Thalassa (di) Share Price (THAL)

Just for disclosure - the numbers were produced from working with Google Gemini so there might be some errors but the majority looks right.

I had added today. Good to see AMOI climbing and NWT is holding strong on the back of the forecasted earnings by the company of a minimum of 11.7p EPS in the 2H 2026 (end of period is only 7 weeks away).

As of March 6, 2026, the NAV has indeed shifted significantly due to the rally in Anemoi (AMOI) and the steady climb of Newmark (NWT).

Estimated NAV Calculation (Today vs. June 2025) To calculate today's NAV.

Liquid Portfolio £3,595,985 to £4,595,122 +£1.0m (Driven by NWT & AMOI)

Private Assets (ARL, Property)£6,204,015£6,500,000*Est. (Autonomous Robotics R&D)Cash & Other£300,000£200,000*Est. (Burn rate for activist legal/admin)

Total Net Assets (NAV)£10,100,000 to £11,295,122Up ~11.8%Key NAV Per Share Metrics Based on the current 16,655,838 shares in issue:

Current Estimated NAV Per Share: ~67.8p Current Share Price: 22.0p Discount to NAV: ~67.5%

Why the NAV is likely higher today than in June: The "Anemoi Recovery": The 60%+ jump in AMOI today alone added over £500k to the balance sheet compared to the December lows.

Newmark Activism Premium: Thalassa’s stake in Newmark is now worth £2.2m, up from £1.4m in June. This reflects the "activist alpha" Duncan Soukup has generated by shaking up that board.

Autonomous Robotics (ARL) Valuation: While held at cost/book value, the sector for autonomous subsea nodes has seen increased M&A activity in late 2025. Any upward revaluation of ARL in the upcoming 2025 full-year results could push this NAV toward 75p-80p.

Topped up again to now hold 70,000 shares. I can only guess that the uncertainty around the AMOI deal, in terms of what it means in value and capital raising, is creating a bit of concern for some shareholders and causing the price to fall.

Meanwhile the investment into Newmark Security continues to pay dividends (not literally as NWT is not at that stage yet) with the management team confirming that EPS will be at least 11p in FY26 and I have the suspicion they will beat that number by some margin given the confident way they answered that question on yesterdays investor meeting call.

I remain positive on THAL and the efforts Duncan is making to deliver value here and the price dip driven by uncertainty is just temporary. Now is the opportunity for the brave to accumulate and hopefully be well rewarded. GLA DYOR

Topped up here this morning, adding another 14,300 shares, given buying more NWT will take me over 5% plus the AMOI / Trasna deal looks really interesting. There could be some amazing returns ahead for Duncan in NWT, THAL and the AMOI/Transa deal so wishing him all the best!

Not only NWT rises but they hold 40 % of AMOI that announced to bring Trasna Solutions to the main market through a reverse take over. Value per THAL share at current shareprices: NWT: 14 p, AMOI: 8 p, SUN: 8 p