Sale of WGP - Update re Norwegian Tax

RNS Number : 1269Y

Thalassa Holdings Limited

17 August 2018

 

Thalassa Holdings Ltd

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

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

Sale of WGP - Update re Norwegian Tax

The board of Thalassa is pleased to report that it has been advised by the Norwegian Tax Authorities that the Company's appeal in relation to the 2014 tax year has been successful. The Board is cautiously optimistic that the Norwegian Tax Authorities will apply the same interpretation to the Company's returns for the tax years 2015-2017.

Whilst management has not yet received full details of the 2014 rebate, the amount that has been accrued annually and reflected in aggregate in Trade and Other Payables in the Balance Sheet (page 16 and in Note 16, Page 30) in the 2017 Annual Report and Accounts is c.$700,000 (total for the period 2014-2017), which the Company hope to be able to release in due course.  

The Company has referred to net cash in previous announcements, including the RNS of 21 May 2018, which takes into consideration these accruals. The release of these accruals will not affect cash in the accounts, but will affect net cash as reported in previous RNS announcements. Any amounts of the accruals which are released will be offset by ongoing operating expenses and therefore not be reflected to their full extent in the balance sheet.

A further announcement will be made once details of any rebate are known.

Duncan Soukup, Chairman of THAL, said "The Company was well prepared for the appeal process having sought professional advice and structured its affairs to ensure that the Company's transfer pricing policies followed, where appropriate, relevant OECD (Organisation for Economic Co-operation and Development) Transfer Pricing Guidelines. Whilst the Board was confident that the Company's affairs were, therefore, compliant, there was no guarantee that the Company would prevail in its appeal. As it happens, the Company had failed in its appeal at the Regional Level and was obliged to take its case to the National Tax Authority. We will of course advise the market as soon as we know the quantum of recovery."

Investor Enquiries:

Thalassa Holdings Ltd

   Duncan Soukup, Chairman                                                 [phone]

WH Ireland Limited (Nominated Adviser and Broker)

   Chris Fielding, Managing Director, Corporate Finance       [phone]

www.thalassaholdingsltd.com 

Note to Editors:

Thalassa Holdings Ltd, incorporated and registered in the BVI and quoted on AIM, is a holding company with various interests across a number of industries.

 

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