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Thalassa Holdings Ltd

  • BY: Andrew Hore |
  • POSTED: 19/05/2010 |

Thalassa Holdings has taken over control of the board of shell company Renewable Power & Light.

Thalassa succeeded in all of its six resolutions at the RPL AGM Ė although one director had already left the board so the resolution was withdrawn. RPL shareholders removed all of RPLís directors other than Timothy Hunstad and replaced them with Duncan Soukop, Peter Redmond and Robert Porter. Less than 4% of the votes cast were against the resolutions. Nearly three-quarters of the shares were voted.

Soukup has become executive chairman of RPL.

Cairn has taken over as nominated adviser and broker to RPL.

Thalassa, which is an oil services and investment business, had revenues of $651,000 and made a profit of $155,000 in 2009.  It appears that most of the revenues came from selling investments.

The Thalassa share price recently moved for the first time in a year. At 52p a share, Thalassa is valued at £3.38m. The stated net asset value is $7.12m.

At 1.625p a share, RPL is valued at £1.44m.

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