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Thalassa agrees WGP sale and ARL investment terms

By BFN News | 08:08 AM | Tuesday 15 August, 2017


Surveying services company Thalassa has agreed preliminary terms and executed letters of intent for the sale of its subsidiary WGP Group and an investment in Autonomous Robotics Ltd (ARL). WGP is being acquired by a third party for $30 million (before expenses), consisting of an upfront payment of $20 million and a further potential $10 million performance based earn-out. The third party has also proposed investing $2 million to acquire a 20% equity stake in GO Science Group, the parent of ARL, together with a two-year option to purchase the same number of shares at the same price. Duncan Soukup, chairman of Thalassa, said: "The Thalassa board believes that the proposals represent excellent value for shareholders. The board also believes that these proposals will secure the long-term future of WGP and facilitate ARL's business development. The interested party brings substantial node manufacturing and deployment and recovery experience to the table, which are core components of ARL's flying node system project. However, the board would point out that until due diligence has been completed and contracts exchanged, the proposals are subject to potential change or non-completion." At 8:08am: (LON:THAL) Thalassa Holdings Ltd share price was +7.5p at 78.5p Story provided by StockMarketWire.com

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