DJ Thalassa Holdings Ltd: Letter to Newmark Security plc (NWT) Shareholders
Thalassa Holdings Ltd (THAL)
Thalassa Holdings Ltd: Letter to Newmark Security plc (NWT) Shareholders
08-Oct-2025 / 07:30 GMT/BST
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Thalassa Holdings Ltd
Thalassa Holdings Ltd
(Reuters: THAL.L, Bloomberg: THAL:LN)
("Thalassa", "THAL" or the "Company")
Trading Update
The Company wishes to publish the following letter to the shareholders of Newmark Security plc (ticker: NWT), in which
the Company owns 21.3% of the issued shares.
The full documentation will be available in due course on the Company's website. If any person would like to receive
pdf copies of the full document, then please contact: enquiries@thalassaholdingsltd.com
__________________________________
8 October 2025
Newmark Shareholders
Dear Fellow Shareholders
I am writing to you on behalf of Thalassa Holdings Ltd. ("THAL"), the largest (21.3%), but nonetheless, a concerned
shareholder of Newmark Security Plc ("NWT").
THAL has been a long-term holder of NWT, having held shares since 2019. We have corresponded and met with Messrs M and
M-C Dwek on several occasions and expressed our increasing concerns regarding Excess Pay, Governance and Financial
Performance (or rather lack thereof).
Below, I include our letter of 25 April 2025 to the NWT Board in which I believe we clearly and succinctly outline some
of our concerns. I believe that we are responsible and considerate shareholders and have attempted, without success, to
engage with NWT's Chairman and CEO board discretely in a constructive manner, but to no avail.
Notwithstanding the fact that we are the Company's largest shareholder, our request for Board representation was
rejected out of hand. At our last meeting with the Dweks, we agreed that we would not agitate for change if the Dwek's
addressed our concerns. Sadly, nothing has changed, Compensation continues to far outstrip Net Income, and Management
continue to focus on a failed physical security business (Safetell) that has experienced a 51.3% decline in Revenues
since the current CEO, M-C Dwek's appointment, rather than focusing resources on a rapidly growing business
(Grosvenor).
As NWT's largest shareholder, we are no longer willing to support the Status Quo
In our opinion, the NWT Board continue to run the Company for the benefit of the Dwek family, with little or, in our
opinion, no consideration for shareholders other than themselves. If you as fellow shareholders have any doubt about
the facts, please see the attached xl spreadsheets which cover the relevant numbers since the Company went public. The
original version of this spreadsheet, which has now been updated with the 2025 figures, was attached to our letter of
25 April 2025. We believe that the numbers are correct but are happy to consider changes in the event of errors or
emissions.
The results, both since inception and during M-C Dwek's tenure as CEO, have been nothing short of disastrous, and even
during our tenure as a shareholder since 2019, executive compensation, including subsidiary executives, amounted to
GBP7.759m, or an astonishing and, in our opinion, unacceptable 4.8x Net Income to shareholders of
GBP1.623m.
In any normal situation Executive Compensation is calculated as a fraction of Net Income, NOT a multiple thereof
I should also like to point out that the trite responses that I have received when challenging Group compensation
simply ignore any measure of performance, Efficiency, or the generation of Shareholder Value, such as EVA, ROE, ROCE,
ROA or P/BV, EV/BV, EV/FCF, and all Turnover and Debt Ratios. To put this point into stark relief, and for anyone who
believes that I am being unfair, I would suggest a detailed read of NWT's Annual Report (AR), and specifically a read
of the Directors' Remuneration Report on page 34 of the 2025 AR. The second to last paragraph headed "Annual
performance bonuses" sums up our frustration and concerns, which reads as follows:
"Performance bonuses are awarded based on annual Company performance. Targets are set by the Remuneration Committee to
deliver financial and strategic objectives. Targets for FY25 included group revenues, HCM annual recurring revenues and
group profit from operations"
My message to the Remuneration Committee is that based on the above, you are, in our opinion, incompetent and your KPI
Targets, as stated, are quite simply unfit for purpose. The first sentence states that bonuses are based on "Company
Performance". The second sentence deviates from the concept of performance by stating that the Remuneration Committee
set targets to "deliver financial and strategic objectives".
