Thalassa (di) Regulatory News (THAL)

Thalassa Holdings

Convertible Loan Note Investment in Tappit Technologies (UK) Limited

Thalassa Holdings Limited

2 November 2020

Thalassa Holdings Ltd

(Reuters: THAL.L, Bloomberg: THAL:LN)

("Thalassa", "THAL" or the "Company")

Thalassa leads £7.8m investment in Tappit Technologies (UK) Limited ("Tappit")

This announcement contains inside information for the purposes of Article 7 of Regulation 596/2014.

The Board of Thalassa is pleased to announce that the Company has acted as lead investor in Tappit's £7,800,000 Convertible Loan Notes ("CLNs") offering.

Thalassa invested £3,000,000 in the CLNs. A further £905,000 was invested in the CLNs by existing Tappit shareholders and new investors. The total investment of £3,905,000 was matched by the "Future Fund", a UK Government initiative to provide support to innovative UK companies with good potential, which are currently affected by COVID-19.

Key Terms

The key terms of the CLNs are as follows:

· Coupon of 8% per annum (simple interest) accruing over the term of the CLNs and settled (at Tappit's option) either by conversion into the most senior class of shares then in issue, or in cash.

· Term of 36 months with no early repayment by Tappit other than with the agreement of all of the CLN investors.

· During the term of the CLNs, the conversion price per share will be the lowest price paid by any new investors in fund raisings by Tappit with a 20% discount applied. Should Tappit elect for the accrued interest on the outstanding CLNs to convert, the discount will not be applied to the interest portion of the loan.

Duncan Soukup, chairman of Thalassa, said:

"Tappit is a global leader in payment and data ecosystems for the events, sports and entertainment industry. With recent partnerships including Kansas City Chiefs and Jacksonville Jaguars we are delighted to be working with such an ambitious and exciting fintech scale up."

"Whilst Covid-19 is currently restricting attendance at events, the pandemic has simultaneously accelerated the adoption of cashless solutions around the world. Organisations are clearly seeing the benefits of Tappit's platform - which not only improves the fan experience and boosts profitability but gives businesses access to data and insights around customer behaviours and purchasing preferences that were only previously available to banks and credit card companies."

"I am also pleased to announce that I have joined Tappit as a consultant to assist the company in acquiring new clients in complementary industries to the company's existing areas of strength. I will also seek to assist Tappit in securing further growth capital, which could include both private funding or a public listing and capital raise."

END

Note to Editors:

About Thalassa

www.thalassaholdingsltd.com

 Thalassa Holdings Ltd. is a holding company with various interests across a number of industries which currently include, Finech, Robotics and Leisure & Entertainment and Security & Access Control.

About Tappit

https://tappit.com

Tappit is the leading global payment and data ecosystem for events, attractions, stadia and venues, providing a unique end-to-end solution including cashless payment, white label payment apps, mobile pay, RFID and business intelligence. Tappit's solutions enhance live event experiences, providing technology and data to the organisers, which in turn improves customer experience and increases profitability. Tappit brings event organisers and venues closer to their customers, giving them control over their payment solutions whilst providing actionable insights to make events even better. 

About the Future Fund

https://www.thefuturefund.co.uk/

 Announced by the Chancellor on 20 April 2020, the Future Fund issues convertible loans to innovative UK companies with good potential, that typically rely on equity investment and are currently affected by COVID-19. The scheme helps qualifying companies through the current period of economic disruption and the recovery so they are able to continue their growth trajectory and reach their full economic potential. The scheme is designed by the UK government and delivered by the British Business Bank.

Initially, £250 million was made available by the UK government for investment through the scheme, to be matched by private investors, with HM Treasury making clear the amount could be increased if needed. Due to the popularity of the Fund, more funding is now being made available and the scale of the scheme will be kept under review.