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Worth remembering that the m/cap is still only £14m, with an almost $8m cash pile plus the LSR and Papua investments: Http://www.investegate.co.uk/thalassa-holdings--thal-/rns/trading-update-for-wgp-group-ltd/201703140700093292Z/ "The 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."
Why doesnt Souky do everybody a favour and finish the job off at LSR Already owns 23% Something around 36/8p a share would get him through the door LSR are undertaking no asset maangement looking at the state of theh leases on some of the dross whittling hrough regional auctions and are probably getting within a sea view of book Its a real lame duck What is he waiting for surely u he is cpable of back to backing some of the properties if he us under a financial squeeze Looks like he came a very distant second in the deal with Grahame Whateley
Chairman Soukup usual expansive prose commenting on macro economic issues as if he was the Tom Carney. Look there is always uncertainty but surely this company is able to look at leading indicators to give some indication of what progress or otherwise is possible in 2017. Simply saying the economic environment is so uncertain he can.t provide future earning guidance is a load of toss. That said assuming management is actually focused on some proactive targets and has some idea of what business is likely to come in this is a cheap play on the oil price rebounding. Come on Duncan stop pretending yiou are a big fish and knuckle down and grind out some growth. While you deliver these kind of state of the union addresses I worry that you have your head in the cloud! Get a grip of the operational metrics and stop trying to **** in the wind and complaining its a gale blowing out there!
Update from Trader Tim on Thalassa's recent update http://buff.ly/2km8Zya
yep..looking good nice bouncebackability (as Sam Allerdyce would say!!!)
Great to see THAL trading ahead of expectations: http://www.investegate.co.uk/thalassa-holdings/rns/2016-trading-update-and-2017-outlook/201701230700077731U/ This is mainly due to reserve releases, hedging gains etc, which although one-off in nature reflect well on THAL in terms of their ability to ascertain/manipulate the markets and plan ahead successfully and conservatively. THAL has around £12.2m of cash and investments against the £13m m/cap, so the business itself is valued at almost nothing. And a fresh buyback plan will help underpin the share price nicely. The 2017 outlook of "cautious optimism" is also good to hear
Just to add that WH Ireland's most recent forecast for 2017 revenues is $12.5m, so the $17.3m per today's RNS is some 40% above forecasts.
This sounds like very good news....and it's "currently contracted", so presumably any future wins will simply add to the increase: Http://www.investegate.co.uk/thalassa-holdings--thal-/rns/2017-revenue-outlook-for-wgp-group-ltd/201612160700080154S/ "2017 Revenue outlook for WGP Group Ltd The Board of Thalassa announces that it estimates 2017 operational revenues (currently contracted) will increase by approximately 29% to circa US$15 million compared to estimated 2016 operational revenues of $11.6 million, before taking into account $2.3 million in data sales."
A decent overview of where we are at with THAL. Times are changing, good level of diversification. 2017 is going to be a big year. http://buff.ly/2ho6f0Y
The LSR GM has been set for 10am on 8 Dec : http://investing.thisismoney.co.uk/news/article/id/5452642
PML seems to have suddenly sprung into life today, ending with the SP at ~1.65p. So THAL's investment at 1p isn't looking too bad.
All sounds a bit acrimonious : http://investing.thisismoney.co.uk/news/article/id/5438499
simplesz
At least Malcy is showing some interest : http://www.proactiveinvestors.co.uk/columns/the-pay-zone/26235/oil-price-sdx-energy-thalassa-holdings-gulfsands-and-finally " Thalassa Holdings The clue is in the name at Thalassa and that is ‘holdings’ as Chairman Duncan Soukup has made clear in recent months by investing in a variety of companies such as Papua Mining in which he announces an increased stake today. Probably more interesting is the news that WGP Survey, a wholly owned subsidiary of the group has made further sales of multi client data acquired with the TGS-NOPEC geophysical company in 2014. These will generate around $2m of gross revenue prior to allocating to the multi client partners. Thalassa is a very interesting company and whilst operating in a difficult environment has a Chairman with a desire to make money for shareholders whatever it takes. I have a feeling that the shares are significantly undervalued and should be at least on a few radar screens at least for the longer term. "
By the market? This company has more cash than Mcap and its no secret that WGP has been struggling but these contract wins mark a change in sentiment is to come.Chairman sounds upbeat re soon to be released trading update. They have also completed major investment into Papua new guinea mine at a substantial discount to that companies current SP. All looking very positive imho. GL. The Board of Thalassa is pleased to announce that WGP Survey Ltd, a wholly owned subsidiary of WGP Group Ltd ("WGP"), has made further sales of the multi client data acquired with TGS-NOPEC Geophysical Company ASA in 2014. These sales will generate approximately USD$2 million in additional gross revenue prior to allocation amongst the multi client partners. Duncan Soukup, Chairman of Thalassa, said: "These data sales are extremely welcomed and we expect to be able to issue a trading update in the coming weeks, which will also reflect the completion of the current acquisition programmes in the North Sea."