The third sentence makes a complete mockery of inclusion of the concept of "Performance" as the first two measures,
upon which the Compensation Committee hang their hat, are "group revenues" and "HCM annual recurring revenues".
Revenues are not a measure of performance,
and if they fall into the second category of 'financial and strategic objectives', we suggest that the entire
Remuneration Committee needs to be replaced with people who understand that it is Free Cash Flow, ROCE and EVA that
they should be reviewing not revenues and certainly not the selective revenues of HCM! We have not had access to the
Directors' Remuneration and bonus scheme documents but are advised that they were prepared "with the help of expert
consultants MM&K who were recommended by Allenby Capital". I am sure that we, and other shareholders would like line of
sight of these documents, which I would recommend are circulated to shareholders, other than Board and Executive
members, for shareholder approval.
I have attached a relatively comprehensive, updated financial analysis of NWT which includes EVA and WACC calculations.
Also attached is a sheet of ratios with room for expansion…once we have more time. Unsurprisingly, the results show
that the only shareholders making money on their investment in NWT are the Dweks. The figures clearly show that all
other shareholders (not receiving compensation, consultancy fees nor dividends) are simply irrelevant.
Our calculations have been checked by a gentleman ("pc") with a Master's Degree (Msc) in Investment Analysis, who also
studied Mathematics, Economics and Computer Science as an undergraduate. I have known 'pc' many years and can vouch for
his financial acumen. I believe that the analysis we have undertaken is robust. If there are any errors or omissions,
we will reflect upon comments received and adjust as appropriate.
Whilst there are a couple of metrics that may be open to subjective interpretation, the conclusions are the same,
namely that the Management team have produced negative EVA results. As I explain (in the 'EVA' enclosure) a negative
EVA number suggests that the Board/Management of a company are destroying shareholder value.
Economic value added (EVA) calculates the profits that remain after deducting a company's cost of capital.
A negative EVA number suggests destruction of shareholder value.
On behalf of the THAL Board, our message to the NWT Board is that we will no longer stand by while they reward mediocre
or, worse, in our opinion, poor or non- existent performance.
Our short-term objectives are threefold:
1. to alert fellow NWT shareholders to the fact that THAL will no longer support nor tolerate the Dweks' closed shop
approach to running NWT as a private company;
2. to advise NWT shareholders that Thalassa, as the largest shareholder, will no longer support the appointment of the
current independent Directors, as we do not consider them to be independent; and
3. to suggest to NWT shareholders that if they, like us, are frustrated and concerned that they
a. let the NWT Board know of their frustration, and
b. vote against a continuation of what we consider to be a self-serving agenda of the Dweks at the upcoming AGM.
Our longer-term objectives are also clear, it is our intention to seek changes to the NWT Board, and to have
Independent Directors appointed who represent the interest of ALL shareholders not just a minority of two. If,
therefore, any shareholder reading this letter would be willing to serve on the Board of NWT or would like to recommend
an individual willing to serve as a Director of NWT, please contact us with a C.V. / Bio., for potential inclusion as
Nominees for a new Board. In the event that the Dwek's do not accede to 1. our request for Board representation and 2.
the appointment of (replacement) Independent Directors, we shall seek to replace the entire Board with representatives
willing to represent ALL shareholders.
Finally, we wish to advise NWT shareholders that we have voted AGAINST Resolution 3. the re-appointment of Mr Yap. We
are concerned that Mr Yap's apparent support for the compensation/remuneration, performance bonuses, and, in our
opinion, appalling Governance decisions do not reflect independence from the Dwek family and, therefore, appear only to
favour the Dwek's not ALL shareholders. We have also voted AGAINST Resolutions 5 and 6. Resolution 5 allows for the
Directors to 'generally and unconditionally allot shares or grant rights to subscribe for or to convert any security
into shares' (read options) approval of which will not have been put to shareholders for their approval. Resolution 5
is an Ordinary Resolution. We have also voted AGAINST Resolution 6 the disapplication of pre- emption rights.
