30th Aug 2019 13:29
(Alliance News) - Local Shopping REIT PLC on Friday said its tender offer will not be scaled back.
The property firm announced the share buyback tender offer back in June, which is priced at 31.33 pence per share.
According to the real estate investment trust, some shareholders who hold their shares as nominees for beneficial owners have said that the buyback might be scaled back.
"The board wish to make it clear that no such scaling-back will take place and that all LSR shareholders (other than Thalassa Holdings Ltd, which is not participating in the tender offer) may tender all of their LSR shares, should they so wish, in which case they will be paid in full for such LSR shares at the tender price. The board urges all such nominee LSR shareholders to ensure that the beneficial owners on whose behalf they hold LSR shares are aware that this is the case," said Local Shopping REIT.
The offer is conditional upon at least 40.5 million or 49% of shares - excluding treasury shares - accepting the offer before it closes on September 12. Proceeds from the sale are due by the end of September.
Shares in Local Shopping REIT were untraded on Friday at 30.80 pence and are currently under a bid situation condition.