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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 3226 to 3249 of 3525 messages
Chat Pages: 141  140  139  138  137  136  135  134  133  132  131  130  Older
DateSubjectAuthorDiscuss
11/3/2019
12:02
I imagine that either this will fail or that THAL will end up with all of LSR. I can't see why anyone would want to remain in a minority position in a THAL controlled LSR with an uncertain strategy. If you are going to be exposed to Soukup's investment 'skills' you might as well be in the same vehicle in which he holds his shares.
stemis
11/3/2019
11:36
Gfrae, "Prefs were issued I think they said to avoid a takeover" - not sure I totally believe that (I realise you're not the source for this), but the point you make about being main market listed, and that this may be more acceptable to LSR holders, i agree with. Thalassa will be vulnerable to a cash offer immediately after the LSR take over (more cash in the shell, similar discount presumably, means more cake for a third party), if DS cannot block it. Will it happen...? Probably not. I would be very supportive, at, say, 90p but I guess Thalassa's original shareholders won't be, and will want more (including of course DS and the trust fund, although they will be notably diluted). It will be fascinating to see the share price action - if this goes through - when LSR shareholders try to pile out the door, and, when, presumably, the buyback kicks in with gusto. I guess one advantage of an aggressive buyback will be that DS will have a blocking stake pretty quickly, although this is of limited use in a bid situation. I'm sure there are plenty of twists and turns yet to come.
frazboy
11/3/2019
09:32
I too am perplexed by THAL's need for more cash and the takeover of LSR is a curious way to raise this. At present THAL holds cash from the sale of WPG and expects to receive more from its Earn Out agreement with WPG's purchasers. It also owns a business developing Flying Nodes intended for research of the ocean floor. I won't attempt to provide further details of the cash or the Earn Out or the Flying Nodes as these are available on THAL's web-site. THAL has been looking for a partner for the Flying Nodes business whose further development requires substantial funds. Mr Soukup has said that THAL would not finance this on its own. Could it be that he has changed his mind and that this is why THAL needs more cash ? Certainly he has said nothing yet to suggest this. For my LSR shares recently bought I will probably go for the share option since I have sold THAL shares to fund this and am seeking to replace them at a lower price. I must confess to misgivings about THAL and Mr. Soukup like many others on this thread.
varies
11/3/2019
08:59
You could be right Frazboy but the below I read in Thal chairman comments was the reason for my thinking. "I have been asked by a number of shareholders whether the Board would consider returning cash to shareholders. I would like to assure shareholders that the Board constantly monitors the Company’s cash needs and will continue to return cash either through the ongoing share buy-back programme or through a planned reduction in capital, as and when deemed appropriate. I would, however, point out that any premature return of capital could jeopardise Management’s ability to realise targeted returns on the Company’s current holdings." I also do not accept the explanation in the offering document as there would be more cash resources 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
10/3/2019
20:44
Hindsight Were the preference shares not to give DS enough voting rights to swing a Thalassa vote to take over LSR - but due to lack of turnover of the shares (thus the preference shares failed to have their intended impact) he had to go through with a main market listing, which, odd as it may seem doesn’t require him to get shareholder approval for the take over. Had Thalassa been AIM listed he would have had to do get approval.
frazboy
10/3/2019
20:05
until (1) he instigated the issue of preference shares that lapse on the sale of the ordinary shares to which they are attached, thereby consolidating his hold over the company I agree with SteMis that a shareholder revolt by THAL shareholders after the LSR takeover is completed (if this comes to pass) would deserve our support. I suspect, however, that Mr Soukup would find some way of suppressing it. Varies, this is what I keep coming back to, why decide you need to have the preference share stitch up protection racket because pesky shareholders are revolting and then put yourself in a posistion with even more pesky shareholders with even more power. Something doesnt add up
hindsight
10/3/2019
17:34
Ha...was very happy to have taken the distribution but I can't so dealing in the present. Few more than 8000 as it goes.
kooba
10/3/2019
17:10
I will be looking at taking increased shares in mix and match it could be a very cheap way into THAL ...haven't gone through the terms properly yet but might be advantageous.
kooba
10/3/2019
16:38
Hindsight, Hillowad - Maybe kooba was the guy with the 8,000 shares that voted against the liquidation. I wondered who it was
frazboy
10/3/2019
15:20
Maybe just elect for maximum cash in the mix and match hey.. And who exactly do you think will take the other side ?
hindsight
10/3/2019
13:03
So even though there was a stated intention to liquidate the company may no attempt to value the assets on a liquidation basis for a couple of years? Suppose fees higher on unrealistic valuation..nice.As to the lump offer I have know idea if there were caveats etc...but I won't assume there were.Maybe just elect for maximum cash in the mix and match hey..THAL owns 25% of the company and deserves a say ...and has done everything by the rules. Because it does not suit every shareholder is tough...but they are offering an out which currently is worth more than the Liquidation estimate..which is not going to be even close to 33p at current rate...so why is this considered opportunistic and without board recommendation? What are they going to come up with to distribute cash without shareholder approval exactly?
