The Local Shopping Reit Share Discussion Threads

[cockerhoop] 06/2/2019 17:32

Thanks, appreciated.

[cockerhoop] 06/2/2019 17:22

Tilton,

THAL paper is now at a massive discount to NAV (mostly cash) and if the preference share issue goes away the situation reverts to September last year when the discount was much smaller.

Knowing that DS is a scoundrel is nothing new, I've been pointing it out for years. It's only recently that everyone seems to be taking exception to his behavior.

[cockerhoop] 06/2/2019 17:16

gfrae,

Do you have a reference for the preference share cancelation - just skimmed the offer document and couldn't locate it. Cheers

[tiltonboy] 06/2/2019 17:10

gfrae,

I doubt that THAL paper will ever be attractive or wanted, but at least he will be diluted as you say.

[gfrae] 06/2/2019 16:52

Tilton, if Thalassa succeed in taking over LSR, the preference shares will be cancelled and added to that with 16m new THAL shares DS will be substantially diluted making THAL paper much,much more attractive.

[hillofwad] 06/2/2019 16:46

Meanwhile presumably the BODS can go about their buiness of selling proeprties

[nicholasblake] 06/2/2019 16:40

As a general rule the cash option is only open for a limited time. Assuming the offer were to be declared unconditional, having reached the minimum level of acceptance (Thalassa at 50.1%), that could be closed after another 14 days. Reading the announcement it could well be (unusually) that after the offer is unconditional DS will close it holding only 60%. At that point shares would continue trading as sub of T.

[tiltonboy] 06/2/2019 16:19

Just from previous experience with corporate actions. If I'm wrong, I apologise.

[hindsight] 06/2/2019 16:05

Apologies frazboy,
Tiltonboy, can you please advise where it says all shares if dont accept offer ?

[frazboy] 06/2/2019 16:02

Thanks Tilton! I didn't think my post was so difficult to understand!It will be interesting to see what the LSR board say - I'm expecting them to say something

[tiltonboy] 06/2/2019 15:56

fraz,

If you don't accept the offer, and it goes through, you will be all shares.

It's a difficult one!

I'm keeping all options open.

If I end up with 45% cash, and a balance of THAL shares, I will have to hope that DS ego will lead him to getting the THAL price up. Not ideal.

[maiken] 06/2/2019 15:48

noone,but noone, wants to be stuck with Soukup surely?.Stay together and reject the offer and with a bit more patience we should still get close to 33p cash.It would be a shame to capitulate now having come this far.
Dare I suggest we should also show some backbone and stand up to the bully in the school yard.

[hindsight] 06/2/2019 15:38

Hindsight - the other side of what?

The mix and match ie take your thal shares for thier cash

[frazboy] 06/2/2019 15:37

Hindsight - the other side of what?

[frazboy] 06/2/2019 15:29

agree Tilton. But if you don't accept the offer, and it goes through, do you also lose your entitlement to Mix and Match - in electing not to have Thalassa shares do you risk ending up with lots of wonderfully discounted Thalassa shares? i can't tell from the documents made available publically thus far.

[gfrae] 06/2/2019 15:28

This appears to me to be reasonable offer, another way to look at it may be as a Rights issue by Thalassa.

[hindsight] 06/2/2019 15:28

... so, mix and match, if you were to say accept, then I would certainly go for all cash (I appreciate you wouldn't get all cash). if, you choose not to accept, do you lose the option to go for maximum cash...?

Are you expecting anyone to be on the other side ?

[tiltonboy] 06/2/2019 15:26

There is a maximum of £9m in cash, and we all want it. I would guess you will be lucky to get much more than 15p on that basis.

[frazboy] 06/2/2019 15:23

... so, mix and match, if you were to say accept, then I would certainly go for all cash (I appreciate you wouldn't get all cash). if, you choose not to accept, do you lose the option to go for maximum cash...?

any thoughts anyone? I appreciate I need to spent time looking at the documents.

[gwr7] 06/2/2019 15:19

For info, here's a post on Thalassa from over four years ago.

GWR7 - 17 Sep 2014 - 09:12:11 - 2801 of 4217

From a corporate governance viewpoint I regard this as completely uninvestable. As has been pointed out, Thalassa is lending money to a Thalassa trust to buy shares in Thalassa. This seems reminiscent of the activities of Enron. The trust is supposedly a beneficial trust for employees of the company but it is under water, largely due to the purchase of 1 million shares from chairman Soukup at the startling price of £2.70 (using a loan from the company). This was a beneficial exit for Soukup, who is a trustee (lol) but not so good for thin cat employees and shareholders.
The thing is, the trust has racked up over $7m of loans from the company. As it is under water on the shares it has bought it has no means of paying back these loans so by rights you would think they ought to be impaired. Given also that Thalassa pays a company in which Soukup has an interest over 400k a year on consultancy fees I can see why it's registered in the British Virgin Islands.
Barge pole job for me.

[tiltonboy] 06/2/2019 15:15

Also interesting that DS wants to retain the LSR quote to make acquisitions.

[tiltonboy] 06/2/2019 15:14

A bit naughty by THAL saying that it values LSR at 42p, using the NAV.

Somebody obviously didn't read the announcement properly.

My worst fears have been alleviated, but it will be interesting to see the LSR response.

[frazboy] 06/2/2019 15:13

But the Thalassa price isn’t budging so you could infer that the bid is unlikely to succeed, and, that DS will retain his blocking stake forcing us to go down other routes to liquidate

[hindsight] 06/2/2019 14:54

Taking the 27.5p lsr price then ex cash it values thal shares at 50p, ouch for them