Highlights for the 6 months ended 30 June 2022

GROUP RESULTS 1H 2022 versus 1H 2021

 

• Profit /(loss) after tax for the year     £0.20m vs. (£0.81)

• Group Earnings Per Share (basic and diluted)*1    £0.03 vs. (£0.10)

• Book value per share*2       £1.50 vs. £0.82

• Holdings         £10.1m vs. £7.9m

• of which Unlisted holdings     £6.4m vs. £6.1m

• of which Listed holdings     £2.5m vs. £0.3m

• of which Hedges      £1.2m vs. £1.5m

 

 *1 based on weighted average number of shares in issue of 7,945,838 (2021: 7,945,838)

 *2 based on actual number of shares in issue as at 30 June 2022 of 7,945,838 (2021: 7,945,838)

 

2022 Observations

• First 6 months of 2022 saw war in Ukraine continue to negatively impact Global economic growth
• Flow of Russian energy continued to decline causing EU shortages, and a massive increase in European gas prices
• Global borrowing in 2021 grew to $303 trillion, and keeps growing
• Companies around the World issued $4.4 trillion of bonds in 2020, and continued through 2021
• In 2020 Global Government indebtedness was at its highest level since Post-World War I 

 

 

 

 

 

• Due to Central Bank Intervention, which has kept interest rates low, cost of debt since 2005 when debt/US GDP was 85% vs 140% today, means that interest cost has declined from 2% of GDP to 1.5% of GDP today
• In an adverse scenario where U.S. borrowing costs rise 2 percentage points above current market expectations, the price tag to USA’s debt would jump from 2% of GDP in 2020 to nearly 6% of GDP in 2030. In Italy, costs could hit 5.5% of GDP—higher than during the European sovereign debt crisis
• 2022 also saw the worst start to a year for stocks in more than half a century
• At the halfway point of the year, the tech-heavy NASDAQ had fallen by 30%, whilst the S&P was down by over 20%. Since the 16 June 2022, when the NASDAQ bottomed, it has risen ~18.8%, whilst the S&P has risen ~12.9%...which we believe is unsustainable and a bear market rally that will reverse again
• The next crisis will not be like its predecessors. In the 1970s, we had stagflation but no massive debt crises because debt levels were low. After 2008, we had a debt crisis followed by low inflation or deflation because the credit crunch had generated a negative demand shock. Today, we face supply shocks in a context of much higher debt levels, implying that, in our opinion, we are heading for a combination of 1970s-style stagflation and 2008-style debt crises – that is, a stagflationary debt crisis.

 

https://www.bloomberg.com/graphics/2021-coronavirus-global-debt/

 

 

Chairman’s Statement

Trading update

The Company's hedging strategy has served THAL shareholders well during the first half of the year and whilst our long-quoted-holdings suffered, in some cases substantial declines, these were largely offset by gains in our hedge positions.   

We covered most hedge positions shortly before the mid-June market bottom and subsequent rally, but have since repositioned, and increased our hedge exposure, after what we perceive to have been a ‘dead cat’ bounce. 

Market Action

Shareholders who read my Statement in the Company’s recently released 2021 Annual Report will know that I had for some time anticipated a major market correction, which was, in my opinion, long overdue. 

Global Technology stocks took the full brunt of the 2022 correction on the chin, which has seen Cathie Woods’ ARK Innovation ETF give back virtually all its ~383% gain, and which is now down ~74% since peaking in December 2021. Many of ARK’s investments had no earnings (with no prospect of sustainable earnings) or were trading on triple digit p/e multiples. Many of the major stock market indices have performed badly but not as badly as the investment vehicles with substantial exposure to “Story Stocks”. At the time of writing, the Dow Jones Index is down Year to Date (“YTD”) 15.29%, the S&P 500 is down 13% and the NASDAQ Index is down 19%. whilst European Indices are down YTD between ~7% and ~22%.

Macro Outlook

Your Board is of the opinion that the Market’s recent rally is unsustainable, and take the view that there is another leg down in US and EU (incl. UK) stock prices, which will be driven by earnings’ misses and subsequent reduction in overly optimistic earnings estimates for 2022, 2023 and 2024. 

Analysts surveyed by Bloomberg are still estimating that S&P 500 earnings will increase from current level of

199.67 to 235.78, an increase of 18.08%, in 2022, by +5.22% in 2023, and by +9.02% in 2024. Given the fact that inflation is currently running at record levels, and our view that Central Bankers could well tighten too much, just as Western economies grind to a standstill, we believe that analysts will rapidly start to reduce their 2022 Q3 and Q4, as well as 2023 and 2024 earnings estimates when they get back from their summer holidays.

