9th Jan 2019 09:00
LONDON (Alliance News) - Thalassa Holdings Ltd said on Wednesday it is preparing an offer for the shares in Local Shopping REIT PLC it does not already own.
This comes after Thalassa, which holds just over 25% of Local Shopping REIT, in December effectively blocked a move by Local Shopping REIT to wind itself up.
A wind-up resolution was voted on at a general meeting held at the time, where 62% of shareholders voted in favour of winding up the firm, falling short of the 75% majority required. Effectively all votes against were Thalassa's.
"Thalassa did not support the voluntary liquidation for reasons set out in previous announcements, most recently on December 10 2018," Thalassa said.
"The company's view of the voluntary liquidation proposal was that it included a number of uncertainties for Local Shopping REIT shareholders including value erosion during the liquidation process, uncertain transactional costs and an open-ended timetable," it continued.
"By contrast, Thalassa believes there remains value in maintaining Local Shopping REIT as an investment vehicle with a revitalised investment strategy under new management and a materially reduced cost base."
As a result, Thalassa is planning an offer for the remaining shares in the real estate investment trust that it does not already have, though gave no further details.
Thalassa shares were untraded Wednesday, last quoted at 81.50 pence each, while Local Shopping REIT shares were 3.6% higher at 29.00p.
Related Shares:
Thalassa (di)LSR.L