Board of Directors

Directors' biographies

Duncan Soukup, Chairman (date of birth: 8 September 1954)

Mr Soukup has over 30 years of investment experience. Having worked in investment banking for 10 years (1984-1994), latterly with Bear Stearns as managing director in charge of the company's non-US equity business, Mr Soukup set up his own investment management business in 1994.

Acquisitor plc, a company of which Mr Soukup was a director, was admitted to trading on AIM in January 2000. In 2002, 90 per cent. of the assets of Acquisitor Plc were moved to Acquisitor Holdings Ltd (Bermuda) and Acquisitor Plc was left as an investing company which then acquired Tinopolis Plc, a leading UK independent TV production company. In 2006, Acquisitor Holdings Limited (Bermuda) merged with New York Holdings Ltd. and Baltimore Plc. Shortly thereafter, the combined group was acquired by Oryx International Limited, a Guernsey investment company. Mr Soukup is the Founding Shareholder and Chairman of Thalassa.

Francis Smulders, Non-executive Director (date of birth: 19 August 1965)

Mr Smulders brings over 22 years of professional experience in a wide range of industries from a strategic consulting perspective, including Oil & Gas, FMCG and financial services. He started his career with Allseas, a supplier of offshore installation services, before taking up positions with Marakon Associates and establishing Baintree Strategy Consulting.

Mr Smulders is a director of Baintree Limited and holds an MSc in mechanical engineering from Delft University of Technology, as well as an MBA from INSEAD.

Graham Cole FCA, FCISI, Non-executive Director (date of birth: 25 August 1946)

Mr Cole specialises in advising growth companies on public offerings, capital raising, merger and acquisition strategy. He has been involved in over 60 public flotations (in London, on the Official List and AIM, and in Europe, on EASDAQ - now NASDAQ Europe). Mr Cole has initiated, project managed and negotiated the acquisition and sale of a wide range of companies, both domestic and international, in transactions ranging from £2 million to £50 million.

Mr Cole qualified as a chartered accountant and was a partner at Deloitte Haskins & Sells before moving into corporate finance as a director of Beeson Gregory Limited (now Evolution Securities Limited) in 1995.

Mr Cole is a co-founder and past executive member of the Quoted Companies Alliance. Mr Cole has extensive experience as a director of both private and public companies including Stagecoach Theatre Arts PLC (Chairman) and Vantis PLC.

Mr Cole received the Lifetime Achievement Award for Services to the mid-cap. public company market in 2002.

David Thomas, Non-executive Director (date of birth: 11 January 1950)

Mr Thomas is a geologist with 30 years experience in the oil and gas industry, mainly in North and West Africa. After five years of working in SE Asia and then in London for North Sea operations, Mr Thomas spent the late 1970s and early 1980s working in Libya for Occidental Petroleum, and then in Tunisia for Tenneco. A return to London as International Chief Geologist for the Kuwait Petroleum Corporation gave Mr Thomas the opportunity to develop his technical management skills and establish a broad international contact network. In the late 1980s, Mr Thomas formed a consultancy, Thomas & Associates, offering a broad range of petroleum advisory services. Clients have included major oil companies and foreign government agencies. Mr Thomas served most recently as managing director of AIM-quoted medOil PLC, a position he held for three years until the sale of the company to Cairn Energy plc in the fourth quarter of 2007

Directors' responsibilities

The Directors of the Company, all of whom are non-executive save for the Executive Chairman and Executive Director, will be responsible for the overall activities of the Company. The Board will be expanded in due course to reflect the size and needs of the Company.

Committees of the Board of Directors

As an AIM-quoted company, the Company is not obliged to, and does not, currently comply with the corporate governance regime in the UK, as set out in the UK Corporate Governance Code. However, the Directors has implemented certain corporate governance recommendations as far as is practicable having regard to the size of the Group. The board remains accountable to the Company’s shareholders for good corporate governance.

The Board has established an Audit Committee, a Remuneration Committee and an AIM Compliance Committee with formally delegated duties and responsibilities.

The Audit Committee consists of Graham Cole as chairman and any one other director, (other than the finance director). The Audit Committee has primary responsibility for monitoring the quality of internal controls and ensuring that the financial performance of the Group is properly measured and reported on and for reviewing reports from the Company's auditors relating to the Company's accounting and internal controls, in all cases having due regard to the interests of Shareholders.

The Remuneration Committee consists of David Thomas as chairman and any one other director, and determines the terms and conditions of service of the executive Directors, including their remuneration and grant of options.

The AIM Compliance Committee consists of Graham Cole as chairman and any one other director and will meet twice a year and will be responsible for ensuring that the Company's obligations under the AIM Rules are discharged by the Board.

The Company has adopted a share dealing code for Directors and certain employees (as applicable) in order to ensure compliance with AIM Rule 21 on share dealing. The Directors will take all reasonable steps to ensure compliance by such employees.

Registered Office:
PO Box 800
Road Town, Tortola,
British Virgin Islands

Thalassa Holdings Ltd, Folio Chambers, PO Box 800, Road Town, Tortola, VG1110, British Virgin Islands.
Tel: +1 284 494 7065 | Fax: +1 284 494 8356 | Email: enquiries@thalassaholdingsltd.com