The Local Shopping Reit Share Discussion Threads

[stemis] 21/2/2019 15:45

Maybe they are in discussion with the LSR management?

[frazboy] 21/2/2019 15:07

so where's the offer??? i thought it would be published yesterday.

[stemis] 18/2/2019 09:27

I'm guessing the offer document should be out later this week. Wednesday 20th is 14 days after the firm offer and I can't see why THAL would want to delay much beyond that.

(Under the Offer timetable, Thalassa expects to post its offer document between 20 February 2019 and 6 March 2019. Here's a useful guide to takeovers - p50 sets out timetable thereafter

hxxps://www.slaughterandmay.com/media/39320/a-guide-to-takeovers-in-the-united-kingdom.pdf)

[frazboy] 12/2/2019 08:24

Edit: I can't add up, 28.4p/share cash, soon to be

[frazboy] 12/2/2019 07:36

27.4p/share cash on the BS, soon to be. Could yet end up with over 33p distributable. If DS pulls it off, it's a steal, literally.

[tiltonboy] 12/2/2019 07:13

There must have been a couple of properties in the auction I didn't spot. Cash now up to £23.4m (or will be)

[tiltonboy] 12/2/2019 07:11

He doesnt want to delist, he wants to retain the LSR listing, and use it as a shell.

[stemis] 11/2/2019 23:27

I'd have thought he'd want to get to 75% so he can delist.

[nicholasblake] 11/2/2019 22:20

SteMiS, The language regarding 75% acquisition was unusually lukewarm and the cash amount is sufficient only to cover the purchase of an extra 35%.

[sleepy] 11/2/2019 21:42

frazboy -

Thinking it over I thought what was most important was that Invesco were sellers at 27p and that the quantity was much less important

[exbroker] 11/2/2019 21:28

From the rule 8.3

[frazboy] 11/2/2019 20:59

Sleepy - in your original post you stated that Invesco sold 50,000 (I see you've now removed the number) - can I ask where you got that info? By the way, and happy to be corrected, I think Invesco have nominee accounts..?

[frazboy] 11/2/2019 19:16

Probably the shares Stemis bought.

[sleepy] 11/2/2019 19:12

Interesting to see Invesco selling at 27p

[stemis] 11/2/2019 16:44

nicholasblake, why do you think he only wants 60%?

[stemis] 11/2/2019 16:42

Simon Thompson, lol. Are you posting that in favour or against acceptance? ;-)

[gbjbaanb] 11/2/2019 16:38

He's an egoist though. I can see him doing this solely sudden by a need to be "the big man" and not sooner lost who lost a couple of p per share from his poor investment decisions in getting involved with LSR at too high a price.

[skyship] 11/2/2019 16:33

After posting a few hatchet words on THAL/Soukup, Simon Thompson of IC Online recommends:

"... However, I have already made my decision, and it's not a difficult one to make. Reject the offer."

[nicholasblake] 11/2/2019 15:41

SteMiS, I think the tricky thing to factor in is that it seems clear DS only wants 60%. Which means he wants to keep the bid substantially in cash.
Hard to see LSR directors recommending on the basis of THAL paper.

[stemis] 11/2/2019 13:41

The best thing the LSR board could do now is speak to Soukup and get the best deal they can rather than throw shareholders' funds away fighting the only realistic exit that exists. Maybe they could negotiate another penny or so for an agreed deal.

[stemis] 11/2/2019 13:39

The market is currently valuing LSR shares as if they were 48p (compared to current 71p). I don't see THAL falling to 50p, at least not in other than the very short term. I estimate, post acquisition and disposal of residual properties. THAL would have around 95p a share cash. I don't think Soukup believes it either. He may be many things but an idiot isn't one of them. I don't see him doing this to lose himself £750k.

This seems to me to be one of those valuation anomalies driven by sentiment. so I've bought some shares.

[stemis] 11/2/2019 13:22

Maybe the best thing would be for LSR shareholders to accept the offer, take the shares and then use their voting strength (as they'd comprise 47% of the enlarged shareholding and nearly 2.4 times the combined holdings of Soukup and the THAL discretionary trust, which I assume is under his control) to throw Soukup off the board and wind up the company...

[hindsight] 11/2/2019 12:59

What find surprising is the selling in Lsr but not in Thal, present Lsr price of 26.5p is about 47p per Thal in offer. 50p is where I feel thal will be if 25% of lsr shareholders loose the plot and vote for the deal

[gfrae] 11/2/2019 12:45

frazboy, I accept that nearly everyone other than Thal voted for liquidation, but without THAL's agreement there can be no liquidation, so we either accept their bid or go into limboland indefinitely.
The advantage of a higher cash bid, but at discount to NAV, for LSR holders is that that they will get cash now, albeit less than they had expected, and not have to deal with THAL shares that they may not want.
For Thalassa the advantage is that they will raise some money from the issue of new shares, assuming some take the share alternative,they will make a small turn and also their share price may increase without the overhang of new shares, and the cancellation of the prefs.

[frazboy] 11/2/2019 12:17

Because 99.93% of shareholders other than Thalassa voted for liquidation and the whole purpose of DS's bid is to increase AUM. And to some extent what has been proposed is what has been offered. I do agree tho gfrae the deal looks better for LSR holders than THAL - but I expect there to be a sting in the tail, which we can only guess at the moment but I don't like the idea of these European/Luxembourg listings that have been mentioned in recent press releases.One thing that did occur to me was Thalassa will be vulnerable to an offer , should the Thalassa share price crumble, once DS has been diluted even taking into account the poison pill of the 5 year employment contact etc. I doubt that's acceptable to DS hence I'm pretty sure there will be some unusual developments if Thalassa win