Business
Sale of WGP Group Ltd: Earn Out
Sale of WGP Group Ltd: Earn Out.
About this update from Thalassa Holdings Ltd
[{"type":"text","content":"\n \nRNS Number : 3161U Thalassa Holdings Limited 11 July 2018 \n\nThalassa Holdings Ltd\n(Reuters: THAL.L, Bloomberg: THAL:LN)\n(\"Thalassa\", \"THAL\" or the \"Company\")\nSale of WGP Group Ltd (\"WGP\"): Earn Out\nThis announcement contains inside information for the purposes of Article 7 of Regulation 596/2014\n \nFurther to the announcement dated 1 December 2017, the Board is pleased to announce that, under the terms of the WGP sale agreement, following an award of a data acquisition contract to WGP, THAL will be due, upon execution of contracts relating to the award, an initial $6m (of the potential $10m) earn out. The exact timing of payments will be announced in due course. Payments will be 20% following signing of the contracts and the remaining 80% within 12 months of the initial payment.\nThe Board remains confident that, barring any material deterioration in the price of oil or any other unforeseen event, the Company should, within the next few years, receive the final $4m potentially due under the earn out. \nInvestor Enquiries: \n \nThalassa Holdings Ltd \n Duncan Soukup, Chairman +33 (0)6 78 63 26 89\nWH Ireland Limited (Nominated Adviser and Broker) \n Chris Fielding, Managing Director, Corporate Finance +44 (0)207 220 1650 \nwww.thalassaholdingsltd.com \n \nNote to Editors:\nThalassa Holdings Ltd, incorporated and registered in the BVI and quoted on AIM, is a holding company with various interests across a number of industries.\n\nThis information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com. END ACQRBMLTMBABMTP\n ","length":3446,"tagName":"div"}]