PML Interims are out today : http://investing.thisismoney.co.uk/news/article/id/5424092 "Conclusion As a mineral exploration company, we are operating in very difficult times. The resource sector is still extremely depressed with new finance for exploration projects in short supply. Nonetheless, we have been successful in raising (subject to shareholder approval being obtained at the General Meeting) additional capital to carry out the limited but important next stage in the delineation of the full potential of the Mt Visi target. We are confident that applying our rigorous exploration methodology has led us to the verge of a discovery and we look forward to better times ahead." Hope he's right.
LSR link: http://investing.thisismoney.co.uk/news/article/id/5412740
http://investing.thisismoney.co.uk/news/article/id/5412763 6.225m @ ~33p, now holding 23%. "Following this further share purchase and the resultant wholesale changes to the shareholder register of LSR, the Board of Thalassa intends to engage with the Chairman of LSR as soon as practicable, with a view to reviewing and changing LSR's investment policy approved in July 2013." And Interim Results tomorrow. Fascinating...
went to DS, no? ..better to pay special large div
$20m last reported on the balance sheet. Majority of cash held in dollars so post brexit sterling value of cash has increased. £1.15m spent on buybacks (best way to return money to shareholders and esp when shares undervalued). WGP settlement bought in +$750k. DS has stated in annual report that he is looking to deploy cash into other cheap assets. AoA were amended so DS can do this. As shareholders we should want DS to redeploy the cash. He is by background an activist investor (a mini Carl Icahn). He is IMO a Grahamite. There is no such thing as a bad asset. Only a bad price. Anything becomes interesting at the right price. At current price the c/o is valued at net cash with WGP, stakes in PML and the REIT all thrown in for free. Lovely jubbly.
IMO more like a pensioner trying to work out what to do with their savings - nowhere safe that gives any sort of return. So, yes, diversify, why not? LSR does look pretty safe, with property minus debt giving a NAV well above mcap. And now with a 15% holding, maybe they can lean on the LSR BOD to speed up their declared disposal plans, to release the value.
Seems that they are like a kid with five pounds in a sweet shop.
well they did say they were 'diversifying' lol, maybe they really are awash with cash, investments, share buybacks, legal settlements, what next ? maybe a special divi for the suffering shareholders.....
behaviour..what next???
OK, in the interests of lively debate, here's why I've invested. I hadn't come across THAL before, but noticed the RNS and subsequent SP drop on Friday. So I did a quick, and admittedly superficial, analysis. My thoughts were, in no particular order : 1. The PML investment does look like a bargain. On paper the £400k is immediately 'worth' £700k. Yes, yes, I know it doesn't really work like that, but at least the PML SP didn't plummet as might have been expected (in fact there's only been one trade since!) 2. Chairman holding 15% of shares - always a good sign. But not foolproof, as I learned to great cost with Sula :( 3. NAV high relative to mcap - very Grahamite. Whether that's still true - well, we'll know later this month. 4. SP obviously impacted by the low oil price, but that won't last forever. And shares in a gold miner might even act as a bit of a hedge. 5. Results due soon, so if they were really awful, I'd have expected a profit warning before now. So my guess is they'll be OK-ish. 6. Share buybacks rather than dividends make good sense, as they avoid the dividend tax. So anyway, I'm in for ~£5k. BTW, Papua New Guinea is thousands of miles from Africa! GLA