17th Apr 2019 11:33
LONDON (Alliance News) - Local Shopping REIT PLC on Wednesday reminded shareholders, who have accepted Thalassa Holdings Ltd's offer, of their ability to withdraw their previously-granted acceptance.
Under UK Takeover rules, shareholders will be able to revoke their acceptance as 21 days from first closing date of the initial offer have passed without Thalassa being able to secure enough acceptances as to declare the offer unconditional.
"Your board believes that the level of acceptances at the first closing date for Thalassa's offer, announced by Thalassa on March 28, and the low volume of further acceptances at the second closing date, announced by Thalassa on April 11, is strong evidence to support its view that it is now highly unlikely that Thalassa will achieve sufficient acceptances to declare its offer unconditional as to acceptances," Local Shopping REIT said.
It added: "Your board continues to believe that the most effective means for shareholders to obtain the full cash return to which they are entitled is for the board to pursue the liquidation of the company, as mandated by shareholders at the general meeting held on April 5, including petitioning the court for a just and equitable winding up."
Local Shopping urged once again shareholders to not accept the offer and urged accepting shareholders to reconsider their decision.
As at April 11, Thalassa further extended its offer for Local Shopping REIT until April 24, after receiving valid acceptances in respect of 33.3 million shares, or a 40.3% stake.
The offer represents a value of 35.7 pence per share, formed by a cash and equity component. Thalassa is offering 14.64 pence in cash and 0.26 Thalassa shares per Local Shopping REIT share. The offer equates to around GBP9 million in cash and up to 16.0 million Thalassa consideration shares.
Local Shopping REIT shares were untraded at 28.26p on Wednesday, while Thalassa shares were up 1.1% at 81.90p.
Related Shares:
Thalassa (di)LSR.L