Thalassa - sale of main business brings nice cash pile – but what value the rest?
Thalassa Holdings (AIM:THAL) has announced the conditional sale of its main operating business in WGP Group for a maximum cash consideration of US$30m. In an awful climate for oil services business this is a great (nigh on miraculous!) result for shareholders. But what value the remainder of the business and what will they spend the money on?
- A good deal!
WGP Group business and assets are being acquired by Fairfield Industries Incorporated (‘FFN’), a global leader in seismic nodal technology based in Sugarland, Texas – what a great name!
Gross initial proceeds will be $19.75m (net of transaction costs) with a further US$10m payable by FFN contingent on certain customer contracts being entered into within 5 years of completion.
Thalassa has also agreed to leave up to US$2.5m of…
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