ARL - https://autonomousroboticsltd.com/

• Focus on further continued development of Flying Node towards commercialisation with significant progress made in software development.
• Offshore trials scheduled for the second half of 2022.
• Advanced sales process aborted due to potential buyer itself being acquired

 

Tappit - https://tappit.com/

• We await news on further developments

 

Janzz  - https://janzz.technology/

• Company recently closed strategic investment by subsidiary of major Japanese industry market-leader

 

ALNA - https://www.alina-holdings.com/

• Please refer to Alina website

 

AMOI - https://anemoi-international.com/

• Please refer to Anemoi website

 

NWT - https://newmarksecurity.com/

• Please refer to Newmark Securities’  website

 

Conclusion

We anticipate a further correction to Western Stock Markets, and remain cautious on the macro-economic outlook, which we believe could deteriorate significantly this Winter.

 

 

Duncan Soukup

Chairman

Thalassa Holdings Ltd

12 August 2022

 

Responsibility Statement

 

We confirm that to the best of our knowledge:

 

1. 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;

 

2. 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

 

3. 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

12 August 2022

  

 

Financial Review

Continuing Operations

Total revenue from operations for the period to 30 June 2022 was £0.1m (1H21: £0.1m).

Net financial income from investment operations was £0.56m (1H21: £0.21m),

Cost of Sales was a credit of nil (1H21 : £0.18m) comprising development costs (net of capitalised costs) at ARL, resulting in a Gross Profit of £0.68m (1H21: gross profit £0.51m).

Administration expenses were £0.33m (1H21: £1.25m).  Depreciation costs were £0.15m (1H21: £0.06m).

Operating Profit was therefore £0.35m (1H21 Loss: (£0.75)m).

Profit before tax was £0.2m (1H21 loss: (£0.8m)).

Net assets at 30 June 2022 amounted to £11.9m (1H21: £10.5m). The increase in net assets primarily due to the sale of id4 to Anemoi International Ltd in 2021.

Net cash (being cash balances less borrowings) was £0.8m as at 30 June 2022 (1H21: £1.4m).

Net cash inflow from operating activities amounted to £0.18m compared to an outflow of £1.85m in 1H21.

Net cash outflow from investing activities amounted to £0.26m, which related to the purchase of portfolio securities and R&D in ARL, compared to 1H21 of £0.47m.

Net cash outflow from financing activities amounted to £3.89m (1H21: inflow £1.29m). This relates to the settlement of the short position on USD, which resulted in a gain of £0.3m.

 

Interim Condensed Consolidated Statement of Income

For the six months ended 30 June 2022

		Six months	Six months	Year
		ended	ended	ended
		30 Jun 22	30 Jun 21	31 Dec 21
		Unaudited	Unaudited	Audited
	Note	GBP	GBP	GBP
Continuing Operations
Revenue		119,498	122,712	138,656
Net financial income/(expense)		553,522	(9,262)	(355,204)
Other gains		101,691	218,574	(22,380)
Share of losses of associated entities		(93,758)	-	(9,156)
Cost of sales		-	177,921	(55,125)
Gross Profit		680,953	509,945	(303,209)
Administrative expenses excluding exceptional costs		(330,190)	(1,254,530)	(1,406,048)
Profit/(loss) before depreciation		350,763	(744,585)	(1,709,257)
Depreciation	4&5	(147,083)	(63,477)	(101,462)
Profit/(loss) before taxation		203,680	(808,062)	(1,810,719)
Taxation		(431)	(838)	132,240
Profit/(loss) for the year from continuing operations		203,249	(808,900)	(1,678,479)
Profit/(loss) for the year from discontinued operations		-	-	(305,509)
Gain on disposal of subsidiary		-	-	2,440,728
Profit/(loss) for the year		203,249	(808,900)	456,740
Attributable to:
Equity shareholders of the parent		203,249	(766,439)	456,740
Non-controlling interest		-	(42,461)	-
		203,249	(808,900)	456,740
Earnings per share - GBP (using weighted average number of shares)
Basic and Diluted	3	0.03	(0.10)	0.06

 

The notes on pages 13 to 18 form an integral part of this consolidated interim financial information.

