11th May 2018 10:01
LONDON (Alliance News) - Thalassa Holdings Ltd on Friday launched a one million share repurchase programme and said that it is exploring options to raise further capital for subsidiary Autonomous Robotics Ltd to accelerate the development of the unit's autonomous underwater vehicle.
The share buyback is worth around GBP800,000 at the company's share price of 80.05 pence each Friday, which was down 5.8% on the day.
The investment company said FairfieldNodal Inc has decided against making an investment in Thalassa subsidiary Autonomous Robotics Ltd, which has successfully concluded tethered underwater tests for its autonomous underwater vehicle.
"We are delighted with the progress achieved by ARL in the development of its AUVs and are confident that the vision of the ARL engineers will, when completed, attract significant demand. Thalassa is, therefore, keen to attract third-party investment in ARL to accelerate the node development programme," Thalassa Chairman Duncan Soukup said.
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