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Thalassa Holdings (THAL)


Monday 27 January, 2020

Thalassa Holdings

Loan Facility Completion - Gitone

RNS Number : 9247A
Thalassa Holdings Limited
27 January 2020

Thalassa Holdings Ltd

(Reuters: THAL.L, Bloomberg: THAL:LN)

Loan Facility Completion - Gitone

This announcement contains inside information for the purposes of Article 7 of Regulation 596/2014.

The Board of Thalassa ("THAL" or "the Company") is pleased to announce that the Company has entered into a contract with Gitone Beteiligungsverwaltungs GmbH ("the "Partner") to lend €11 million to the Partner through 2 tranches: €5.5 million now and €5.5 million within six months through a cumulative loan (the "Loan") with a conditional conversion option.

The Loan attracts an interest rate of 0.75% + EURIBOR which is waived in the event of conversion. The Partner has a number of investments in Europe, including the CEE region, with the latest investment in Croatia in Q4 2019. In this latest transaction the Partner acquired a controlling stake in a Croatian hotel and leisure group which in 2018 generated €11 million of EBITDA on €42.5 million of Revenue.

A further announcement will be made when the second tranche is lent and in the event of conversion.

Duncan Soukup, Chairman of THAL stated:

"Croatia is a truly beautiful country with an unspoiled coastline and over 1,200 pristine islands and islets stretching over 1,000 miles southwards from the Istrian Peninsular to Dubrovnik and the Montenegro border. I am thrilled to be involved in such an exciting opportunity and look forward to reporting more extensively in due course."



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  

Note to Editors:

About Thalassa

Thalassa Holdings Ltd, incorporated and registered in the BVI, is a holding company with various interests across a number of industries.

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