Interim Condensed Consolidated Statement of Comprehensive Income

For the six months ended 30 June 2022

	Six months	Six months	Year
	ended	ended	ended
	30 Jun 22	30 Jun 21	31 Dec 21
	Unaudited	Unaudited	Audited
	GBP	GBP	GBP
Profit/(loss) for the financial year	203,249	(808,900)	456,740
Other comprehensive income:
Exchange differences on re-translating foreign operations	586,430	(111,573)	134,698
Total comprehensive income	789,679	(920,473)	591,438
Attributable to:
Equity shareholders of the parent	789,679	(878,012)	591,438
Non-Controlling interest	-	(42,461)	-
Total Comprehensive income	789,679	(920,473)	591,438

 

The notes on pages 13 to 18 form an integral part of this consolidated interim financial information.

 

Interim Condensed Consolidated Statement of Financial Position

As at 30 June 2022

		As at	As at	As at
		30 Jun 22	30 Jun 21	31 Dec 21
	Note	Unaudited	Unaudited	Audited
Assets		GBP	GBP	GBP
Non-current  assets
Goodwill		-	147,979	-
Intangible assets	4	1,073,047	1,000,632	907,531
Property, plant and equipment	5	1,608,478	738,269	1,661,081
Portfolio investments	6	1,536,883	1,786,524	1,187,346
Loans	7	6,056,810	6,089,729	5,705,273
Investments in associated entities	8	2,494,091	-	2,325,457
Total non-current assets		12,769,309	9,763,133	11,786,688
Current assets
Trade and other receivables		897,740	578,531	809,607
Cash and cash equivalents		1,297,876	6,099,161	5,398,208
Total current assets		2,195,616	6,677,692	6,207,815
Liabilities
Current liabilities
Trade and other payables		1,156,112	693,375	1,113,289
Short term debt	9	163,262	53,532	-
Borrowings	9	459,280	4,701,915	4,475,560
Total current liabilities		1,778,654	5,448,822	5,588,849
Net current assets		416,962	1,228,870	618,966
Non-current liabilities
Long term debt	9	1,243,273	442,179	1,252,335
Total non-current liabilities		1,243,273	442,179	1,252,335
Net assets		11,942,998	10,549,824	11,153,319
Shareholders’ Equity
Share capital	11	128,977	128,977	128,977
Share premium		21,717,786	21,717,786	21,717,786
Treasury shares		(8,558,935)	(8,558,935)	(8,558,935)
Other reserves		(1,696,320)	188,369	(1,696,320)
Non-Controlling Interest		-	(163,117)	-
Foreign exchange reserve		3,836,171	2,431,576	3,836,171
Retained earnings		(3,484,681)	(5,194,832)	(4,274,360)
Total shareholders' equity		11,942,998	10,549,824	11,153,319
Total equity		11,942,998	10,549,824	11,153,319

 

The notes on pages 13 to 18 form an integral part of this consolidated interim financial information.

These financial statements were approved by the board on 12 August 2022.

Signed on behalf of the board by:  Duncan Soukup

Interim Condensed Consolidated Statement of Cash Flows

For the six months ended 30 June 2022

		As at	As at	As at
		30 Jun 22	30 Jun 21	31 Dec 21
		Unaudited	Unaudited	Audited
	Notes	GBP	GBP	GBP
Profit/(Loss) before income tax from:
Continuing operations		203,680	(1,017,374)	(1,810,719)
Add back Portfolio Holdings		(561,455)	209,312	374,741
Discontinued operations		-	-	(285,509)
Profit/(Loss) before income tax		(357,775)	(808,062)	(1,721,487)
Adjustments for:
Impairment losses on goodwill		-	-	149,992
(Increase)/decrease in trade and other receivables		(88,133)	(76,143)	(311,077)
(Decrease)/increase in trade and other payables		42,823	(71,283)	347,870
Accrued interest income		180,132	(171,592)	-
Gain/(loss) on disposal of portfolio investments		(294,986)	(388,540)	117,541
Net exchange differences		(26,161)	(111,193)	(93,995)
Depreciation	4&5	147,083	63,477	210,401
Share of losses of associate		(93,758)	-	(9,156)
Fair value movement on portfolio investments		672,217	(281,978)	(704,554)
Cash generated by operations		181,442	(1,845,314)	(2,014,465)
Taxation		(431)	(2,006)	132,240
Net cash flow from operating activities		181,011	(1,847,320)	(1,882,225)
Sale/(purchase) of property, plant and equipment		-	(18,741)	(1,564,752)
Sale/(purchase) of intangible assets	4	(167,576)	(314,854)	(212,433)
Sale/(purchase) of investment property		-	-	-
Net (purchase)/sale of portfolio investments	6	(89,465)	-	97,010
Investments in subsidiaries		-	-	(815,428)
Issuance of investment loans		-	(138,333)	-
Net cash flow in investing activities		(257,041)	(471,928)	(2,495,603)
Cash flows from financing activities
Interest Expense		(25,132)	(17,639)	-
Leasing Liabilities		(45,051)	(22,385)	-
Proceeds from borrowings		32,116	1,326,267	354,229
Repayment of borrowings	9	(3,853,018)	-	2,167,225
Net cash flow from financing activities		(3,891,085)	1,286,243	2,521,454
Net increase in cash and cash equivalents		(3,967,115)	(1,033,005)	(1,856,374)
Cash and cash equivalents at the start of the year		5,398,208	7,020,592	7,116,110
Effects of exchange rate changes on cash and cash equivalents		(133,217)	111,574	138,472
Cash and cash equivalents at the end of the year		1,297,876	6,099,161	5,398,208

