2nd Apr 2019 17:29
LONDON (Alliance News) - Local Shopping REIT PLC noted Thalassa Holdings Ltd's announcement Tuesday, calling it "no surprise".
Thalassa said it voted against a proposal to liquidate Local Shopping REIT and once again called for the real estate investment trust's shareholders to accept its hostile takeover offer.
Thalassa's current stake in LSR is 25.5%, which has voted against the wind up motion to be tabled at a general meeting on Friday.
LSR responded, saying Thalassa has "consistently opposed" attempts by the LSR to return to the cash to which LSR shareholders are "entitled".
LSR plans on returning cash while it tries to wind down the company. The trust sought approval for members' voluntary liquidation at the end of 2018, but could not do so because of Thalassa's opposition.
Thalassa reiterated Tuesday that its takeover offer is a "deliverable and certain exit" for LSR shareholders. Thalassa also claims that it has received advice that there is only a remote chance of a court making a wind up order in Local Shopping REIT's case.
LSR replied later Tuesday saying Thalassa is "entitled to form its own opinion" but has "not made clear the reasons supporting its view".
LSR claimed Thalassa's intention is to "gain control" of the cash LSR shareholders are "entitled" and, therefore, "firmly" recommends LSR shareholders ignore Thalassa's offer.
Thalassa is offering 14.64 pence in cash and 0.26 Thalassa shares per LSR share, with the offer open until Wednesday next week. The offer equates to around GBP9 million in cash and up to 16.0 million Thalassa consideration shares.
Shares in Local Shopping REIT closed down 1.1% Tuesday at 28.00 pence each. Thalassa closed down 1.2% at 80.00p.
Related Shares:
Thalassa (di)LSR.L