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Thalassa to set up, list Luxembourg vehicle
Posted on Tuesday, 09 October 2018 11:23
Thalassa Holdings is manoeuvring to circumvent potential restrictions with the advent of Brexit next year by setting up a wholly-owned subsidiary in Luxembourg to provide the British Virgin Islands-incorporated, London-listed group with additional flexibility.
In a statement released today, the autonomous robotics technology -to-shopping centre investor said the new company would initially be a “cash shell considering a number of potential transactions in Europe” and would benefit from being admitted to the Luxembourg Stock Exchange.
A listing would provide any additional funds required for any opportunities under consideration post-Brexit, while the location, lying within the European Union, is attractive geographically and for dealmaking.
Thalassa is a diversified company with holdings across segments such as geophysical surveys, autonomous underwater vehicle research, and real estate, through a 25.5 per cent equity interest in the Local Shopping REIT.
In a report for the first six months ended 30th June 2018, the company said its board is “somewhat concerned about the market in general and, therefore, cautious in its view” as to how “cash should be redeployed”.
With this view in mind, the directors have decided to adopt a five-pronged approach, which includes investigating opportunities in banking and financial technology, as well as in education.
The company’s strategy also comprises further investment in research and development situations, such as for wholly-owned subsidiary Autonomous Holdings, a developer of autonomous underwater vehicles for ocean floor sensing.
It had cash of USD 20.60 million, as of 30th June 2018, compared to USD 3.10 million at the end of June 2017, and no debt at the period end.
Thalassa said the historic reference currency of US Dollars, due to the company’s previous involvement in the oil industry, is no longer relevant so it is looking into changing accounts to Pound Sterling.
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