21st May 2018 13:31
LONDON (Alliance News) - Thalassa Holdings Ltd said Monday its sale of the assets of WGP Group Ltd will go through in the financial year ending 2018 despite the sale agreement in December 2017.
Thalassa's net cash at the end of 2017 was USD20.3 million. The company executed the sale agreements on December 31. The cash proceeds had been received in escrow by the company's lawyers on December 29 but the purchaser completed the agreements in 2018.
The sale is therefore being treated as having completed January 1, so in the company's balance sheet at the end of 2017, the company expects to show its interest in WGP as assets held for sale of about USD10.2 million and net cash of about USD2.8 million.
Thalassa expects to announce its full year results during the week commence June 11.
The holding company sold WGP to Fairfield Industries Inc for a maximum cash consideration of USD30 million at the start of December. The deal involved gross initial proceeds of USD20 million, with USD10 million payable once "certain customer contracts" were secured within the next five years.
The USD20.3 million figure is below the USD21.3 million estimated by Thalassa when it announced the deal.
Shares in Thalassa were down 1.8% to 83.00 pence each.
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Thalassa (di)