Frankers70
13 Dec 2017
Sold That's me, out at a shade over 97p and a circa profit of 10%. GLA that are still holding here...
cosmos
01 Dec 2017
Wow. How to grab defeat from the jaws of victory. Of course I'm being unfair. Kudos to the owner for steering the company through a very difficult time and to a successful deal. However, as suspected the intention is not to return cash to shareholders but continue as an investment company. The LSR experience does not inspire faith that he has the midas touch. Market clearly concurs with the share marginally down on what should be a joyous day. Theoretical SOTP NAV according to today's RNS is 144p. I am not saying that the owner doesn't have some cunning re-investment plan up his sleeve. But I will happily watch this from the sidelines. I'm now happily out (below where it could be if mgmt were more shareholder friendly but that's life). I wish all remaining shareholders the best of luck!
Frankers70
19 Sep 2017
Re: Local shopping REIT and Papua Nice one DS on the Papua offload. Makes sense fella albeit you were squeezed on the sell out price due to the high amount of shares held. Still 15% return in 12 months probably just about justifies the risk taken. City liked it too...Local Shopping REIT next at a small margin yeah?
cosmos
18 Sep 2017
One final thought. I do find it interesting that all of the shares that have been bought back over the last 24M are being kept in Treasury rather than cancelled. You would think the best way to close the discount to SOTP intrinsic value would be the former. The fact management are not suggests they want to retain firepower for new acquisitions. Now cards on table, THAL is a very small component of my overall portfolio and as I have previously stated there is significant value here based on SOTP, and why I remain a holder. However, management do owe it to be straight with shareholders. If the vision is to create a Berkshire Hathaway type vehicle lets please here it. Otherwise the founder should really do the decent thing and play out his vision in "private" having taken out minorities at a fair price
cosmos
18 Sep 2017
Would just add that I always thought THAL's strategy here slightly bizarre. Personally I prefer if management (in any company) focuses on operations and returns surplus capital to shareholders to redeploy as they see fit. And its doubly so when management are buying minority positions in another plc which said investors can access. Our founding shareholder has clearly been reading too much Warren Buffet 
. I guess it's all part of the "charm" of the very unique investment that is THAL. But couldn't agree more that we need to understand the vision here once the deal on the table (hopefully) closes. If the vision is to create an investment vehicle with random stakes that needs to be spelled out. Personally I would prefer a wind down...
cosmos
18 Sep 2017
Frankers70. The two RNS from September 2016 reveal that THAL spent £3.6m on 10.438m shares in LSR and £2.05m on another 6.225m shares in LSR. The first RNS indicates that an initial batch of 2.43m shares were acquired for an undisclosed amount. Assuming that these shares were acquired at a similar price to the 10.438m shares would imply a total spend of c. £6.5m or a blended in price of 34p per share. At today's LSE share price THAL are down roughly 10% on their investment. And no dividends have been received in the interim. However, like THAL, LSR is itself undervalued relative to NAV. According to the latter's H1 results NAV is 43p. So there is hope that as the wind down of LSR's portfolio continues this gap will close
Frankers70
14 Sep 2017
Local shopping REIT and Papua Anyone know the average cost of the 20m shares Thalassa hold in Local Shopping? At 30.8p they must be slightly ahead on their £6m investment? Also, I notice that Papua mining (although not doing much mining) are actually doing OK. I believe the Thalassa investment was £400,000 at 1p and today Papua are trading at 1.375p. Not sure if DS reads this board, but if so, it wouldn't be a bad idea to update investors with your progress on this arm of the Thalassa strategy. Cheers all.
cosmos
15 Aug 2017
Exciting news this morning re. the offer for WGP and subsidiaries. $20m is equivalent to c.71p per share. The earn out is worth another 35p. And that's excluding that value of THAL's stake in LSR, which is worth another 33.5p at current market prices. Very crudely that raises the SOTP to c. 140p. And that's before taking into account THAL's residual stake in ARL post deal. Plus the 11.5p of cash on balance sheet. Of course nothing is certain until the ink is dry. But it if does go ahead then there is substantial incremental value here. Nice to see the share pop at time of writing of writing above 80p. But there is a lot more to come if this completes...
