19th Mar 2019 17:43
LONDON (Alliance News) - Thalassa Holdings Ltd on Tuesday called a statement by Local Shopping REIT PLC's board a "feeble attempt" to "divert attention away from their own spectacular failure".
Thalassa is offering 14.64 pence in cash and 0.26 Thalassa consideration shares for every share in the real estate investment trust that it does not already own, equivalent to around 35.7p in total.
Thalassa owned a 26% stake in the firm as of last Thursday.
On April 5, Local Shopping REIT is holding a general meeting where it will propose a resolution to liquidate the company, and has urged shareholders to accept the resolution and ignore Thalassa's offer, calling it "an opportunistic attempt to take control of shareholders' money".
Writing on Tuesday, Thalassa maintained that its offer was a "deliverable and certain exit" from Local Shopping REIT.
Thalassa characterised Local Shopping REIT's plan for an orderly wind-up as lacking substance, having no commitment to timing or value, and only adding to the costs borne by the trust's shareholders.
Thalassa Chair Duncan Soukup said: "I strongly urge the [Local Shopping REIT] shareholders to consider our offer on its merits rather than listening to the weak and misleading statements of a failed board that has only ever destroyed shareholder value."
Soukup added its offer provided "an attractive premium to both the prevailing LSR share price as well as the company's most recent (but now out of date) indication of a realisable [net asset value] per LSR share."
Thalassa invited Local Shopping REIT shareholders to accept the offer "as soon as possible" with the first closing date of the offer being March 27.
Shares in Thalassa closed down 1.2% at 80.00 pence on Tuesday.
Related Shares:
Thalassa (di)LSR.L