Resolution 6 is a Special Resolution which requires 75% of votes cast at the meeting to vote in favour of the
Resolution or for, in excess of 80% of the total number of shares outstanding to be voted at the AGM to out-vote us. We
think it unlikely that even the incumbent Board will succeed in mustering that number of shares to support such an
abusive and ill-advised proposal, guaranteed only to harm current shareholders.
Our actions are a warning shot to the Board. The NWT Board now have their last opportunity to replace the current
independent Directors with shareholder nominees or face the reality and consequences of their actions and engage with
us in a needless Proxy Battle. Unlike the Dwek's, we have no personal agenda for self- enrichment at the expense of
NWT's independent shareholders our sole objective is for equitable treatment and the creation of Value for ALL of NWT's
shareholders.
Sincerely,
Duncan Soukup
email: duncan.soukup@thalassaholdingsltd.com mob. +33 6 76 84 50 51
Encs: Letter to NWT Board, 25.4.2025, Financial Analysis, Sales Analysis, WACC, EVA, Stock Price, Ratio Analysis
25 April 2025
Newmark Security Plc - by email
Dear Members of the Board,
As you are aware Thalassa Holdings Ltd owns 2 million shares of NWT (21.3%) making us the Company's largest
shareholder. Whilst we have a strong conviction in the opportunities present at the Company, we are disappointed with
the Company's Financial-, Operational- and Share Price performance and the Board's indefensible Governance Record that
has constantly rewarded Leadership for negative shareholder returns.
1. Excessive Compensation, and complete Lack of Corporate Governance
We consider the compensation of the Dwek family, at the expense of shareholders, to be wholly unacceptable, which was
only achievable with the explicit support of the Independent Directors. In our opinion, Messrs Rapoport and Yap's
actions have compromised their status as Independent Directors and forsaken all consideration for the financial health
of the stakeholders they are supposed, as independent directors, to represent, namely ALL the Company's shareholders.
To be clear, we consider the compensation of Messrs. M and M-C Dwek to be not only unrelated to any normal 3 year
rolling performance KPI's such as ROCE, ROA, Net Income, Free Cashflow, Book Value, and Share Price performance, but
also excessive given the additional costs of the other Executive Director(s) and the Subsidiary Executive Directors.
The Company Leadership's (Executive and Subsidiary Executive Directors) compensation is, frankly, wholly inappropriate
as well as disproportionate to NWT's size and financial performance whether measured from the time of listing, or over
the past 12 years since M-C Dwek was appointed CEO. We would point out that the figures include our rather hopeful,
positive estimates for 2025E.
We would draw the Board's attention to the enclosed xl spreadsheet, which starkly illustrates the Company's excessive
compensation and cost structure. The following extract from our xl spreadsheet highlights the Company's inequitable and
clearly uneconomical compensation policy.
Compensation vs. Net Income attributable to Shareholders between 2014 and 2025E
Ms M-C Dwek GBP3.36 million
Mr M Dwek GBP1.303 million
M-C + M Dwek GBP4.663 million
Total Board Compensation GBP7.653 million
Total Executive Directors + Subsidiary Executive Directors GBP14.410 million
Net Income attributable to shareholders -GBP1.6 million, or
-GBP1.258 million…
…including our 2025E of
net income of +GBP467,800
2. Balance Sheet deterioration
Erratic Operational performance, unsustainably high fixed costs, and excessive compensation have resulted in a > 30%
decline in the Company's Book Value between 2014 and 2024. We are astonished, therefore by the reference in the CEO's
statement in the 2024 AR that Strategic Growth Plans include, "increasing net assets". Why only now?
3. Upside-only Performance Bonuses
Performance bonuses that appear to be calculated only on increased Revenues and EBITDA, and based on the result of a
single year rather than on a three-year rolling basis are a complete waste of time, rewarding Executives for reasonable
results but never penalising them for poor or worse, bad results. It is like saying "The Executive are only responsible
for positive-, but not negative results." We would argue that such "Golden Ticket" reward-schemes have are totally
inappropriate in a public company.
We would also point out that we have not included Options or warrants in our analysis but note that the Board has
awarded and replaced lapsed options with gay abandon and with no apparent relevance to the company's long-term
performance.
