Thalassa Holdings Limited Investment in London Medical Laboratory Limited (6319N)
February 02 2021 - 2:00AM
UK Regulatory
TIDMTHAL
RNS Number : 6319N
Thalassa Holdings Limited
02 February 2021
Thalassa Holdings
Investment in London Medical Laboratory Limited
Thalassa Holdings Limited
2 February 2021
Thalassa Holdings Ltd
(Reuters: THAL.L, Bloomberg: THAL:LN)
("Thalassa", "THAL" or the "Company")
Thalassa makes GBP2.5m investment in London Medical Laboratory
Limited ("LML")
This announcement contains inside information for the purposes
of Article 7 of Regulation 596/2014.
The Board of Thalassa is pleased to announce that the Company
has entered into an agreement with LML, a leading clinical testing
specialist and provider of pathology diagnostics services, to lend
LML up to GBP2,500,000 (the Financing).
The Financing, which will be used by LML to fund the opening of
new phlebotomy clinical facilities and to increase the capacity of
its existing facilities, has a term of 3 years and attracts PIK
return of 5% per annum.
The Financing is a precursor to LML seeking a possible AIM
Admission. Thalassa has committed to convert and subscribe for
shares issued in the Admission, equal in value to the committed
amount of the Financing plus the rolled up PIK return on any sums
drawn down.
Alongside the Financing, LML has issued 3-year warrants to
Thalassa carrying the right to subscribe for shares representing 8%
of the fully diluted share capital of LML.
Thalassa may transfer or assign its rights and obligations under
the Financing agreement to a third party, including another Group
company.
Duncan Soukup, chairman of Thalassa, said:
"We are delighted to have the opportunity to partner with LML's
founders, Seth Rankin and Flavia Araujo-Rankin, and their team at
LML and look forward to assisting and supporting the growth of the
business, as well as the Company's AIM Admission preparations. The
UK private-pay market for blood is in its infancy compared to the
US, but for those interested in the potential, it is worth taking a
look at Quest Diagnostics Inc. (NYSE: DGX US), a Fortune 500-USA
Company with a Market Cap of $17bn with 2020/LTM Revenues, through
30-12-2020, of $8.4bn, or Laboratory Corporation of America
Holdings (NYSE: LH US) also a Fortune 500-USA Company with a Market
Cap of $21bn with 2020/LTM Revenues, through 30-12-2020 of $12.4bn.
In the year ended 31 December 2020, LML generated revenue of
approximately GBP13.2 million."
Seth Rankin, CEO of LML, said:
"LML is excited to be partnering with Thalassa and the advice
and support offered by Duncan and his team will be a huge asset in
smoothing our path to an AIM Admission later this Spring. Having
the ability to benefit from the Thalassa's experience in the public
markets and their contacts, will both accelerate LML's progress
through the Admission process, and help with realising the many
incredible opportunities for growth that LML has identified in the
medical laboratory sector"
END
Enquiries:
Thalassa Holdings Ltd
---------------------
Duncan Soukup (Executive Chairman) +33 (0)6 78 63 26 89
---------------------
London Medical Laboratory Limited
---------------------
Seth Rankin (Co-Founder and Chairman)
Flavia Araujo-Rankin (Co-Founder) +44 (0)207 183 3718
---------------------
WH Ireland Limited (Financial Adviser) +44 (0)207 220 1650
---------------------
Chris Fielding (Managing Director, Corporate
Finance)
---------------------
Note to Editors:
About Thalassa
www.thalassaholdingsltd.com
Thalassa Holdings Ltd. is a holding company with various
interests across a number of industries which currently include,
FinTech, Robotics and Leisure & Entertainment and Security
& Access Control.
About London Medical Laboratory
www.londonmedicallaboratory.co.uk
London Medical Laboratory is an independent clinical testing
specialist and provider of pathology diagnostics services. The
company offers the latest in pathology testing solutions across a
number of disciplines including clinical biochemistry, immunology,
haematology, sexual health screening and molecular biology from its
dedicated, state-of-the-art laboratory in central London.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
AGRFFFVIFSILIIL
(END) Dow Jones Newswires
February 02, 2021 02:00 ET (07:00 GMT)
Thalassa (LSE:THAL)
Historical Stock Chart
From Apr 2024 to May 2024
Thalassa (LSE:THAL)
Historical Stock Chart
From May 2023 to May 2024