The Local Shopping Reit Share Discussion Threads

[tiltonboy] 08/2/2019 14:29

I haven't paid any attention tbh, once I saw the two big offerings withdrawn.

[hillofwad] 08/2/2019 14:14

Tilts


Any more sales to your knowledge

[tiltonboy] 08/2/2019 12:14

THAL resuming buy-backs from today. I'm sure he will try and support the price at these levels.

[stemis] 08/2/2019 10:05

It's effectively a placing at 73p for THAL but with the added complication of taking on responsibility for winding up the rest of the LSR assets. Just a Soukup vanity project...

[gfrae] 08/2/2019 09:51

On further consideration, based on the terms of the offer, this appears to be a much better deal for LSR shareholders than those of THAL.
LSR shareholders can at least vote in favour or not of the deal, THAL shareholders cannot, and they may perhaps not be too happy that LSR shareholders are effectively going to be issued new THAL shares at 50p which will dilute their NAV.

[hillofwad] 07/2/2019 19:05

Frazboy Thanks Yep with you on that Any comment on disposals I should imagine they are
trying to get shot at a rate of knots

[nicholasblake] 07/2/2019 17:35

That is the required minimum.

[frazboy] 07/2/2019 17:20

thanks hindsight - appreciated.

[hindsight] 07/2/2019 17:17

If the Offer becomes or is declared unconditional as to acceptances and, subsequently, becomes or is declared unconditional in all respects, the Offer will remain open for acceptances for at least 14 days following the date on which the Offer becomes or is declared unconditional in all respects.

[cockerhoop] 07/2/2019 15:40

Thalassa Holdings Ltd 21,021,195 25.48
Hargreaves Lansdown Asset Management 5,609,703 6.80
EFG Harris Allday 5,600,045 6.79
Baring Asset Management Limited 3,777,154 4.58
N J Vetch 2,873,563 3.48
Mark Begg Asset Management Limited 2,800,481 3.39
Value Investments Limited 2,768,500 3.36
Thames River Capital LLP 2,704,324 3.28
Alliance Trust Savings Limited 2,515,750 3.05

[sleepy] 07/2/2019 15:32

Who are the top ten shareholders in LSR?

[hillofwad] 07/2/2019 12:09

So Anybody suggesting that we should accept??
Basically it seems to me that he is seeking to shaft LSE
shareholders to mitigate the loss he has incurred in buying Grahame Whateley out?
Presumably the existing BODS will be busy trying to get the remaining assets sold and out of the door PDQ?

[gbjbaanb] 07/2/2019 10:54

So: I don't care about LSR as it should be liquidated but it seems the offer is about 31p per share: 14.64p + a quarter of a THAL @ 69p = 17p (assuming the price holds up as we all sell the day after)

So that's roughly what the price was before all this stupidity, and still 2 or 3p less than the NAV.

Is he daft, or is he hoping nobody will notice or care?

[cockerhoop] 07/2/2019 09:52

Gfrae,

Tend to agree, the THAL share price has dropped from 94.5p to 70p due to the Preference Share Debacle so view the current price as anomalous.

No one would consider buying #THAL shares currently as effectively non-voting and the #THAL buyback has been suspended during the #LSR offer period. Post successful bid both causes potentially reverse.

[hindsight] 07/2/2019 09:47

Yes apologies, should be
its not buying lsr assets at a discount ?, so the discount (135p vs 70p) will be dilluted roughly to 105p over 70p if thal shares rise to 33.96m (17.96m + 16.0m)?
But still shame effect and question, will mr market want same discount

[gfrae] 07/2/2019 09:31

cocjerhoop, I presume that hindsight is saying that the current discount to NAV of THAL shares is 65p, and post a successful purchase of LSR it would only be 35p. However, I suggest that the cancellation of the Prefs and the substantial dilution of DS,if the bid is successful would narrow the discount.

[rndm355] 07/2/2019 09:29

The discount will be 105p versus 70p (instead of 134p versus 70p)

[cockerhoop] 07/2/2019 09:13

hindsight,

You seem to be disregarding the fact that THAL will be picking up the LSR assets (that it doesn't already own) in your calculations.

[hindsight] 07/2/2019 08:31

If the deal happens, hopefully not, then thal shares in issue will roughly double so the discount will in effect roughly halve
If Mr Market demands the same discount then thal shares will have a way to fall

[cockerhoop] 07/2/2019 08:08

Frazboy,DS has actually shot himself in the foot with the Preference Share Issue.If the THAL share price had remained above 90p LSR would have been cheaper (in terms of no. of THAL issued) and his subsequent dilution reduced.

[rndm355] 06/2/2019 18:30

Thalassa makes an offer it hopes Local Shopping REIT can't refuse