 

The notes on pages 13 to 18 form an integral part of this consolidated interim financial information.

Interim Condensed Consolidated Statement of Changes in Equity

For the six months ended 30 June 2022

	Attributable to owners of the Company
								Non-	Total
	Share	Share	Treasury	Other	Foreign Exchange	Retained		controlling	Shareholders
	Capital	Premium	Shares	Reserves	Reserve	Earnings	Total	Interest	Equity
	GBP	GBP	GBP	GBP	GBP	GBP	GBP	GBP	GBP
Balance as at 31 December 2020	128,977	21,717,786	(8,558,935)	78,716	3,697,697	(5,428,679)	11,635,562	(122,298)	11,513,264
Total comprehensive income	-	-	-	109,653	(1,266,121)	233,847	(922,621)	(40,819)	(963,440)
Balance as at 30 June 2021	128,977	21,717,786	(8,558,935)	188,369	2,431,576	(5,194,832)	10,712,941	(163,117)	10,549,824
Disposal of subsidiary with NCI	-	-	-	(1,884,689)	-	-	(1,884,689)	-	(1,884,689)
Exchange on conversion to GBP	-	-	-	-	-	-	-	-	-
Total comprehensive income	-	-	-	-	1,404,595	920,472	2,325,067	163,117	2,488,184
Balance as at 31 December 2021	128,977	21,717,786	(8,558,935)	(1,696,320)	3,836,171	(4,274,360)	11,153,319	-	11,153,319
Total comprehensive income	-	-	-	-	-	789,679	789,679	-	789,679
Balance as at 30 June 2022	128,977	21,717,786	(8,558,935)	(1,696,320)	3,836,171	(3,484,681)	11,942,998	-	11,942,998

 

The notes on pages 13 to 18 form an integral part of this consolidated interim financial information.

 

Notes to the Interim Condensed Consolidated Financial Information

1. General information

Thalassa Holdings Ltd (the “Company”) is a British Virgin Island (“BVI”) International business company (“IBC”), incorporated and registered in the BVI on 26 September 2007. The Company is a holding company with various interests across a number of industries.

Autonomous Robotics Limited (“ARL” – formerly GO Science 2013 Ltd) is a wholly owned subsidiary of Thalassa and is an Autonomous Underwater Vehicle (”AUV”) research and development company.

Apeiron Holdings (BVI) Ltd is a BVI registered company and is wholly owned by Thalassa. It owns 100% of Alfalfa AG which is a company registered in Switzerland.

WGP Geosolutions Limited is a wholly owned subsidiary of Thalassa which has an additional subsidiary, WGP Group AT GmbH, both currently non-operational.

 

2. Significant Accounting policies

The Group prepares its accounts in accordance with applicable UK Adopted International Accounting Standards.

The accounting policies applied by the Company in this unaudited consolidated interim financial information are the same as those applied by the Company in its consolidated financial statements as at and for the period ended 31 December 2021 except as detailed below.

The financial information has been prepared under the historical cost convention, as modified by the accounting standard for financial instruments at fair value.

