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Share Name Share Symbol Market Type Share ISIN Share Description
The Local Shopping Reit Plc LSE:LSR London Ordinary Share GB00B1VS7G47 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.0% 31.50 31.00 32.00 - 0.00 01:00:00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Real Estate Investment Trusts 0.0 -1.9 -2.3 - 26

The Local Shopping Reit Share Discussion Threads

Showing 3201 to 3225 of 3525 messages
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DateSubjectAuthorDiscuss
08/3/2019
12:52
gbjbaanb, your rather more optimistic than me, I have pencilled in 50p for a Thal share
hindsight
08/3/2019
12:29
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)
gbjbaanb
07/3/2019
14:15
varies, I think you will find the vast majority of LSR holders will be seeking an exit at the first available opportunity, if the bid goes through.
tiltonboy
07/3/2019
13:13
I am new to this board having yesterday and today sold a third of my Thalassa shares at about 80p and bought LSR shares in their place at about 28.6p. The terms of this "arbitrage" look too good to be true and, I dare say, may prove to be so. I am very pleased to see Hindsight's reference to the THAL preference shares. I had noticed myself that these were to be cancelled if the offer for LSR succeeds. THAL shareholders with the exception of Mr Soukup will be better off without them. I have not been able to view the Offer Document sent out yesterday and would be much obliged if some kind person could explain to me the effect of THAL's shareholding in LSR (c.27%). I presume that the offer extends only to the c.73% not owned. I cannot understand why THAL could not have accepted the liquidation proposals made by LSR and taken its share of the cash without bother ! As it is, many LSR shareholders may reasonably regard this interference unkindly and sell their THAL shares if and when they receive them.
varies
07/3/2019
11:10
Yes Luxemourg and preference shares, but at least latter reconfirmed in doc, explanation for them seems rather dubious though Thalassa Preference Shares Thalassa announced on 4 October 2018 that each shareholder of Thalassa was issued with one Thalassa Preference Share for each ordinary share held in Thalassa as at the record date of 30 September 2018. The key features of the Thalassa Preference Shares are that (i) they are unquoted; (ii) they are uncertificated; (iii) they are non-transferable (meaning both that the Thalassa Preference Share is not transferable or tradeable itself and, in the event that a Thalassa Shareholder disposes of any Thalassa Shares, the corresponding Thalassa Preference Shares will be cancelled and will not be transferred to the transferee of such Thalassa Shares); and (iv) they are without any shareholder rights (including as to any return on a winding up or other realization event for Thalassa) other than so as to provide the shareholder holding such Thalassa Preference Share with 10 votes per share in addition to his existing one vote per ordinary share. If the Offer is successful, the Thalassa Board will authorise the cancellation of the Preference Shares. The Thalassa Directors believe that in the circumstances of Thalassa acquiring control of LSR and thereby deploying a certain amount of its cash resources, the original rationale and benefit of the Preference Shares falls away.
hindsight
07/3/2019
08:32
Question is, does he have a devious plan, which will shaft holders!Watch out for that Luxembourg listing, Tilton!He simply can't be trusted
frazboy
07/3/2019
08:00
They look pretty intent on using LSR as a shell of some sorts. The manipulation of the share price, and the extension of the buy-backs has made a decision somewhat harder to make, so you've got to say that he has played a blinder so far, albeit being a detriment to THAL. Question is, does he have a devious plan, which will shaft holders!
tiltonboy
07/3/2019
01:48
What's the liquidity of thal shares like? If I end up with some, how quickly can I sell them and will the spread destroy any profit? I imagine no lsr holder will want to keep any either, and that suggests everyone will go for the full cash election option.
gbjbaanb
06/3/2019
22:16
Offer document is out hxxps://thalassaholdingsltd.com/documents/NP0319-2862_THALASSA_Force%20Offer%20Document_PRINT.pdf Quick skim. Offer conditional on THAL getting to 50% (so need about 1/3 of remaining shareholders to accept) Can elect for full cash of 35.83p subject to scaling back if total cash election exceeds £9.0 million. At that point my calculations have THAL with 55.9%. If THAL get to 50% I'm guessing the prospect of being minority shareholders in a THAL controlled LSR will bring acceptances from pretty much everyone else (although we can only hope). Don't see why anyone accepting would elect for other than full cash at this point. First deadline for acceptance is 27 March
stemis
06/3/2019
19:57
THAL paper has been manipulated higher by the buy back. This is a rights issue from THAL noting more. Why do they not want to spend the £6m on increasing the cash part of the offer? Answer because they can use a small part of it to puff the share price and make the offer look better on paper. The volumes have been very low. Robert Maxwell would have been impressed!
