23rd Oct 2018 11:30
LONDON (Alliance News) - Surveying services company Thalassa Holdings Ltd said on Tuesday it received USD600,000 in September as part of the earn out due from the sale of WGP Group Ltd in January.
A further USD600,000 should be received in the following days, the company said, adding that 80% of the earn out of USD4.8 million is due to be paid by September 11, 2019.
Barring any unforeseen event and subject to a second data acquisition contract by WGP, Thalassa expects to gain a further USD4.0 million under the earn out agreement in the next few years.
In December 2017, Thalassa sold WGP business and assets to Fairfield Industries Inc for a maximum cash consideration of USD30 million. Gross initial proceeds amounted to USD20 million, with USD10 million payable once "certain customer contracts" are secured within the next five years.
Shares in Thalassa Holdings were down 0.6% at 90.00 pence on Tuesday.
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