,344
Total Equity 52,528,433 19,127,542 51,235,266
These financial statements were approved by the board on 15 September 2014.
Consolidated Statement of Cash Flows
For the six months ended 30 June 2014
Six months Six months
ended ended Year ended
30 Jun 2014 30 Jun 2013 31 Dec 2013
Unaudited Unaudited Audited
US$ US$ US$
Cash flows from operating activities
Operating Profit for the period before depreciation 1,255,151 1,611,816 4,925,738
Shares issued to Chairman1 - 440,000 -
Increase in inventory (187,920) (1,364,223) (608,231)
Increase in trade and other receivables (4,219,708) (4,611,502) (6,450,675)
Increase in trade and other payables 3,739,342 2,991,998 2,623,293
Increase in deferred revenue - 9,369,196 -
Increase in multi client library (472,619) - -
Net Foreign Exchange (gain) / loss (131,358) (188,998) (1,109,570)
Taxation (160,233) (358,632) (69,119)
Cash (used in) / generated from operations (177,345) 7,889,655 (688,564)
Interest paid (17,922) (155,248) (166,749)
Net cash flow from operating activities (195,267) 7,734,407 (855,313)
Cash flows from investing activities
Disposal of Assets 3,883 - -
Acquisition of intellectual property (37,529) - (2,913,201)
Interest received 107,907 53 30,958
Purchase of equipment (5,753,242) - (941,278)
Purchase of computer software (254,089) (35,776) -
Loan to THAL Discretionary Trust (4,902,534) - (1,885,583)
Net cash flow from investing activities (10,835,604) (35,723) (5,709,104)
Cash flows from financing activities
Exercise of Options 8,746 6,656,414 35,366,920
Disposal of Treasury Shares - - 950,183
Net cash flow from financing activities 8,746 6,656,414 36,317,103
Net (decrease) / increase in cash and cash equivalents (11,022,125) 14,355,098 29,752,686
Cash and cash equivalents at the start of the period 32,235,155 2,482,469 2,482,469
Cash and cash equivalents at the end of the period 21,213,030 16,837,567 32,235,155
1 Includes non cash transactions regarding the shares issued to the Chairman in 2013 in satisfaction of consultancy and administrative services.
Consolidated Statement of Changes in Equity
For the six months ended 30 June 2014
Retained Total
Share Share Treasury Other earnings/ Shareholders Minority Total
Capital Premium shares Reserves (losses) Equity Interest Equity
US$ US$ US$ US$ US$ US$ US$ US$
Balance as at
1 January 2013 133,175 8,517,782 (384,226) (19,649) 1,986,254 10,233,336 46,205 10,279,541
Issue of Ordinary
Share Capital 45,000 8,181,429 - - - 8,226,429 - 8,226,429
Placing fees - (367,015) - - - (367,015) - (367,015)
Total comprehensive
income for the period - - - (39,119) 1,027,706 988,587 - 988,587
Balance as at
30 June 2013 178,175 16,332,196 (384,226) (58,768) 3,013,960 19,081,337 46,205 19,127,542
Issue of Ordinary
Share Capital 72,400 27,490,473 - - - 27,562,873 - 27,562,873
Placing fees - 845,939 104,244 - - 950,183 - 950,183
Total comprehensive
income for the period - - - 236,304 3,258,225 3,494,529 100,139 3,594,668
Balance as at
31 December 2013 250,575 44,668,608 (279,982) 177,536 6,272,185 51,088,922 146,344 51,235,266
Shares issued on
exercise of options 100 8,647 - - - 8,747 - 8,747
Share Options Expense - - - - 56,155 56,155 - 56,155
Sale of Treasury Shares - 188,805 279,982 - - 468,787 - 468,787
Total comprehensive
income for the period - - - 21,798 737,680 759,478 - 759,478
Balance as at
30 June 2014 250,675 44,866,060 - 199,334 7,066,020 52,382,089 146,344 52,528,433
Notes to the Consolidated Interim 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 was established as a holding company, and currently has two operating subsidiaries, WGP Group Ltd ("WGP") and GO Science Group Ltd ("GO")(together with Thalassa Holdings Ltd, the "Group").
WGP Group Ltd is a wholly owned subsidiary of Thalassa which owns the seismic operating assets of the Thalassa Group and whose subsidiaries are:
• WGP Energy Services Ltd ("WESL")
• WGP Exploration Ltd ("WGPE")
• WGP Technical Services Ltd ("WGPT")
• WGP Professional Services Ltd ("WGPP")
• WGP Survey Ltd ("WGPS")
GO Science Group Ltd is a wholly owned subsidiary of Thalassa and is an AUV research and development company with one subsidiary:
• Autonomous Robotics Limited (formally GO Science 2013 Ltd)
The Group's interest in each of the subsidiaries is 100%, other than WGPS, where it owns 50%.
