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Thalassa seeking capital for Autonomous Robotics as it buys back more shares
Thalassa updated the market on its trading on Friday, reporting that its subsidiary Autonomous Robotics' prototype autonomous underwater vehicle had successfully concluded tethered underwater tests, and would be undergoing autonomous underwater tests in the near future.
The AIM-traded firm said it had been advised by FairfieldNodal (FFN) that FFN was focusing on growing the business of Thalassa's former subsidiary WGP Group, and did not currently intend to conclude an investment in ARL, as announced on 15 August last year.
As a result, Thalassa was now exploring options to raise further capital in ARL to accelerate the development of the prototype, prior to focusing on the development of launch and recovery systems.
The board said it expected that the full year results to 31 December would be released during the week commencing 11 June.
Thalassa also announced that it had authorised its broker, WH Ireland, to purchase up to one million of its ordinary shares during its close period commencing on 11 May.
The authority given to WHI included an agreed maximum price per share to be offered, but otherwise any purchases made by WHI would be at times and prices of its choosing and independently of the company.
Such purchases would be made by WHI on the company's behalf in accordance pursuant to the board authority dated 12 July 2017, to buy back up to £4m of the company's shares.
"We are delighted with the progress achieved by ARL in the development of its AUVs and are confident that the vision of the ARL engineers will, when completed, attract significant demand," said Thalassa chairman Duncan Soukup.
"Thalassa is, therefore, keen to attract third party investment in ARL to accelerate the node development programme.
"On a related note, we would like to congratulate WGP Group Ltd for winning the ConocoPhillips' 2017 Supplier award which recognises excellence in supplier performance worldwide."