Last checked at 6 Mar 2019 07:01
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) NO. 596/2014.
FOR IMMEDIATE RELEASE
6 March 2019
Thalassa Holdings Ltd
(Reuters: THAL.L, Bloomberg: THAL:LN)
("Thalassa", "THAL" or the "Company")
New Share Buy-Back Programme
Further to the Company's announcement of 17 October 2018 announcing an increase to Thalassa's share buy-back programme, the Board has resolved on 5 March 2019 to approve a new share buy-back authority of up to £6.0 million of Thalassa ordinary shares, which replaces the unutilised headroom in the current authority.
This new programme will remain in place irrespective of the Company's proposed offer for The Local Shopping REIT Plc. WH Ireland Limited ("WHI"), the Company's broker, is authorised to purchase ordinary shares in the Company whilst the Offer Period continues, subject to an agreed maximum price per share, but otherwise entirely at its discretion. Such purchases will be made by WHI on the Company's behalf in accordance with the Company's Articles of Association and pursuant to the new Board authority dated 5 March 2019 to buy-back up to £6,000,000 of the Company's shares.
The Company has to date purchased 4,803,590 shares under its previous authority for a total cost of £4,227,807.31 or an average price of 88.01 pence per share. The average purchase price of the total number of shares held in treasury, 7,912,247 shares, is 70.45 pence per share for a cost of £5,574,246.41. Any purchases will be reported as they take place. Whilst the Company's share price is below net asset value per share, the Board's opinion is that buying-back shares is a means by which shareholder value can be enhanced.
Investor Enquiries:
Thalassa Holdings Ltd
Duncan Soukup, Chairman +33 (0)6 78 63 26 89
WH Ireland Limited (Financial Advisor)
Chris Fielding, Managing Director, Corporate Finance +44 (0)207 220 1650
www.thalassaholdingsltd.com
Note to Editors:
Thalassa Holdings Ltd, incorporated and registered in the BVI, is a holding company with various interests across a number of industries.