 

2.1. Basis of preparation

The condensed consolidated interim financial information for the six months ended 30 June 2022 has been prepared in accordance with International Accounting Standard No. 34, ‘Interim Financial Reporting’. They do not include all of the information required for full annual financial statements and should be read in conjunction with the consolidated financial statements of the Company as at and for the year ended 31 December 2021.

These condensed interim financial statements for the six months ended 30 June 2022 and 30 June 2021 are unaudited and do not constitute full accounts. The comparative figures for the period ended 31 December 2021 are extracted from the 2021 audited financial statements. The independent auditor’s report on the 2021 financial statements was not qualified.

All intra-group transactions, balances, income and expenses are eliminated in full on consolidation.

 

2.2. Going concern

The financial information has been prepared on the going concern basis as management consider that the Group has sufficient cash to fund its current commitments for the foreseeable future.

 

3. Earnings per share

	Six months	Six months	Year
	ended	ended	ended
	30 Jun 22	30 Jun 21	31 Dec 21
	Unaudited	Unaudited	Audited
The calculation of earnings per share is based on the following loss and number of shares:
Profit/(loss) for the period	203,249	(808,900)	456,740
Weighted average number of shares of the Company	7,945,838	7,945,838	7,945,838
Earnings per share:
Basic and Diluted (GBP)	0.03	(0.10)	0.06
Number of shares outstanding at the period end:	7,945,838	7,945,838	7,945,838

 

4. Intangible assets

 

	Development
	costs	Patents	Software	Sub-total	Goodwill	Total
	GBP	GBP	GBP	GBP	GBP	GBP
At 31 December 2021
Cost	762,358	126,382	22,550	911,290	-	911,290
Accumulated amortisation	-	-	(3,759)	(3,759)	-	(3,759)
Net book amount	762,358	126,382	18,791	907,531	-	907,531
Half-year ended 30 June 2022
Opening net book amount	762,358	126,382	18,791	907,531	-	907,531
FX movement	-	-	2,546	2,546	-	2,546
	762,358	126,382	21,337	910,077	-	910,077
Additions	167,576	-	-	167,576	-	167,576
Amortisation charge	-	-	(3,958)	(3,958)	-	(3,958)
FX movement	-	-	(648)	(648)	-	(648)
Closing net book amount	929,934	126,382	16,731	1,073,047	-	1,073,047
At 30 June 2022
Cost	929,934	126,382	25,096	1,081,412	-	1,081,412
Accumulated amortisation	-	-	(8,365)	(8,365)	-	(8,365)
Net book amount	929,934	126,382	16,731	1,073,047	-	1,073,047

 

The intangible assets held by the Group increased as a result of capitalising the development costs of Autonomous Robotics Ltd (“ARL”).

 

5. Property, plant and equipment

			Plant
		Land and	and	Motor
	Total	buildings	Equipment	Vehicles
Cost	GBP	GBP	GBP	GBP
Cost at 1 January 2022	2,017,577	1,413,282	119,576	484,719
FX movement	114,583	81,030	9,376	24,177
	2,132,160	1,494,312	128,952	508,896
Cost at 30 June 2022	2,132,160	1,494,312	128,952	508,896
Depreciation
Depreciation at 1 January 2022	356,496	27,776	114,924	213,796
FX movement	37,146	19	12,980	24,147
	393,642	27,795	127,904	237,943
Charge for the year on continuing operations	143,125	93,623	1,996	47,506
Foreign exchange effect on year end translation	(13,085)	7	(3,665)	(9,427)
Depreciation at 30 June 2022	523,682	121,425	126,235	276,022
Closing net book value at 30 June 2022	1,608,478	1,372,887	2,717	232,874

 

 

6. Securities

 

The Group classifies the following financial assets at fair value through profit or loss (FVPL):-

Equity investments that are held for trading

	As at	As at	As at
	30 Jun 21	30 Jun 21	31 Dec 21
	Unaudited	Unaudited	Audited
	GBP	GBP	GBP
Securities
At the beginning of the period	1,187,346	1,397,983	1,417,003
Additions	2,078,047	3,225,366	3,445,080
Unrealised gain/(losses)	(168,131)	29,704	(518,523)
Disposals	(1,693,596)	(2,866,529)	(3,172,142)
Forex on opening balance	133,217	-	15,928
At period close	1,536,883	1,786,524	1,187,346

 

Investments have been valued incorporating Level 1 inputs in accordance with IFRS7.