II Editor
01 Aug 2017
NEW ARTICLE: The Oil Man: Sound Energy, Genel, Empyrean "WTI $50.17 +46c, Brent $52.65 +13c, Diff -$2.48 -33c, NG $2.79 -15cOnwards and upwards, as a number of things added to yesterday's tick list. The data is coming out regarding long/short positions built in July and they, unsurprisingly, show a ..."[link]
II Editor
13 Jul 2017
NEW ARTICLE: The Oil Man: Premier Oil, Thalassa, Ophir " WTI $45.49 +45c, Brent $47.74 +22c, Diff -$2.25 -23c, NG $2.98 -6cThe EIA inventory stats followed the API numbers and reported a healthy draw of 7.6 million barrels, as predicted here, but not by the goons on the street who had crayoned in 2.3 ..."[link]
II Editor
19 Apr 2017
NEW ARTICLE: Excitement brewing at AIM star Thalassa "Just before Christmas we covered a small AIM-listed company providing marine services to big oil companies. Its share price had just shot up to a five-month high, but there was confidence another 38% was there for the taking. Less than six weeks ..."[link]
cosmos
13 Apr 2017
I have to say that I find the share price / market reaction a little perplexing. Market cap right now is c. £13m or c. 60p a share. However, a crude Sum of the Parts analysis suggests meaningful upside. Firstly there is net cash of $7.7m. Based on current FX / Shares outstanding that's roughly 28.5p a share. Secondly there is THAL's 23.3% odd stake in LSR, which based on its current market cap is worth £6m or roughly 27.5p per share. Even if you write off the investment in mining to zero that implies value of roughly 56p per share. And that's BEFORE you factor in the operating business which generated $4m last year. Even using a very low multiple of 3x would imply at least another 40p on top. So all in THAL should be worth at least 100p. Now I appreciate the various issues that the market may have with this stock not least the rather eccentric management style and cyclical / bombed out core sector. I for one am hanging on here. There is interesting value upside in the mid-term...
Frankers70
12 Apr 2017
Cut through the perennial doomsaying rhetoric... And I tend to agree with The Oil Man...Malcolm Graham Wood, that the results weren't too bad and give rise to cautious optimism going forward. Ok, the market reacts negatively but only to correct to where we were last week and give a market cap of £34m...Ok, I'm still not up to speed on the strategic purchase of Papua Mining or the cash injection into LSR but both are currently holding their own. More interesting is the new kit and/or technologies that have interest from the MoD. However, an inevitable cash call to investors may well mean a dilution of the share price which can then take a long time to recoup a la Sirius as a recent example.Anyway, keep up the good work Duncan and maybe smile a little more in the mornings fella before putting your pen to paper 
gretel
14 Mar 2017
Excellent 2017 trading update today Worth remembering that the m/cap is still only £14m, with an almost $8m cash pile plus the LSR and Papua investments:[link] Board of Thalassa is pleased to announce that advanced preparation of mobilisation for WGP's 2017 Spring North Sea projects is now well underway with operations anticipated to commence during April, as scheduled. Further to last December's revenue outlook for 2017, the Board anticipates that WGP revenue from seismic operations will be between $15 and $16 million, up between 30% and 40% as compared to corresponding estimated revenue of $11.6 million for 2016. These estimates are provided assuming no cancellations or significant adverse weather conditions. The Board confirms that the full year results to 31 December 2016 will be released during week commencing 10 April 2017."
Frankers70
23 Jan 2017
Re: Very good RNS today Yeah, it was honest and positive. No mention of the investment in Papua and Local Shopping but then there is nothing much to say on either at present. That said, a renewed strategy of buying back what could amount to 15% of the shares,seems to me a far more straight forward strategy and should underpin the share price going forward, all things being equal. Tempted to grab a few more at this price tbh... GLA that are holding, as ever...
