Local Shopping REIT (The) PLC Proposed requisition of a general meeting (5640N)

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RNS Number : 5640N

Local Shopping REIT (The) PLC

27 October 2016

The Local Shopping REIT plc

The Board of The Local Shopping REIT plc (the Company) announces that it is in receipt of a communication dated 21 October 2016 from Mr Duncan Soukup of Thalassa Holdings Ltd, owners (through two different nominees) of 23.48% of the Company's issued share capital, indicating his intention to requisition a general meeting of the Company. No formal requisition has been served on the Company at this point though.

The stated purpose of the general meeting is the removal of the existing directors of the Company, Stephen East (the Company's Chairman) and Nicholas Vetch, and the replacement of them by Mr Soukup and an associate of his, Mr John Hutchinson.

The Company's Board had previously, at Mr Soukup's request, offered Mr Hutchinson a Board seat on certain conditions that preserved the independence of the Board so that other shareholders' interests could be secured. However, Mr Soukup has now declined that offer.

Your Board believes that the proposals indicated by Mr Soukup would be highly detrimental to the interests of shareholders in general, would destabilise relationships with critical stakeholders and would be very disruptive of the programme that the Board has in hand for executing the strategy approved by shareholders.

Enquiries:

William A Heaney

Company Secretary

020 7355 8800

This announcement contains inside information as stipulated under the Market Abuse Regulation (EU No. 596/2014). Upon the publication of this announcement via a regulatory information service this inside information is now considered to be in the public domain.

This information is provided by RNS

The company news service from the London Stock Exchange

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October 27, 2016 02:00 ET (06:00 GMT)