The Local Shopping Reit Share Discussion Threads

[frazboy] 24/1/2019 11:04

Interesting idea but tax would be due on a special dividend.

The continuing slide in Thal's SP, on virtually no volume, is also interesting. Probably makes a successful takeover of LSR less likely. We'll see.

[gbjbaanb] 24/1/2019 10:59

Just saw about Flybe today - a takeover offer for 1p which no doubt Flybe shareholders will not be happy about, but... the relevant bit is that Flybe directors have announced that the takeover will not require shareholder approval.

Apparently this is because the requirement to ask shareholders is voided in cases where the business is facing imminent financial collapse.

So... if LSR offered the special dividend of almost all its spare cash, and then announced that there was no money left to ruin the business, and thus a liquidation was the only way to resolve the imminent financial collapse ... they wouldn't need shareholder approval....

[hillofwad] 22/1/2019 09:44

Bought a few more LSR shares this morning for the forthcoming bunfight with the party pooper Souky ! Someting tells me mind it might end up being a Pyrrhic victory !

[hillofwad] 21/1/2019 07:54

Yes indeed Always liked Aztec West and the Bridge toll being binned must be a great boost.

[skyship] 21/1/2019 07:47

HoW - great lettings update from RGL today. Re Scotland - in 2018 they substantially reduced their Scottish weighting, now down to c17% I recall, thoogh will have to check that in their Interims presentation - see the RGL Header

[hillofwad] 21/1/2019 07:31

Skyship Yes RGL managed to pull a few rabbits out of the hat at Bristol.Just a view that they have too many secondary holdings under £5m just to keep the management team happy especailly in Scotland !

This is for example in Brum which forever has empty units

hxxp://www.montagu-evans.co.uk/propertysearch/unit-2-trident-park-watery-lane-middleway-a4540-birmingham-b9-4eh/

[skyship] 20/1/2019 15:23

Brian - a belated happy new year to you. LSR has been a long play; and regardless of the management criticisms, it has to be said that news of that Kirkcaldy shopping centre perhaps just shows that we may have been quite lucky to have practically liquidated all before now!

Personally I now have only a very small holding, just a few to trade the narrow swings. As you are aware, my main propco exposure is with RGL; and happy to see the well-respected Jonas Crosland tipping them in yesterday's IC.

[eeza] 18/1/2019 09:27

Sign of the times.

"Finally, it's the kind of price tag usually associated with the bargain aisle in a discount store, says the Guardian, but an entire Scottish shopping centre is up for auction with a reserve price of just £1.

When it opened in 1981, the Postings in Kirkcaldy promised to be a magnet for shoppers but now 14 of the 21 shops are empty. A retail expert tells the paper that the price tag reflects the irrelevance of dated shopping centres in challenged towns."

[hindsight] 15/1/2019 13:32

HoW good summary and good to have you on board

[andyr0503] 15/1/2019 07:38

Hillowad - Yes, I think some of the stragglers are in the next Allsop auction.

[skyship] 15/1/2019 07:36

HoW - thnx for that - surely a fair and factual response to a rather bizarre intervention.

[hillofwad] 15/1/2019 05:00

Deepvalue

There was only one person who was ever going to make any money out of LSR and that was Grahame Whateley Bailing out as retail shop investment values were heading South

The big numpty here was Soukop who was sold a pup and overpaid at 36p some years back and now having to resort to very questionable tactics just to get a drink out of it.

The only negatives raised against the BODS is that they didn't set too quicker on jettisoning the portfolio and very little asset management However you can't make silk out of a sow's ear and Thalassa would have been unable to have done much better with tumbleweed blowing up the High Streets

As for Vetch he has had a long and successful property career at the cutting edge of retail warehousing and self -storage rollouts

No doubt the BODS are bundling the last stragglers out the door as quickly as possible

[centipede] 14/1/2019 15:05

Hi hindsight - the noise overwhelms the overall signal.

Nobody expects the Spanish Inquisition, or … guess who is the black swan.

Things weren’t great before, but Soukup appears to be bent on getting more than his fair share from LSR, and this can only come from the current investors.

Thalassa shares seem to be trending down over the last few months - surprised there hasn't been a more precipitous recent drop as people realise that a load of shares are likely to be given out, with a significant dilutive effect.

[hindsight] 14/1/2019 10:05

@centipede @topvest please keep up the good work of finding the long tails
Hopefully LSE will too

[topvest] 14/1/2019 09:54

I agree LSR has been a disastrous investment. Fortunately, only a small one for me. I sold before Christmas. Management performed very badly, but at least 30-35p was due to be returned. With Thalassa poor shareholders are going to be robbed of even that, which is why I am still posting!

[centipede] 14/1/2019 09:28

Hi deepvalue,
Yes, I am indeed a numpty, and I am having difficulty walking down the road as I am continually trying to kick myself up the backside for investing here.

BUT, the point is that the business was not going well, so it was being run down. The value was protected by bricks and mortar.

UNTIL, we all got mugged.

If you tolerate this, then your children will be next, as the song goes....

[centipede] 13/1/2019 18:04

So, Soukup has started his attempt to control the company, and presumably to get hold of the money.

The target date for this is the 6th February.

A review by Graham Neary just about sums it all up


Soukup isn't creating value, just attempting to redistribute it to himself.

The article says amongst other things that based on the evidence, 'any companies with which the Chairman is involved as a Director should be vigorously avoided by investors'.

I assume that using Thalassa shares to exchange for LSR shares will be a large part of the attempt to get control. However, I am sure that Thalassa shares will fairly rapidly fall in value, either now or later, as shareholders try to get out.

As pointed out on the Thalassa board 'Thalassa is lending money to a Thalassa trust to buy shares in Thalassa', and 'Thalassa pays a company in which Soukup has an interest over 400k a year on consultancy fees', concluding that it's a 'Barge pole job for me'.

I would personally back the current board of LSR to take legal action, even if this takes up some significant funds. It can't be worse than what Soukup will presumably be proposing.

[tiltonboy] 11/1/2019 17:43

No real difference issuing shares from Treasury, as new shares.

[manfrommoyse] 11/1/2019 16:48

@tiltonboy
No I mean offer THAL shares in treasury as part payment direct to LSR holders (together with whatever cash, new THAL shares he deigns to throw in). Not try and offload % mill onto the market and use the cash. He might be bad, but he's not that mad.

[hillofwad] 11/1/2019 13:49

Just bought some in !!!to join the fun and games so I can have a moan at Souky
Looks like he is seeking to make shareholders pay for the fact Whateley had him over

[tiltonboy] 10/1/2019 14:11

They would have to find a buyer for those shares. No chance of that happening.