4. Poor Operational Performance
Divisional revenues and margins have been inconsistent over the past 12 years, and whilst HCM growth, particularly in
the US, is a stand-out, Access Control and Physical Security revenues have fallen precipitously by 35% and 51%
respectively. The net result is that total revenue growth over the entire period between 2014 and 2024 of 16.2%, 1.35%
annually, has not even kept pace with inflation.
Revenue collapse of these magnitudes is often symptomatic of redundant or obsolete technology (Access Control) or a
mature and declining market (Physical Security).
Given the Company's results we question the Board's strategy, particularly in respect of allocation of capital to the
Group's subsidiaries, which suggest to us the immediate need for a Strategic Review.
5. Stagnant share Price Performance
Given NWT's economic performance and the Board's incomprehensible decision to reward such poor performance, it is
hardly surprising that the Company's shares have languished, and why we have been able to increase our holding in the
Company.
Frankly, it strikes us that NWT's Board has forgotten that the Company is Public. To wit, during a recent meeting with
M-C Dwek, post Thalassa's acquisition of the Reid stake, the only question I was asked was "what are our intentions"?
Sadly, not whether we consider the Company's performance to be satisfactory or whether we consider the share price
performance to have met or exceeded our expectations!
In summary, we fully understand the issues of running a public company, as well as the challenges of Covid and other
unpredictable economic potholes. Whilst we can live with those bumps in the road, we cannot tolerate leadership's
enrichment at the expense of shareholders which we consider both morally and financially unacceptable. We are, in
principle, supportive of performance related compensation, but only when based on 'real' not fictitious performance
measures, such as Revenue Growth, and EBITDA, neither of which measure performance, nor enhance shareholder value.
6. Conclusion
We consider the current Board to be compromised, unfit for purpose, and in immediate need of change. It is our firm
opinion that there is a long overdue need for accountability at Newmark, which can only be achieved by the appointment
of
Directors willing to serve all stakeholders not just a select few. We would suggest that Messrs Rapoport and Yap
'retire' and be replaced by me and two other nominees including one from the ranks of current shareholders and one from
industry or finance.
Maurice, if you and the Board are willing to agree to our proposal, including a full Strategic Review, then we see no
need for an avoidable public spat. If, however, the Board seeks to justify or defend their record or dismiss our
constructive approach, as you did when we first met pre-Covid, we will seek shareholder support to replace the entire
board.
We fully understand that you may not welcome our forthright approach, but we have watched and waited for over 5 years
during which time we have seen no improvement in results, nor governance. We are unwilling to sit by any longer whilst
you and the current board treat shareholders with utter disdain and run NWT as a private company.
During my conversation with M-C Dwek following our recent acquisition of shares, I was offered the opportunity of
meeting with the Chairman during his annual trip to Monaco but, sadly, I have heard nothing further, which is
completely consistent with the general treatment of shareholders.
Please be advised that if we do not hear from you by close of business on Wednesday 30 April 2025 that we will go
public and seek shareholder approval to reconstitute the Board.
