25th Mar 2019 14:06
LONDON (Alliance News) - Thalassa Holdings Ltd on Monday stressed its offer for Local Shopping REIT PLC is "attractive", after retail property investor last week rebuffered the deal.
Thalassa is offering 14.64 pence in cash and 0.26 Thalassa shares for every share in the real estate investment trust it does not already own, equivalent to around 35.7p in total.
Thalassa already owns 26% of LSR, whose shares were untraded Monday, last quoted at 28.02p.
LSR said the deal "does not provide the full cash exit which LSR shareholders desire", after LSR shareholders failed to back a wind-up in December.
Thalassa Executive Chair Duncan Soukup said: "The Thalassa board would like to emphasise the offer is a bona fide offer which the LSR board continues to reject for reasons which, in my opinion, appear more personal than logical.
"Thalassa is able to offer an exit to LSR shareholders at a premium to the current price of an LSR share and also at a premium to the last published figure that the LSR board has disclosed might be delivered under a liquidation of the company."
Thalassa shares were also untraded on Monday, last closing at 80p.
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