LONDON (ShareCast) - (ShareCast News) - The board of Thalassa Holdings confirmed it had sold 40m ordinary shares in copper and gold exploration company Papua Mining on Monday.
Further to the announcement made by Papua on 13 October 2017, Thalassa said it had sold the shares at a price of 1.15p per share, netting it a 23.3% return on investment, including gains from changes in the exchange rate.

Duncan Soukup, the company's chairman, said the share purchase and sale was wholly consistent with its revised mandate from shareholders.

Thalassa had bought the shares just a few days before, on 12 October, at 1.0p.

Soukup said, "the board is delighted to have achieved an impressive return on investment, against a backdrop of the 0.25% interest per annum alternative had the cash been left on deposit at the bank.

"The board would like to point out that the acquisition of the Papua position was wholly consistent with the revised mandate approved by shareholders which amended the company's strategy to expand the board's investment mandate to any industry where the board identified opportunity for capital growth."

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