The Local Shopping Reit Dividends - LSR

The Local Shopping Reit Dividends - LSR

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Stock Name Stock Symbol Market Stock Type Stock ISIN Stock Description
The Local Shopping Reit Plc LSR London Ordinary Share GB00B1VS7G47 ORD 1P
  Price Change Price Change % Stock Price Low Price High Price Open Price Close Price Last Trade
0.00 0.0% 31.50 0.00 0.00 0.00 31.50 01:00:00
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Industry Sector

The Local Shopping Reit LSR Dividends History

Announcement Date Type Currency Dividend Amount Period Start Period End Ex Date Record Date Payment Date Total Dividend Amount

Top Dividend Posts

gbjbaanb: hTTp:// This is where to look. Only specimen forms are on the site now. But if you hold with a nominee broker, contact them and give them your instruction.
tabhair: The most recent NAV was reported at 33.6p. We can probably knock 2p off in legal costs that the board have taken to fight Thalassa. We are also going to have to pay another 2p or so in admin expenses to keep this company alive for another year because of Soukup. I can see another 2p in "unexpected" costs before everything is brought to a close. That gives us a share price of 27.6p. Last tick was 27.4p - looks a little over-valued to me given the risks here. Thanks, Duncan!
scburbs: Everyone knows the shell is largely worthless. He isn’t a real estate investor desperate to acquire a REIT. It’s an attempt at an enforced discounted rights issue that his own shareholders won’t support nothing more. The LSR share price tells you all you need to know about how valuable the offer is. If the offer fails and wind up is approved there will be a c.10% jump. I think that says it all.
exbroker: So kooba you have a vested interest in talking your own book. If THAl is such a great company why have you gone for max cash???? I am very familiar with the takeover code the clue is in my name! The point about buying your own shares during a takeover with a paper element just smacks of bad but legal practice at best. The share price should be left to find its own level, there is no borrow so there is no shorting on the arbitrage. If there is £6m for buy backs for the shares, then let’s see more or all of it on offer to shareholders in LSR. BVI registration, a highly unusual preference share structure to give DS voting control and a standard listing are not signs of a quality company. Every alarm bell is ringing Why would you want paper in THAL?? If they go over 30% then it becomes a rule 9 and they have to offer the highest price they have paid in the previous 12 months. I have stated facts which ones do you not agree with. Captain Bob did not have this much imagination, he never had a share buyback during a takeover, I am surprised the Panel have allowed it.
stemis: At least THAL seem to have forced a bit of financial information from LSR The costs incurred by the Company in connection with the Thalassa Offer are estimated at between GBP435,000 and GBP520,000 Suggestion seems to be that cost of court application are accommodated in liquidations costs already provided. So that's about 0.6p a share off 33.6p = 33p all other things being equal.
stemis: Strange therefore that they haven't included a proforma combined balance sheet in the Offer Document. I had a quick bash and noticed (I think) that there is an error in the Offer Document. They disclose the proforma combined NAV as 105.8p whereas I think it should be 111.2p. The error (if anyone wants to have a look) is in section 6f. On consolidation they deduct their share of net assets of LSR (£7.1m) whereas they should deduct the actual value in their balance sheet (£5.3m). Current LSR share price (28.6p) implies that the value of THAL shares will be 54p. That's a pretty hefty discount to NAV, considering most of it is cash.
stemis: The current LSR price of 29p has an implicit value of 55p. Rather than dumping their shares post takeover (and getting a reduced value) maybe former LSR shareholders should get together and convene an EGM to throw Soukup from the board and wind up Thalassa. After all they'd have potentially 16m shares, whilst Soukup has only 3.6m (or with the THAL discretionary Trust 6.6m). I'm sure quite a few of the existing shareholders wouldn't mind a wind up, especially as NAV/share is 105.8p. That would make the offer really worth 42p a share...
gbjbaanb: varies - its because the CEO of THAL paid something like 33p per share for his LSR holding and doesn't want to lose money, that's why he thinks he can takeover LSR and .. well, after that nobody knows, maybe he thinks he'll make money from the remaining property or fees on selling them, or maybe he thinks THAL shareholders will take a hit as the share price falls (ie I will buy something off you in exchange for magic beans worth 80p a bean, but oh no, the beans are suddenly worth 70p once the transaction is complete, oh well buyer beware and all that)
hindsight: 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
centipede: Just reminding myself and summarising for others what has been going on here. Is there anything I should add? I’m thinking of sending this to various people and financial bodies. Any suggestions? “LSR (Local Shopping Reit) has owned a range of basic commercial properties. Due to a significant discount of the share price related to the value of these, it was decided in July 2013 to dispose of the properties and to return the money to the shareholders. This has taken an inordinate amount of time, and it is only now (nearly 5 ½ yrs on) that LSR is finally starting to complete the process. Various management fees have been draining out of the company, and the sales have been at a general loss to the stated book prices. In 2016, a separate company Thalassa (which provides marine geophysical, and other, services), led by their chairman Duncan Soukup, then decided to buy a significant proportion of LSR’s shares (just below 25%). Following this, Thalassa then tried to get their own representatives onto the board of LSR, with an apparent view to unlock the ever-decreasing value in the company. This was defeated, and the process of selling the properties was then (finally) started by LSR. 2 yrs on, and LSR is now ready to start to distribute the amounts which remain. However, Thalassa has now swung into action and blocked the process, by virtue of now apparently owning more than 25% of the company. This seems particularly unjust, as apparently 99.96% of votes registered by the company, with the exception of Thalassa, to date, have voted for the liquidation option. As the properties have now mostly been sold, it is hard to see what Thalassa/Soukup can gain by this manoeuvre. If they were to somehow get more than their share of the proceedings, this could only be by taking money from the other shareholders in some way. Also, it seems very likely that if there is an argument based on technicalities (for instance that the board of LSR deliberately damaged the interests of shareholders), then this would result in an expensive legal battle. There will then presumably be even less money available to shareholders (including Thalassa/Soukup). As some background, there have also been some strange recent events at Thalassa, with the issuing of preference shares (with 10 votes each) to all existing holders. The thing is that once sold, the voting rights to these disappear. All of this will mean that over time, voting rights (and control) will quickly become concentrated into the hands of those holding onto their shares (presumably board members). As a private shareholder, I no longer have any trust in the intentions of any of the parties involved. I feel that this has brought the whole system into disrepute, and will therefore damage the normal process of investment and the development of businesses. ”
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