Thalassa Holdings Ltd has subscribed £150,000 for a 27% stake in unquoted shell company Bella Media.
Thalassa chairman and chief executive Duncan Soukup is joining Bella’s board. Soukup says that Thalassa is working on other private equity transactions.
Julian Henley-Price has also joined the Bella board.
Bella lost its Aim quotation on 1 July 2009 after it failed to make a suitable acquisition in the time period set out by Aim. At that time, Bella’s strategy was to buy energy or natural resource assets or businesses focused on Europe. While it tries to find an acquisition Bella will make a number of small investments in undervalued quoted companies.
Bella became a shell company after it sold off its IMAX cinema development business. It was previously known as MobileFuture but the mobile software business was wound down.
Bella had net assets of £364,000 at the end of 2008. It currently has around £550,000 in cash according the Thalassa announcement.
BVI-registered Thalassa joined Aim on 29 July 2008 and its main subsidiary acquires marine seismic equipment. The main focus is the Portable Modular Source System which can be installed on a vessel to carry out seismic work.
Thalassa recently appointed Daniel Stewart as nominated adviser and broker.
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