Sincerely,
Duncan Soukup Chairman
Encl.:
Share price chart, Xl spreadsheet
Total Total Total Total Total THAL Estimate
Board Compensation GBP'000
1997 - 2025A 1997 - 2025E 1997 - 2013A 2014 - 2025A 2014 - 2025E 2025A 2025E
Executive Directors
M-C Dwek 3,407 3,368 8 3,399 3,360 345 306
P Campbell-White 849 840 - 849 840 257 248
G Feltham 354 354 - 354 354 - -
B Beercraft 2,569 2,569 1,541 1,028 1,028 - -
D Blethyn 725 725 663 62 62 - -
S Rajwan 783 783 783 - - - -
M Veldhoen 141 141 141 - - - -
S Foot 39 - 39 - - - -
Non-Executive Directors
M Dwek GBP'000 3,517 3,514 2,211 1,306 1,303 136 133
M Rapoport 513 512 201 312 311 31 30
R Waddington 311 280 25 286 255 31
T Yap 106 136 0 106 136 30
N Medlam 78 78 74 4 4 -
M-C Dwek GBP'000 24 24 24 - - - -
M David 19 19 19 - - - -
A Reid 174 174 174 - - - -
D Ishag 4 4 4 - - - -
Total Board Comp. 13,613 13,560 5,907 7,706 7,653 800 747
M+M-C Dwek GBP'000 6,948 6,906 2,243 4,705 4,663 481 439
Exec + Subsidiary Exec Dir. 25,316 25,122 10,712 14,604 14,410 1,443 1,339
?% 7.8%
Aggregate 2020 - 2025 GBP7,759
Mkt Cap GBP millions 8.67 6.5
People & Data Mnagement HCM
Total
92,685 15,380
?% 14.3%
Access Control Total 39,267 2,719
?%
PDM + AC Total 131,952 18,099
?% 9.90%
Physical Security
Products 56,236 2,194
Services 29,358 2,744
Total Total Total Total Total THAL Estimate
Board Compensation GBP'000 1997 - 2025A 1997 - 2025E 1997 - 2013A 2014 - 2025A 2014 - 2025E 2025A 2025E
Executive Directors
Physical Security Total 85,594 4,938
?% -14.98%
Total Group Revenue 426,473 426,827 189,756 236,717 237,071 23,037 23,390.9
?% 3.4%
Gross profit 167,523 167,494 77,147 90,376 90,347 9,385 9,356
Gross Margin 38.2% 38.1% 40.7% 40.0%
?% Gross Profit 26.3% 3.2%
Profit from Opertions/(Loss) 1,502 1,742 3,148 (1,646) (1,406) 930 1,170
(EBIT)
Operating Margin -0.70% -0.59% 4.04% 5.0%
?% 8.5%
Net Income/(Loss) (1,283) (1,445) (218) (1,065) (1,227) 662 500.0
Net Margin -0.45% -0.52% 2.87% 2.14%
?%
Tax Rate 25%
Net Operating Profit after Tax 697,500
(NOPAT)
Invested Capital Equity + (Debt + Capital Leases) + Non Operationg Cash/
Assets
EPS / Basic GBP 0.0706 0.05
EPS / Diluted GBP 0.0665
Dividend pence
# Employees 109
Personnel Expenses GBPmillions 21,364.34 12,478.8 9,039 8,885.6 8,953 8,800
Net Equity (BV) BV since 2013 GBPmillions 8.7 8.3
shs o/s 9.374647 9.374647
BV/Shr. 0.93 0.89
Years 28
Years 12
Board Compensation
2024 2023 2022 2021 2020 2019 2018 2017 2016 2015
Executive Directors
M-C Dwek 306 289 260 337 332 310 231 232 237 239
P Campbell-White 248 214 130 - - - - - - -
G Feltham - - 115 141 98 - - - - -
B Beercraft - - - - 89 163 163 163 160 150
D Blethyn - - - - - - - - - -
S Rajwan - - - - - - - - - -
M Veldhoen - - - - - - - - - -
S Foot - - - - - - - - - -
Non-Executive Directors
M Dwek 133 118 114 85 112 110 106 103 101 96
M Rapoport 30 26 25 25 25 25 25 25 25 25
R Waddington 30 25 25 25 25 25 25 25 25
T Yap 30 26 25 25 - - - - - -
N Medlam - - - - - - - - - -
M-C Dwek - - - - - - - - - -
M David - - - - - - - - - -
A Reid - - - - - - - - - -
D Ishag - - - - - - - - - -
Total Board Comp. 747 703 694 638 681 633 550 548 548 535
M+M-C Dwek 439 407 374 422 444 420 337 335 338 335
Exec + Subsidiary Exec 1,339 1,010 1,025 1,407 1,535 1,194 1,191 1,004 1,033 1,084
Dir.
