3rd May 2019 18:20
LONDON (Alliance News) - Thalassa Holdings Ltd on Friday said its offer for Local Shopping REIT PLC has lapsed due to a lack of acceptances.
Thalassa extended the deadline for its per share offer of 14.64 pence in cash plus 0.26 Thalassa consideration shares three times, once to April 24 and again to Wednesday this week before a final extension to Friday.
At the final extended deadline, Thalassa had received acceptances in respect of 11.4 million Local Shopping REIT shares, equivalent to 18.5% of shares.
Including its own holding, Thalassa owned or had obtained acceptances for 32.4 million shares, approximately 39.3% of Local Shopping REIT's capital. As this did not meet the necessary threshold for the offer, it has lapsed and cannot be accepted any longer.
"The Thalassa board remains baffled by the incomprehensible opposition of the [Local Shopping REIT] board to a certain exit opportunity for its shareholders at an attractive premium to LSR's prevailing share price and net asset values. LSR shareholders are now faced with the option of the LSR board's uncertain and costly proposal to wind up the company which was only supported by approximately 44.9% of LSR's shareholders at the recent general meeting," said Thalassa.
"The Thalassa board remains resolute in its stance that the offer was the best possible alternative for LSR shareholders to receive fair value for their LSR shares after having seen the value of their investment continue to decline, as it has every year since inception," Thalassa added.
On Thursday, Local Shopping REIT issued its own statement regarding the Thalassa offer, calling Thalassa shares "unacceptably risky" and continuing its recommendation against accepting it.
Shares in Thalassa closed 1.2% lower at 80.00 pence, while Local Shopping REIT shares were 1.4% lower at 28.40p on Friday.
Related Shares:
Thalassa (di)LSR.L