Every company listed on AIM is overvalued according to Thalassa Holdings PLC’s (LON:THL) chairman, Duncan Soukup.
Thalassa, now a submersible drone developer with US$20mln in the bank, looked at all 883 companies on AIM as a part of a review of potential acquisitions.
“[We] have so far failed to identify any potential and available acquisition targets selling at a discount to management's view of their intrinsic value,” he said.
Shareholders won’t get any special pay-out from the cash pile either, he said, as this might affect its ability to generate returns from its portfolio in future.
Thalassa’s net assets were worth US$25.6mln at the end of 2017 with the group posting a loss from its ongoing operations of £2.53mln during the year.
The group sold its oil and gas seismic business WGP in January to FairfieldNodal for US$20mln up front and a possible further US$10mln.