?%
Aggregate 2020 - 2025
Mkt Cap
8.0 5.3 3.1 5.6 5.2 4.0 4.5 6.4 13.2 13.3
People & Data Mnagement
HCM Total
13,452 12,551 11,442 9,659 9,142 6,908 4,118 3,291 3,278 3,464
?% 7.2% 9.7% 18.5% 5.7% 32.3% 67.8% 25.1% 0.4% -5.4% 9.1%
Access Control Total 3,017 3,023 3,117 2,988 4,215 4,071 3,842 3,801 4,361 4,113
?% -25.69%
PDM + AC Total 16,469 15,574 14,559 12,647 13,357 10,979 7,960 7,092 7,639 7,577
?% 127.7%
Physical Security
Products 3,690 2,840 3,131 3,220 2,695 4,810 4,874 5,870 10,721 12,191
Services 2,118 1,900 1,455 1,791 2,715 3,794 3,218 3,074 3,463 3,086
Board Compensation 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015
Executive Directors
Physical Security Total 5,808 4,740 4,586 5,011 5,410 8,604 8,092 8,944 14,184 15,277
?% -51.34%
Total Group Revenue 22,277 20,314 19,145 17,658 18,767 19,583 16,052 16,036 21,823 22,854
?% 9.7% 6.1% 8.4% -5.9% -4.2% 22.0% 0.1% -26.5% -4.5% 19.2%
Gross profit 8,585 7,638 6,419 6,629 7,449 7,765 5,792 4,474 9,098 9,712
Gross Margin 38.5% 37.6% 33.5% 37.5% 39.7% 39.7% 36.1% 27.9% 41.7% 42.5%
?% Gross Profit 12.4% 19.0% -3.2% -11.0% -4.1% 34.1% 29.5% -50.8% -6.3% 30.7%
Profit from Opertions/ 774 284 (1,214) (33) 305 220 (1,877) (5,233) 1,198 2,143
(Loss) (EBIT)
Operating Margin 3.47% 1.40% -6.34% -0.19% 1.63% 1.12% -11.69% -32.63% 5.49% 9.38%
?% -9.68%
Net Income/(Loss) 134 353 (804) 151 1,127 189 (1,868) (5,236) 1,227 2,143
Net Margin 0.60% 1.74% -4.20% 0.86% 6.01% 0.97% -11.64% -32.65% 5.62% 9.38%
?% -84.36%
Tax Rate
Net Operating Profit
after Tax (NOPAT)
Invested Capital
EPS / Basic GBP 0.01 0.04 (0.32) 0.03 0.24 0.04 (0.40) (1.11) 0.26 0.48
EPS / Diluted GBP
Dividend pence 0.1 0.1
# Employees 102 99 103 112 115 128 142 158 161 155
Personnel Expenses 8.292 7.274 7.119 6.781 6.979 7.931 7.967 8.902 8.962 8.097
14.4%
Net Equity (BV) 8.1 7.9 7.6 8.2 8.3 7.1 6.9 8.8 14.5 13.6
BV since 2013 -30.17%
shs o/s 9.374647 9.374647 9.374647 9.374647 9.374647 9.374647 9.374647 9.374647 9.374647 9.200000
BV/Shr. 0.86 0.84 0.81 0.87 0.89 0.76 0.74 0.94 1.54 1.48
-32.96%
Years 27 26 25 24 23 22 21 20 19 18
Years 11 10 9 8 7 6 5 4 3 2
M-C Dwek - 24 24
M David - 19 - - - - - - - -
A Reid - 174 - - - 11 15 15 15 15
D Ishag - 4 - - - 4 - - - -
Total Board Comp. 629 5,907 548 406 402 426 193 188 184 403
M+M-C Dwek 373 2,243 171 75 75 75 50 50 50 274
Exec + Subsidiary Exec 1,249 10,712 1,124 1,074 932 862 946 908 945 764
Dir.
Note 5
?%
Aggregate 2020 - 2025
Mkt Cap
7.3 6.6 3.5 6.3 8.3 5.5 7.3 5.7 3.8
People & Data Mnagement
HCM Total
3,174 2,871
?%
Access Control Total 4,060 3,744
?%
PDM + AC Total 7,234 6,615 6,039 6,142 6,325 6,631 7,494 7,441 6,407
%
Physical Security
Products 8,719 8,295
Services 3,218 3,406
?%
Board
Compensation
2005 2004 2003 2002 2001 2000 1999 1998
Executive
Directors
M-C Dwek
P Campbell- - - - - - - - -
White
G Feltham - -
- - - - - -
B Beercraft 99 99 95 107 80 70 58
D Blethyn - - - - - - - -
S Rajwan - 64 174 157 123 102 83 80
M Veldhoen - - - - - 30 77 34
S Foot - - - - - - - 39
Non-Executive
Directors
M Dwek 198 198 274 319 121 146 99 68
M Rapoport - - - -
- 15 - 11 - 7 - 8
R Waddington - - - -
T Yap - - - - - - - -
N Medlam - - - - - - - -
M-C Dwek
M David - - - - 2 7 5 5
A Reid 15 11 31 21 8 7 5 5
D Ishag - - - - - - - -
Total Board 327 383 581 612 334 362 327 231
Comp.
