Thalassa Holdings Ltd, along with its associate CityPoint Investments, has taken a 29.8% stake in shell company Renewable Power & Light.
Thalassa bought 11.07% of RPL at 3p a share and CityPoint Investments, formerly known as Bella Media, acquired 18.77% at the same price. They will have to pay up to 1p a share more if RPL’s net assets are greater than 3.75p a share.
Thalassa bought 25% of CPI in October 2009 for £150,000. At 52.5p a share, Thalassa is valued at £3.41m. There has not been a share traded in Thalassa since October 2008.
RPL pulled out of its biodiesel operations and has been selling off its assets. RPL has distributed dividends worth 18p a share. It was the subject of a bid approach in November 2008 and this bid situation is still ongoing. Shares in RPL fell 0.25p to 2.5p each, which values the company at £2.44m.
Thalassa’s executive chairman Duncan Soukup has been involved in a number of small company deals through the years. RPL still has its former biodiesel facility to sell – all the equipment has already been sold.
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