 

Notes to the Interim Condensed Consolidated Financial Information Continued

7. Loans and holdings

	As at	As at	As at
	30 Jun 22	30 Jun 21	31 Dec 21
	Unaudited	Unaudited	Audited
	GBP	GBP	GBP
Loans at period open	1,333,599	1,262,670	1,279,849
Accrued interest - to be waived	22,403	19,059	39,365
Forex on opening balance	150,599	-	14,385
Loans at period close	1,506,601	1,281,729	1,333,599
Portfolio Holdings at 1 January	4,371,674	4,235,156	4,292,777
Issued	-	324,085	255,607
Interest	158,225	157,053	293,767
Repaid	-	-	(475,861)
Forex	20,310	51,006	5,384
Fair Value Adjustment	-	40,700	-
Portfolio holdings at period close	4,550,209	4,808,000	4,371,674
Total of loans and holdings	6,056,810	6,089,729	5,705,273

The Loan is to the THAL Discretionary Trust, the terms of the loan are set with a 0% interest rate however interest has been accrued at 3% as per IFRS requirements, it is the intention of the Company to waive this interest upon repayment of the capital.

 

8.  Investments in associated entities

On 17 December 2021, the acquisition of id4 was complete by Anemoi International Ltd with consideration in the form of shares issued to Thalassa and its subsidiary Aperion BVI totaling 36.92% of the voting rights. The investment is recognised using the equity method as described in the financial statements for December 2021

Movement on interests in associates can therefore be summarised as follows:

	As at	As at	As at
	30 Jun 22	30 Jun 21	31 Dec 21
	GBP	GBP	GBP
Fair value of investment at beginning of period	2,325,457	-	2,086,448
Share of losses for the period	(93,758)	-	(9,156)
Conversion of loan notes to preference shares	-	-	248,165
Exchange Variance	262,392	-	-
	2,494,091	-	2,325,457

 

 

There are no other entities in which the Group holds 20% or more of the equity, or otherwise exercises significant influence over the affairs of the entity.

 

9. Borrowings

	As at	As at	As at
	30 Jun 22	30 Jun 21	31 Dec 21
	Unaudited	Unaudited	Audited
Non-current liabilities	GBP	GBP	GBP
Credit facility	-	-	-
Lease liabilities	1,243,273	442,179	1,252,335
	1,243,273	442,179	1,252,335
Current liabilities
Credit facility	459,280	4,701,915	4,324,649
Lease liabilities	163,262	53,532	150,911
	622,542	4,755,447	4,475,560

 

The credit facilities outstanding as at 30 Jun 2022 consist of fixed term advances opened on in May 2022 for £461k, this advance was settled in July 2022. The settling of the facility outstanding at Dec ’21 was completed on the 9th April 2022.

The lease liabilities comprise of amounts owed in relation to office leases held by ARL and Aperion AG. The lease held by Aperion Holdings AG was entered in to in Feb 2021.

 

10. Related party balances and transactions

Under the consultancy and administrative services agreement initially entered into on 3 January 2011 and most recently updated 1 February 2018 with a company in which the Chairman has a beneficial interest, the Group was invoiced £225,145 (1H21: £261,382) for consultancy and administrative services provided to the Group. As at 30 June 2022 the amount owed to this company was £268,055 (1H21: £156,049).

Having not been paid out under the terms of the agreement, Mr Soukup volunteered to waive £453,856 of the balance held at December 2021. The 2022 services also remain unpaid and will be reviewed on an going basis in line with the performance of the Group.

 

11. Share capital

	As at	As at	As at
	30 Jun 22	30 Jun 21	31 Dec 21
	Unaudited	Unaudited	Audited
	GBP	GBP	GBP
Authorised share capital:
100,000,000 ordinary shares of $0.01 each	1,000,000	1,000,000	1,000,000
Exchange Rate for Conversion	1.61674	1.61674	1.61674
100,000,000 ordinary shares of $0.01 each in GBP	618,529	618,529	618,529
Allotted, issued and fully paid:
20,852,359 ordinary shares of $0.01 each	208,522	208,522	208,522
Average Exchange Rate for Conversion	1.61674	1.61674	1.61674
20,852,359 ordinary shares of $0.01 each in GBP	128,977	128,977	128,977

 

The exchange rate used for conversion is the aggregate rate for the transactions as they occurred.

 

12. Subsequent events

 

There were no reportable subsequent events

 

13. Copies of the Interim Report

The interim report is available on the Company’s website:

www.thalassaholdingsltd.com.