The Company also has a newly incorporated subsidiary, WGP Geosolutions Limited which has an additional subsidiary, WGP Group 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 2013 except for the following which are new for this period:
Revenue Recognition
Multi Client Library
Pre-funded revenues from underwritten programmes are recognised as the seismic data is acquired. Where the Group has finished data sets ready for sale, revenue is recognised at the time of the transaction when the customer executes a valid license agreement and has the right to access the licensed portion of the Multi Client library.
Intangible Assets
Multi Client Library
The Multi-Client library comprises completed surveys and surveys in progress that can be licensed to multiple customers. All direct costs related to data collection, processing and completion of seismic surveys are capitalised. The Multi-Client library is capitalised at cost less accumulated amortisation and impairment losses. The Company has a minimum amortisation policy whereby the carrying amount one year after completion of a survey is no more than 60% of cost. This maximum level is reduced on a straight-line basis by 20% points for each of the three subsequent years.
Estimated revenues are reviewed continuously and these may change to reflect market conditions. The amortisation expense of the Multi-Client library may fluctuate and be accelerated according to the level of revenue and revisions to estimated remaining revenues. Where amortisation expense is accelerated it is calculated as the proportion of the total cost of a survey calculated according to the proportion of cumulative revenues for the survey to the estimated total revenue for the survey. The costs of a survey are completely amortised when the estimated revenue has been reached.
2.1. Basis of preparation
The condensed consolidated interim financial information for the six months ended 30 June 2014 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 period ended 31 December 2013.
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. Earnings per share
Six months Six months Year
ended ended ended
30 Jun 2014 30 Jun 2013 31 Dec 2013
Unaudited Unaudited Audited
The calculation of earnings per share is based on the
following profit and number of shares:
Profit for the period (US$) 737,680 1,027,706 4,285,931
Weighted average number of shares of the Company:
Basic 25,040,757 13,730,522 16,352,316
Share Options 333,123 183,045 215,480
Diluted 25,373,880 13,913,567 16,567,796
Earnings per share:
Basic (US$) 0.03 0.07 0,26
Diluted (US$) 0.03 0.07 0,26
4. Loans and receivables
30 Jun 2014 30 Jun 2013 31 Dec 2013
Unaudited Unaudited Audited
US$ US$ US$
Loans and receivables 7,256,904 763,000 1,885,583
Loans and receivables includes a loan of US$7,117,025 plus accrued interest of US$139,879 to the THAL Discretionary Trust. Interest is payable at 3% per annum (reviewed periodically to keep in line with market rates).
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.
On January 8 2014, the Trust acquired:
• 1,000,000 ordinary shares in the Company at £2.70 per share,
• 1,078,667 ordinary shares in the Company at £0.264 per share.
The above transactions were financed by a loan from the Company.
5. Related party balances and transactions
Under the consultancy and administrative services agreement entered into on 23 July 2008 with a company in which the Chairman has a beneficial interest, the Group was invoiced US$220,000 for consultancy and administrative services provided to the Group including US$100,000 of consultancy fees. An additional US$2,000 of Director fees were also invoiced to the Group. At 30 June 2014 the amount owed to this company was US$148,517 (1H13: US$2,000).
As per the announcement on 8 January 2014, the Chairman sold 1,000,000 ordinary shares of US$0.01 each in the Company at a price of 270 pence per share to the THAL Discretionary Trust.
As per the announcement on 8 January 2014, the Company sold 1,078,667 Ordinary Shares out of treasury to the THAL Discretionary Trust at a price of £0.264 per ordinary share.
To finance these purchases by the THAL Discretionary Trust, the Company provided a loan of £3,054,768 to the THAL Discretionary Trust (US$5,201,659).
Under a consultancy agreement entered into on 6 November 2013, a company in which Mr Robert Anderson has a beneficial interest, invoiced the Group US$25,005 (1H 2013: US$nil) in relation to consultancy fees and expenses. The amount owed to this company as at 30 June 2014 was US$4,150 (1H 2013: US$nil).
6. Share capital and share premium
As at As at
30 Jun 2014 31 Dec 2013
US$ US$
Authorised share capital:
100,000,000 ordinary shares of $0.01 each 1,000,000 1,000,000
Allotted, issued and fully paid: 250,575 250,575
Number of
Number of Treasury Treasury
shares Shares shares
Balance at 31 December 2013 25,057,522 1,078,667 (279,982)
Shares issued 10,000 - -
Shares sold - (1,078,667) 279,982
Balance at 30 June 2014 25,067,522 - -
7. Post balance sheet events
No material events to report.
8. Copies of the Interim Report
The interim report is available on the Company's website: www.thalassaholdingsltd.com.
This information is provided by RNS
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