28 September 2021

This announcement contains inside information as defined in Article 7 of the Market Abuse Regulation 596/2014 and is disclosed in accordance with the Company's obligations under Article 17 of those Regulations.

Thalassa Holdings Ltd

(Reuters: THAL.L, Bloomberg: THAL:LN)

("Thalassa", "THAL" or the "Company")

Interim Results for the period ended 30 June 2021

GROUP RESULTS 1H 2021 versus 1H 2020

ARL

·      Focus on further continued development of Flying Node towards commercialisation

·      Efforts to monetise investment through commercial collaboration, third party funding or business combination in progress

id4

·      Software development completed and commercialisation and monetisation of investment now primary objectives

London Medical Laboratory ("LML")

·      As announced on 17 September 2021, Thalassa exited from its LML commitment due to unforeseen circumstances.

·      LML had not availed itself of the Thalassa facility and Thalassa was, therefore, not due any interest.

·      Tim Donell, the Company's CFO remains on the Board of LML.

Note to Editors:  Thalassa Holdings Ltd, incorporated and registered in the BVI, is a holding company with various interests across a number of industries.  

CHAIRMAN'S STATEMENT

I am happy to present the unaudited interim accounts for the six months to 30 June 2021.

The stock market merry-go-round continues…except in China.

US and European stock markets continue to climb and hit new highs. These markets through the end of August 2021 are up between 10% (Spain) and 26% (Sweden). At the other end of the spectrum, China has declined by 7.64% since the beginning of the year and by ±17% from its February high.

Rotation out of technology into more cyclical companies has been the main theme recently. in an environment of continued Covid-19 uncertainty, this strikes us as possibly wishful thinking. Covid is not going away in a hurry and with the summer holidays about to end, it will be interesting to see whether a fourth wave disrupts the burgeoning economic recovery. Whilst stock market investors are clearly split, the Fed remains clearly cautious…on the fence!

OPERATIONS

Given the divestiture of ALNA and AMOI, the Board's primary focus is to bring costs in line with the Company's reduced capital base whilst at the same time creating value for shareholders.

ANEMOI (AMOI LN)

Investors will be aware that AMOI shares have been suspended pending further announcements on a potential Reverse Take Over (RTO).

APEIRON

Apeiron is a Swiss registered Company set up to acquire partial or full control of FinTech/RegTech companies. The Company's first transaction was the recently announced acquisition of id4.

AUTONOMOUS ROBOTICS (ARL)

Progress has continued with the development of the Flying Node concept. 

The company is continuing to investigate opportunities to increase shareholder value including but not only the possibility of a merger or sale of the business.

ALINA (ALNA LN)

Having completed its plan to transfer the Company to the Standard List and change the Company's investment objectives from a Real Estate Investment Trust (REIT) to an operating company, the Board is now focused on the acquisition of assets to enhance shareholder value. To this end the Company recently announced the acquisition of 2.7% of Dolphin Capital Investors (DCI LN). On 21 July 2021, DCI issued a fact sheet stating that as of Q4 2020, NAV was 16p. NAV has been calculated as a going concern, which somewhat contradicts the reality of the situation, namely that DCI is in liquidation. In the Board's experience there is usually a substantial mismatch between a going concern valuation and a company in liquidation. Whether the ultimate value of DCI shares, in liquidation, lies North of the current market price of 4.2p but South of the stated 16p NAV remains to be seen. We would be happy were DCI to achieve 8p, for a gain in excess of 100% or ecstatic if the new DCI Board achieved 12p which would give ALNA a better than 200% return on investment. Given DCI's current market price, it would appear that Mr Market, does not believe that 16p is achievable!?

OUTLOOK

I would repeat my statement from last year, "at some point Govt. support will be withdrawn and we will, as Mr Buffett puts it…find out who has been swimming naked when the tide goes out."

The big question your board is asking itself, is not will the US Federal Reserve reduce bond buying but how quickly will they increase interest rates. Our current view is that the Fed is more concerned with Employment than inflation and not in a hurry to raise interest rates. Having said that, input price inflation is running substantially ahead of FED targets and if wage inflation follows suit the FED will be faced with a real problem…allow inflation to overshoot or combat inflation and risk harming the economic recovery and job growth. In the meantime the only game in town is the stock market!

Your Board is in the same camp as the FED and believes that deflationary risks are as great as inflationary risks. In other words, we remain cautious and would like to see the porridge cooked before serving and eating.

Responsibility Statement

We confirm that to the best of our knowledge:

(a)  the condensed set of financial statements has been prepared in accordance with IAS 34 'Interim Financial Reporting' and gives a true and fair view of the assets, liabilities, financial position and profit or loss of the Company and the undertakings included in the consolidation as a whole as required by DTR 4.2.4 R;

(b)  the interim management report includes a fair review of the information required by DTR 4.2.7R (indication of important events during the first six months and description of principal risks and uncertainties for the remaining six months of the year); and

(c)  the interim management report includes a fair review of the information required by DTR 4.2.8R (disclosure of related parties' transactions and changes therein).

Cautionary statement

This Interim Management Report (IMR) has been prepared solely to provide additional information to shareholders to assess the Company's strategies and the potential for those strategies to succeed. The IMR should not be relied on by any other party or for any other purpose.

Duncan Soukup

Chairman

Thalassa Holdings Ltd

20 September 2021

Interim Condensed Consolidated Statement of Income

For the six months ended 30 June 2021

Interim Condensed Consolidated Statement of Comprehensive Income

For the six months ended 30 June 2021