kooba
10/3/2019
09:38
Well unless DS turned into King Canute and changed the Property Market there was nothing he couud do to add value apart from increase the throughput thru the auction houses "Nb the nav was stated at well over 40p back then." That would have been a"Red Book" valuation assuming an orderly disposal of assets on an individual basis with a full marketing campaign over time It doesn't include selling costs etc so-take off another 5% It's not a carved in stone figure and the mix in prices which vary 10%-20% dependent on the weather and whether the tenant is intersted in buying in -take that with a huge dose of salt The portfolio offer could have been heavily caveated and subject to funding and maybe they didn't want to stop the trickle down selling process to accomodate it Whatever they have done pales into insignificance what DS is trying to do-force unwanted HAL shares onto LSR shareholders
hillofwad
10/3/2019
08:45
"There was very little THAL could have done different to what has already taken place at LSR"Well we will never actually know as DS attempt to take control from the self serving buffoons was blocked by a friendly institution that has itself been forced to wind itself up.Nb the nav was stated at well over 40p back then.The timescales in disposing of the portfolio in a declining market has not served shareholders as they have seen the already depleted asset value sink further and doubtful they could even get 33p back to shareholders now on liquidation....i was also informed they rejected an offer for a large block some time ago at a modest discount to the prevailing book value but rejected it and subsequently would have sold same over a period at a greater discount , meant they kept their fees rolling in though.I also think there was awful property management which also led to devaluation of assets.Admit on the surface motivation looks obscure from Thalassa viewpoint but assume he is trying to make the best of his investment and is at the same time offering an exit that I doubt the company can match.No one has done well out of this ill thought out and mis managed counter apart from the managers and the auction houses!
kooba
10/3/2019
08:10
Kooba "I think he is a smart operator and hope he is aligned with his shareholders ...quite unlike the self serving buffoons managing LSR." There was very little THAL could have done different to what has already taken place at LSR except perhaps stuffing properties into Allsopps'auctions a bit quicker. The whole portfolio had been thoroughly marketed, anybody who wanted to buy a property could They could only get the properties away in bulk with a heavy discount The only buffoon here is Soukup who was done up like a kipper handing over 36p a share to Grahame Whately earning diddly sqat. He is now seeking to punish LSR shareholders for his error
hillofwad
09/3/2019
01:41
Indeed, whilst I would have been happier if LSR had liquidated itself and returned 36p to us, the poor market for retail properties, High Street brands collapsing, etc meant that 33p was quite a good result. I would have been happy to have received that and moved on to new pastures with the cash even though the small profit would have not been anywhere near what I originally hoped for. But now it looks like even that will be denied us as this gets dragged on and on.
gbjbaanb
08/3/2019
19:57
As a longstanding THAL investor I was content with most of Mr Soukup's deals until (1) he instigated the issue of preference shares that lapse on the sale of the ordinary shares to which they are attached, thereby consolidating his hold over the company and (2)he frustrated the orderly liquidation of LSR for no better reason, as far as I can see, than his reluctance to admit that THAL would have been better off if it had never bought its LSR shares in the first place. Without the preference shares and with cash receipts from the liquidation of LSR, THAL would be a much more attractive company to hold shares in. I agree with SteMis that a shareholder revolt by THAL shareholders after the LSR takeover is completed (if this comes to pass) would deserve our support. I suspect, however, that Mr Soukup would find some way of suppressing it. Since LSR's assets consist almost entirely of cash and THAL already has a quotation, I cannot see how a takeover of LSR on the terms proposed can be of any benefit to THAL shareholders other than Mr. Soukup.
varies
08/3/2019
17:38
Yes with the benefit of hindsight the loan to facilitate incentives to employees doesn't look great..but hindsight is wonderful thing.The transaction was before the collapse in the Oil price and the sector when THAL could easily raise money at a premium...when the tide went out wasn't so attractive.Not sure any oil services company saw the severity of the downturn especially the myriad that went bust!!With the old hindsight pretty sure many LSR holders wished they'd never heard of it!
kooba
08/3/2019
17:15
Answering own question there.... WGP was also managed extremely well during a huge downturn in the sector so getting the ROC was a result.If one goes back pre WGP DS employed capital successfully in capital markets getting decent returns.I think he is a smart operator and hope he is aligned with his shareholders ...quite unlike the self serving buffoons managing LSR.On the surface this deal does not look compulsive for THAL tbh where I am a holder.But I am confident there is value enhancement to be achieve there.Much talk about THAL issuing new shares to buy LSR and how dilutive..however need to look at reissuing the shares held in treasury at average 70p much less dilutive.Good to have management with a decent stake imho.
kooba
08/3/2019
16:47
He did well with WGP, the sale price looked good, didn't realise he paid so little for it
frazboy
08/3/2019
16:37
Bought WGP for 800k He's also done some less than value creation deals :-) Loans to EBT etc
cockerhoop
08/3/2019
16:22
'Mr Soukup does have a track record of creating value through acquisitions ..and also over the life of Thalassa being rather clever in the fx markets.'Can you give examples? Don't forget the rights issues/cash raises Thalassa have been through over the years. Simon Thompson (IC) covered these 2/3 weeks ago - I wasn't aware of those until I read the article
frazboy
08/3/2019
14:56
Mr Soukup does have a track record of creating value through acquisitions ..and also over the life of Thalassa being rather clever in the fx markets.I rather think with his shareholding he is more aligned to delivering shareholder value than the management of LSR...who have lost a fortune in a awful investment strategy then have lost as again in a ramshackle winding up ...which has taken an age for no reason than to extend management contract as far as I can tell.Why they continue to 'defend' against an 'opportunistic' ? asset backed offer that they have no chance of bettering is beyond me....but will be sucking out more shareholder value in the process.
kooba
08/3/2019
13:49
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...
stemis
08/3/2019
13:06
If thal shares are heading for 50 p then a switch into lsr looks all the better A drawback is that thal does not expect to pay lsr holders until May
varies
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