The Local Shopping Reit Share Discussion Threads

[exbroker] 28/3/2019 10:18

I have just voted for the resolution at the meeting on 5 April.
Cash has got to be better than some dubious quality illiquid paper in a company with at best questionable corporate governance and an a BVI registration.

[frazboy] 28/3/2019 07:46

Same here. Very unlikely to succeed, perhaps another percent or two.

[tiltonboy] 28/3/2019 07:38

Surprised they got as many acceptances as they did, but it still only represents less than 1 in 5 accepting.

[frazboy] 28/3/2019 07:31

39.6% thus far

[tiltonboy] 27/3/2019 12:03

SteMiS,

As above

[stemis] 27/3/2019 11:12

I've had stuff directly from THAL even though my shares are held in a pooled nominee account at Selftrade.

[tiltonboy] 27/3/2019 10:48

They use Section 793 of the Companies Act to find out the underlying holders.

[hindsight] 27/3/2019 10:43

I imagined that as I wrote to LSR they just used my email address from that ?

[gfrae] 27/3/2019 10:30

Interesting, DF KIng have been in touch with me, but not Thal, I wonder how nominee companies decide what to pass on to underlying owners.

[hindsight] 27/3/2019 10:16

Another load of paper from Thal this am. The company address on front page makes it a minus marketing leaflet before they start

Also had an email from DF King Ltd
D.F. King has been retained by Local Shopping REIT plc (GB00B1VS7G47) in connection with their 2019 AGM (to be held on 29 March) and their GM (to be held on 5th April).

[stemis] 23/3/2019 10:59

Selftrade offer the option

[alanji] 22/3/2019 17:38

AJ Bell offer the option

[786sunshine] 22/3/2019 15:48

iDealing doesn't offer the option to elect for more cash or more shares.

Just wondering if other brokers too have this limitation?

Edit: When I spoke to idealing I was informed that they don't offer a similar election offer where available, for *all* other companies too, i.e. their restriction is not limited to this LSR offer.

[varies] 22/3/2019 10:23

As a holder of shares in THAL and LSR, I think the best outcome for both companies would be a cash distribution of, say, 31p per LSR.
THAL's intervention is surely not in the interest of THAL's shareholders, Mr Soukup excepted, and has wasted lots of money for both companies.

The only advantage for THAL shareholders in the bid succeeding would be the cancellation of THAL's preference shares which should never have been issued.

[stemis] 22/3/2019 08:52

kooba,

the problem with trying to build up the NAV from it's constituents is that we don't know working capital.

As at 30.9.18 NAV was £27.7m. All the losses on property sales, save the last £4m, have been recognised in that, as have liquidation costs. The only losses still to come out of NAV are

1. any losses on the remaining £4m of property. They were heavily written down though so hopefully not much.
2. Costs associated with the bid by THAL - £0.5m
3. Running costs of LSR. Last year these were £932k inc £496k of investment mgr fees. Hopefully the latter are variable (they did nearly half in the year) so should be relatively low now. Off that comes surplus rent but that won't be huge, maybe a couple of hundred k. So maybe £300k a year, net.

Add that all up I don't see why NAV should be less than £27m - 32.7p. I think 31.5p would be a bit disappointing.

[frazboy] 22/3/2019 07:39

Agreed Stemis. I don’t think there’s been enough churn in the shareholder base for LSR for the result to be much different from last time. I’ll be shocked if Thalassa get to 40% and even a little surprised if they make 30%. If, say, less than 45% then it’s all over, as there will be no material new information in the forthcoming weeks - time will tell!

[stemis] 21/3/2019 18:02

It will certainly be interesting to see the level of acceptances next Wednesday.

[hindsight] 21/3/2019 18:00

Frazboy, perhaps Thal will ask thier shareholders if they wish to throw in the towel in or fight it ?

[frazboy] 21/3/2019 17:34

Yes. I don't see Thalassa succeeding (others may disagree). So this little stunt will probably have cost, all in, north of £1m. What will be interesting, is, whether Thalassa throw in the towel at the 5th April meeting, thus avoiding court action, or continue to fight it, incurring further costs.

[hindsight] 21/3/2019 16:50

So Thal have cost thier shareholders, like Varies, ~ £125k in LSR. And going by the 8 letters I had here from Thal with offer details, it will be a large cost on top of this directly for Thal shareholders.

[stemis] 21/3/2019 16:32

At least THAL seem to have forced a bit of financial information from LSR



The costs incurred by the Company in connection with the Thalassa Offer are estimated at between GBP435,000 and GBP520,000

Suggestion seems to be that cost of court application are accommodated in liquidations costs already provided. So that's about 0.6p a share off 33.6p = 33p all other things being equal.

[hindsight] 20/3/2019 14:29

Varies, thank you for your views as an exsisting Thal shareholder

frazboy, thank you for those facts

[deepvalue2015] 20/3/2019 10:18

you quote the IC and ST! enough said.

[varies] 19/3/2019 20:29

Hindsight
In answer to your post no. 3269 I assure you that I did not regard THAL's issue of preference shares as being of benefit to me as a small shareholder. I saw it as a gratuitous measure to increase Mr Soukup's control and still do.