exbroker
06/3/2019
14:48
I agree with most of the above, it appears that THAL is buying LSR at 110% of NAV by partly paying for it with paper valued at 50% of NAV. It is not obvious what the benefit is to THAL shareholders.
gfrae
06/3/2019
14:40
Offer document posted.
tiltonboy
06/3/2019
14:31
Either way if you think the net realisable to shareholders will be close to 30p and there is no mechanism for returning to shareholders making the THAL offer look rather generous..at the end of these shenanigans after all THALs assets will be predominantly cash based and you will be able to take and least half and maybe a lot more of your holding out in cash...got to read mix and match terms.If the LSR rump is left with a listing who knows where that would trade.
kooba
06/3/2019
14:06
I think he effectively is the board Stemis - FS stood down in May 2018, leaving Graham Cole and David Thomas. I doubt they do much other than rubber stamp DS's actions
frazboy
06/3/2019
14:01
I agree. I can't see how the rest of the THAL board sit there and allow Soukup to do this. It's crazy. But doing it he is.
stemis
06/3/2019
13:45
SteMiS, Agreed, but THAL have "ramped" their own share price to make the bid worth more. What doesnt make sense is that they are buying there own shares back at increasing levels at up to 80p, then in effect re-issuing them at an equivalent price substantially lower. Getting 45% of your consideration back in cash, and taking a punt on the balance in THAL on the face of it, might look appealing, but it will be interesting when we all head for the exit together.
tiltonboy
06/3/2019
13:37
If they manage to spend material amounts defending a bid which currently offers 35.4p so they can potentially (assuming they can get THAL to play ball) deliver 30p, it would suggest Mr Soukup's has a point about them. Ok, maybe THAL share's won't hold 81p, despite THAL's £6m share buyback and a substantial discount to NAV, but their sale of THAL's shares would need to be below 59p to be worth only 30p to LSR shareholders. That's 30p cash compared to 30p tied up in a battle between THAL and LSR. The job of a plc director is to deliver the best deal for it's shareholders, not defend their own egos...
stemis
06/3/2019
13:24
kooba, I didn't mean to imply that legal costs were 10% of assets, rather that they are a contributory factor in my reasoning of a NAV nearer 30p. Of course, the main factor would be further losses on the remaining properties.
tiltonboy
06/3/2019
13:12
Always a caveat! Haven't got the offer doc yet !
kooba
06/3/2019
12:50
'Appears on the surface'
frazboy
06/3/2019
12:34
The last update was for cash and further asset sales giving realised net liquidity of lower end of 33-34.5p (finals) so where I'm taking 33p from . I'm not sure that the property disposals announced this month would have impacted on that assessment and realise that 4m of properties left to dispose of If however there is a material change in that figure they should inform shareholders.If they are indeed spending 10% of assets defending an offer that appears on the surface in the interests of shareholders then there should be even bigger questions on the managements objectives.
kooba
06/3/2019
12:04
kooba, I wouldn't be surprised if cash ends up being closer to 30p. Legal costs alone are stacking up, which could be extensive. With the enhanced buy-backs and current THAL price, it is starting to look intriguing what might happen, but I keep coming back to my belief that DS is not to be trusted.
tiltonboy
06/3/2019
11:59
"Because it looks to me that THAL offer especially now there appears more liquidity from buyback is representing a better exit than anything LSR management has proposed or is in a position to make?" We need LSR management to confirm that to be true, or otherwise - and hopefully they will do so once the bid document has been published.
frazboy
06/3/2019
11:56
What's your guess at distributable cash from LSR without bid? You don't believe 33p achievable anymore?Because it looks to me that THAL offer especially now there appears more liquidity from buyback is representing a better exit than anything LSR management has proposed or is in a position to make?Will be interesting to see the mix and match proposal to see what realistically one might get as a max cash option....equally will be interesting to see what a max share option is as it might present a better exit.Are we expecting offer doc today?
kooba
06/3/2019
11:46
I don't think it will be close to 33p, but still an arb opportunity. Obviously a decent sized sellers to wants out, which has held the price back
tiltonboy
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