M+M-C Dwek 198 198 274 319 121 146 99 68
Companies House
Exec +
Subsidiary 327 383 581 612 334 362 327 231
Exec Dir.
?%
Aggregate
2020 - 2025
Mkt Cap
6.9 3.0 2.4 3.9 4.5 9.4 7.4 7.4
People & Data
Mnagement HCM
Total
?%
Access Control
Total
?%
PDM + AC Total
6,682 4,032
?%
Physical
Security
Products
Services
?%
Primary Geographic Markets ?% 2025 2024 UK -0.85% (81) 9,434 9,515 USA -3.20% (261) 7,886 8,147 Belgium 21.40% 337 1,912 1,575 Canada 116.22% 738 1,373 635 Netherlands -6.26% (35) 524 559 Mexico -5.83% (36) 581 617 Middle East -11.27% (8) 63 71 Sweden 76.47% 78 180 102 Switzerland -80.00% (40) 10 50 Ireland -75.53% (142) 46 188 Rest of the World 25.67% 210 1,028 818 Total 3.41% 760 23,037 22,277
NWT Economic Value Added (EVA)
EVA = NOPAT - (Invested Capital* WACC) or
Modified Formula NOPAT - (Total Assets - Current Liabilities)* WACC
Cash Debt Right of use of Land Leasehold Shareholder's
Improvements Equity
NOPAT Net Operating Profit after Taxes
Invested capital Debt + Capital Leases 344,000 4,015,000 2,103,000 424,000 8,672,000
+ Shareholders' Equity Gross
WACC Weighted Average Cost of Capital Dep'n 1,123,000 376,000
Net BV 980,000 48,000
EVA AR2025pg61
EVA Modified Formula
NOPAT
Total Assets 344,000 AR2025pg44
Current Liabilities (ex Debt)
12,800,000.00
AR2025pg65
WACC
EVA
[^ ]
[^EVA Definition]
[^EVA shows how well a company generates true economic profit over its cost of capital by subtracting Weighted Average Cost of Capital (WACC) from Net Operating ProfitAfter Taxes (NOPAT)]
[^ ]
[^EVA encourages management to focus on capital efficiency and value creation, benefiting shareholders]
[^ ]
[^ ]
[^ ]
[^ ]
[^Conclusion]
[^The Calculation of WACC and EVA includes subjectivity and can, therefore, be challenged. However, unless the formulae contain significantly erroneous numbers, the quantum may change whilst the Conclusion will remain the same.]
[^ ]
[^In the case of NWT the Conclusion quite simply confirms the conclusion reached using multiple other ratios, namely that the Company is being run for the benefit of insiders with no consideration for shareholders other than themselves]
[^ ]
[^ ]
[^ ]
[^If the Company or any shareholder wishes to inform us of any errors or omissions, we will readily reflect on the input received, and make appropriate adjustments]
[^ ]
For WACC, Stock Price and Ratio Analysis, see the Company's website in due course.
END
For further information, please contact:
Enquiries: enquiries@thalassaholdingsltd.com Thalassa Holdings Ltd
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Dissemination of a Regulatory Announcement that contains inside information in accordance with the Market Abuse Regulation (MAR), transmitted by EQS Group. The issuer is solely responsible for the content of this announcement.
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ISIN: VGG878801114 Category Code: MSCL TIDM: THAL LEI Code: 2138002739WFQPLBEQ42 Sequence No.: 404419 EQS News ID: 2209520 End of Announcement EQS News Service =------------------------------------------------------------------------------------
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(END) Dow Jones Newswires
October 08, 2025 02:30 ET (06:30 GMT)
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