The Local Shopping Reit Share Discussion Threads

[topvest] 08/12/2018 11:15

Looking at the procedure to return cash this does look quite difficult now. It will end up being an expensive court process. In the meantime, Thalassa the greedy, will no doubt make their move. The smart people sold on Friday....wonder who the buyer was!

[topvest] 08/12/2018 10:07

Can you still trade on CREST on Monday? Seems to imply Friday was the last normal day of trade, so we may now be trapped in a DS greed / ego trip?

Suspension and cancellation of the Company’s listing and trading of the Ordinary Shares
The Register will be closed at 6.00 p.m. on 11 December 2018 and the Ordinary Shares will be disabled in CREST at the start of
business on 12 December 2018. Application will be made to the UKLA for suspension of listing of the Ordinary Shares on the Official
List of the UKLA and application will be made to the London Stock Exchange for suspension of trading in the Ordinary Shares at 7.30
a.m. on 12 December 2018.
The last day for dealings in the Ordinary Shares on the London Stock Exchange on a normal rolling two day settlement basis will be
7 December 2018. After 7 December 2018, dealings should be for cash settlement only and will be registered in the normal way if the
transfer, accompanied by the documents of title, is received by the Registrars by close of business on 11 December 2018. Transfers
received after that time will be returned to the person lodging them and, if the Resolution is passed, the original holder will receive any
proceeds from distributions made by the Liquidators.
If the Resolution is passed, the Company, acting by the Liquidators, will immediately make an application for the cancellation of the
admission of the Ordinary Shares to listing on the Official List and to trading on the Main Market. The cancellation is expected to take
effect at 8.00 a.m. on 14 December 2018.
After the liquidation of the Company and the making of the final distribution to Shareholders (if any), existing certificates in respect of
the Ordinary Shares will cease to be of value and any existing credit of the Ordinary Shares in any stock account in CREST will be
redundant.

[frazboy] 08/12/2018 09:38

I've had no new thoughts on how DS can engineer a cheap takeover - it just wouldn't be accepted by the other 74.5%. So, assuming they do use their veto let's see what the board's plan B is.

[topvest] 08/12/2018 07:37

The Board has pursued the clearly stated investment objective of the Company of returning capital to shareholders, which was known to Thalassa at the time it made its investment in the Company. Noting public statements made by Thalassa regarding its ability to block a special resolution, the Board has been considering alternative strategies for the benefit of all shareholders and, in the event that the Resolution does not pass, will make a further announcement regarding this.

Alternative strategies mentioned. I'm not sure what they can do with a blocking 25% (who wants more than his fair share), but no doubt we will find out shortly. Unbelievable that Thalassa can block without giving any intention. This is probably because their intentions are not honourable.

[topvest] 08/12/2018 07:35

The Board has pursued the clearly stated investment objective of the Company of returning capital to shareholders, which was known to Thalassa at the time it made its investment in the Company. Noting public statements made by Thalassa regarding its ability to block a special resolution, the Board has been considering alternative strategies for the benefit of all shareholders and, in the event that the Resolution does not pass, will make a further announcement regarding this.

Alternative strategies mentioned. I'm not sure what they can do with a blocking 25% (who wants more than his fair share), but no doubt we will find out shortly.

[topvest] 08/12/2018 07:31

Directors' emoluments have increased substantially at Thalassa and will continue to do so, no doubt. Duncan Soukup is a person to avoid - what that means for us is anyone's guess.

[frazboy] 07/12/2018 22:04

Nothing new as such in what you've posted topvest - the difficulty is working out how he will benefit, personally. Sure, as folk trade shares his preference shares will have a greater weight, and, there is also the trust fund issue (effectively owned/controlled by him), but without analysing volumes, I don't know how long it'll take for him to have complete control of Thalassa - he may already have control

[topvest] 07/12/2018 21:28

We will have to see what the Board's plan B is. They say they have one. Obviously, it will mean less cash I suspect.

[topvest] 07/12/2018 21:26

I've not got much money in this, so i've not been following very closely. Its taken me about 10 minutes to uncover that the Thalassa chairman appears to be a greedy self-served individual. At Thalassa I have just read an article that says that they introduced preference shares to all shareholders with a 10:1 voting multiplier, but are not transferrable. He's basically taking voting control on Thalassa very quickly through buying back a few ordinary shares. Absolutely outrageous. You can't do a good deal with a bad person. Unfortunately, i think that we are now in a difficult situation here as we are dealing with someone with rather dodgy ethics and a high level of greed. All in my view, but doesn't look great!

