Marine seismic services provider Thalassa Holdings Ltd is making an offer for 25.9% of geophysical services provider Rock Solid Imaging (RSI).
This would take Thalassa’s stake to 29.9%. Thalassa is offering 0.48p a share in cash or one Thalassa share for every 43 RSI shares. Thalassa believes that a partial offer is more likely to succeed than a full bid.
RSI directors say that they will not accept the offer. They say that there have been no talks between the two companies and there is no information on the benefits of the Thalassa offer. Thalassa believes the two companies could offer combined services to customers.
RSI, which interprets seismic data, intends to cancel its Aim quotation and it has called a general meeting on 4 April in order to gain shareholder approval. The offer gives RSI shareholders the chance to exit their investment completely or continue to have exposure to RSI via Thalassa.
At 1.12p a share, RSI is valued at £1.78m. At 29.5p per Thalassa share, the share alternative values each RSI share at 0.69p each.
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