Business
WGP Earn Out update
WGP Earn Out update.
About this update from Thalassa Holdings Ltd
[{"type":"text","content":"\n \nRNS Number : 6758H Thalassa Holdings Limited 19 November 2018 \n\n \nThalassa Holdings Ltd\n(Reuters: THAL.L, Bloomberg: THAL:LN)\n(\"Thalassa\", \"THAL\" or the \"Company\")\nWGP Earn Out update\nThis announcement contains inside information for the purposes of Article 7 of Regulation 596/2014. \nThe board of Thalassa (the \"Board\") is pleased to announce that, following the announcement of 23 October 2018, the Company has received the second balance of $0.6 million of the earn out from Fairfield Geotechnologies. The Company has now received a total of $1.2 million, being the contracted 20% of the $6 million earn out. The final balance of $4.8 million is payable by 11 September 2019. \nGiven that the equipment that WGP Group Ltd is currently manufacturing for its client is targeted for use on a second contract over a new field, the Board is now confident that the Company will in due course receive a further earn out payment amounting to an additional $4 million. \nDuncan Soukup, Chairman of Thalassa, said: \"I am happy to report that the receipt of the second payment of $0.6 million triggers the final payment of $4.8 million due 11 September 2019, which the Company will now recognise as a receivable. As a result, the Company's Book Value of c.$29 million (as at 30 June 2018) will increase by $6m to c.$35m. The Company's cash balance as of today is little changed from the c.$18.5 million announced 23 October 2018.\"\nInvestor Enquiries: \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 \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 \n\nThis information is provided by RNS, the news service of the London Stock Exc...