Last checked at 26 Oct 2009 07:00
Thalassa Holdings Ltd
("the Company")
Investment in Bella Media plc
The Board of Thalassa Holdings Ltd (AIM: THAL.L) is pleased to announce that, on 9th October, the Company's subsidiary, Thalassa Private Investments Ltd, has taken, via a subscription of £150,000 for new shares, a 27% stake in Bella Media plc, a cash shell, containing c. £550,000 of cash, which recently delisted from AIM. In connection with this investment Duncan Soukup and Julian Henley-Price have joined the Board of Directors of Bella Media plc.
The objectives of Bella Media plc are to seek re-admission to trading on AIM and/or PLUS Markets and to acquire a growth business. Whilst seeking a qualifying acquisition, Bella Media plc will endeavour to build value by acquiring positions in quoted companies that appear undervalued to the Board of Bella Media plc.
Commenting on the transaction, Duncan Soukup said "The acquisition of 27% of Bella Media plc is the first of a number of private equity transactions that we have been working on to close. We are looking forward to working to further shareholders' interests as part of the enlarged Board of Bella Media plc and believe that a quoted "Cash Shell" offers an interesting and cost effective alternative to a an IPO where there is no guarantee that admission or a fund raising will succeed. We will be actively seeking to acquire a business with sustainable growth prospects."
"Neither I nor the Board of Bella Media plc have any interest in depleting the Company's cash reserves whilst the acquisition process is ongoing; to this end Bella Media plc has set up an investment subsidiary to acquire holdings in publicly quoted companies which the Bella Media plc Board deem to be undervalued."
Contact:
Duncan Soukup, Executive Chairman Tel: + 44 (0) 7703 566 937
Thalassa Holdings Ltd
Simon Leathers Tel: + 44 (0) 20 7776 6550
Daniel Stewart & Company plc
Notes to Editor:
Thalassa Holdings Ltd, incorporated and registered in the BVI in 2007 and listed on AIM in July 2008, is a holding company with diversified interests in quoted and unquoted companies, including Marine Seismic.