[frazboy] 07/12/2018 21:19

Topvest - I don't see why shareholders here, other than Thalassa, should accept an offer below the liquidation price already indicated by the board. Mind you, I guess a stalemate is possible.There are two many nuances here - I'm trying to see this from a Thalassa corporate perspective, given that most of their value is cash, and most of our value is cash, what can they do to make sure they get more of our cash that they are due in a normal wind up situation?As for our board being stupid, Duncan's announcements (HY/FY) are verbose to say the least, I'm not surprised they ignored them

[topvest] 07/12/2018 20:55

The Board and Thalassa appear totally stupid in wasting our money, particularly given the shareholder value they have already frittered away.
I've just noticed, but Thalassa made their view very clear in the interim results by the looks of things: it was very obvious that they were going to vote against it.
I suspect we may now get an offer by Thalassa for the LSR shares, but maybe not in cash. Who knows to be honest. The comment below is fairly ludicrous:
"I believe that Thalassa shareholders will do well out of the Company's investment in LSR, in spite of LSR's woeful performance!"
unless they put in a very lowball bid. Doing very well out of LSR is highly unlikely though given that they (like us) have sat on a wasting asset for years!

LSR



Thalassa currently owns 25.48% of The Local Shopping REIT plc ("LSR"). The liquidation of the company's assets continues apace; unfortunately, the losses incurred on disposal also continue apace. We are clearly unhappy with the level of cost that LSR and, therefore, its shareholders are incurring whilst its advisers, managers and consultants are rewarded for generating ever increasing losses!

THAL's 25% holding does, however, represent 'negative equity control', which, bluntly put means that LSR will be unable to distribute any cash to its shareholders beyond the sum of its retained earnings (currently £8.1m but dwindling fast) without an extraordinary resolution requiring 75% of the votes cast at the meeting. Clearly no such majority can be achieved without Thalassa's votes.



Thalassa accounts for its holding in LSR as an associate company. As a result, Thalassa's current holding cost basis is ±29.6p per share, which does not reflect the ±2.5p per share of Forex hedging gains that the Company has also realised and booked.

I believe that Thalassa shareholders will do well out of the Company's investment in LSR, in spite of LSR's woeful performance!

[topvest] 07/12/2018 20:47

Maybe Thalassa are interested in using the company as an investment vehicle. All very mysterious.

[frazboy] 07/12/2018 20:24

Presumably DS is gambling that he'll knock the market price, make an offer below the market price, which, will be accepted by the required majority?

[frazboy] 07/12/2018 20:21

Correction, it does say they voted against...

[frazboy] 07/12/2018 20:18

It doesn't say specifically that Thalassa (DS) has voted against but you must assume that they have? What does Thalassa hope to achieve?

[alanji] 07/12/2018 20:04

And costing us and themselves money 😤

[eezymunny] 07/12/2018 17:41

www.investegate.co.uk/local-shopping-reit--lsr-/rns/general-meting-wednesday-12-december-2018/201812071736428848J/

Hmmm.....THAL up to fun and games as usual.

[hillofwad] 05/12/2018 06:37

Skyship


Hastings failed to sell which does indicate a big question mark over Argos continuing occcupation so this likely to be a big hit on BV as its now being offered by private treaty at £875k

[frazboy] 04/12/2018 16:31

i'm estimating ~15 to 20% below book for that lot.

[tiltonboy] 04/12/2018 09:12

fraz,

A little bit slow there...lol...

Guide prices reduced on a number of other Lots.

[frazboy] 04/12/2018 08:02

Lot 131 also sold prior...not sure I had that property in my list originally.

[tiltonboy] 04/12/2018 08:00

Lot 131- Manchester - sold prior

[epistrophy] 23/11/2018 16:37

redhill9: if that's true, it sounds like a devious loophole that could be used to cash in a LISA and receive the 25% cash bonus without the normal restrictions (waiting until age 60 or first home purchase etc)...

1. Invest entire LISA (including 25% cash bonus) in LSR shares
2. Shares delist and are compulsorily transferred out of LISA
3. Receive cash proceeds outside the LISA.

[tiltonboy] 23/11/2018 16:29

Having taken the response from TISA we will be happy to retain them in the ISA post the de-listing. They would be classed as an "Intermediate" investment.