Further to the Company’s announcement of 26 June 2017, the board of directors of THAL (the “Board”) has received proposals from the interested third party for the acquisition of 100% of WGP Group Ltd (“WGP”) and an investment in Autonomous Robotics Ltd (“ARL”).
The terms of the proposal for WGP did not reflect the consideration that had been discussed during negotiations and was conditional on certain contractual renewal events over which WGP has no control.
The interested party also made a partial offer to invest in ARL. However, this offer was conditional upon the acquisition of WGP.
After careful consideration, the Board concluded that, notwithstanding complementary operational benefits for ARL, in respect of the overall transaction the proposals did not provide Thalassa shareholders with sufficient value, and has therefore terminated the discussions.
The Board remains mindful of the lack of liquidity in the Company’s shares and of the gap between the market value of those shares and the Board’s assessment of the intrinsic value of the Company’s assets. The Board has, therefore, resolved to increase the share buy back programme announced on 27 January 2017 from £2 million to £4 million.