The Local Shopping Reit Share Discussion Threads

[hindsight] 03/4/2019 10:25

Why given that THAL are prepared to spend £6m manipulation, I mean helping their share price do they not add this to the cash element of the offer.

I think Exbroker, because without the sharebuyback, Thal shares would be trading at 60p odd, where they were heading when the buyback was suspended which would reduce the offer value. And the share buy back can be cancelled/suspended at any time it suits them, so £6m is far from certain to be spent, where as if added to the cash element of the offer it would, in the unlikely event of it succeeding

Another six letters from Thal arrived here this am, wonder what this has cost Thal shareholders

[kooba] 02/4/2019 16:27

Well perhaps if LSR board had had the sense to discuss returning funds with their largest shareholder then we wouldn't be here?

[exbroker] 02/4/2019 16:26

Its a rights issue for THAL, or itscash that equates to more than the current share price.
Why given that THAL are prepared to spend £6m manipulation, I mean helping their share price do they not add this to the cash element of the offer.
Standard listing, dodgy pref shares and BVI registration!!
Captain Bob would be proud!!

[hindsight] 02/4/2019 14:44

This has been a clear demonstration of Thal investment skills. So far probably lost thier investors £1m directly and 250k indirectly. Another point to make if they phone again.

[kooba] 02/4/2019 14:24

I note they say you can vote for the resolution and accept the bid I suppose one drops off if the other goes through.Danger of this going to court with stalemate and increased cost nor great , but I do note that the board could have some personal liability if it proves that they cannot get their liquidation order through according to THAL which might focus their attention away from spending shareholder money.Does look like the only way of securing anything in the short term is accepting THAL offer, any views?

[tiltonboy] 02/4/2019 14:17

Difficult one. THAL scare tactics, and the uncertainty over who would win the court case, might even see them get over the line.

[stemis] 02/4/2019 13:38

So, if the bid fails, for which there may a reasonable chance, and LSR's plans to wind up the company also fail (which at the moment looks 50/50)?

[sleepy] 02/4/2019 11:40

Thanks scburbs

[kooba] 02/4/2019 10:01

Open as in market transactions so all can participate.Uncertain is evidently true if you set about a course of action without the pre approval of a shareholder who has a legal ability to stymie the board.Shame no one is prepared to talk it seems.

[hindsight] 02/4/2019 09:57

Had a call from a Thal representative enquiring if I plan to accept the offer. Rather disapointed he didnt ask after my reply why not, as surely thats the key point

[scburbs] 02/4/2019 09:53

They will update after the next closing date (10th).

[sleepy] 02/4/2019 09:47

How often do Thalassa have to update as to the level of acceptances?

[scburbs] 02/4/2019 09:23

“Open”? That seems unlikely. Prescriptive might be more likely.

Does creation of the illusion they tried to support the business strategy help in any court action? Is a liquidation process when a company is nearly all cash really that uncertain!

[kooba] 02/4/2019 08:50

I have seen general share buybacks like that used that are effectively open to shareholders that the board approves and since the board had another largish friendly shareholder then perhaps there was concern.However if THAL as largest shareholder approached LSR separately with a substantive open buy back proposal why did LSR not engage?

[scburbs] 02/4/2019 08:43

AGM resolution 10, they wouldn’t even support them for up to 10%.

[kooba] 02/4/2019 08:25

When did THAL vote against share buybacks? Thought they voted against plan for distribution and wind up?

[scburbs] 02/4/2019 08:18

They voted against share buybacks! Therefore, the idea there were supportive doesn’t stand up. Perhaps they would have been supportive if they (as minority shareholder) had been able to dictate terms or perhaps not.

[kooba] 02/4/2019 07:50

Interesting that Thalassa proposed share buyback..if this was done quite aggressively close to NaV it would have been a way of satisfying ALL shareholders.Those that wanted out would have got cash close to NAV leaving a clean cash shell for those that had more ambition for its use as a vehicle. This would have been a highly cost effective approach.The fact that LSR board would not engage with their largest shareholder who they must have realised could block their plans appears to be a very major factor in why we find ourselves where we are, and it has cost shareholders dearly.If there is no legal basis for their latest liquidation attempt then they are just throwing more value away.I have accepted max cash ? for all holdings and rather peed off that the LSR board who in my opinion have let personal feelings get in the way of delivering a reasonable outcome for all stakeholders..there's enough of that in Parliament already.

[hindsight] 01/4/2019 10:50

I imagine all the FOR votes will revote on the 5th GM motion and others like me who missed the agm cut off date but have not missed the 5th cutoff.

[stemis] 01/4/2019 10:27

THAL hold 21,021,277 shares so it's pretty much them voting against all the resolutions. It does show, I guess, how close they are to being able to disrupt normal business. They were only 5.2m shares short of being able to defeat every motion (and only 3.9m to prevent Vetch's re-election). 11.6m accepted their offer...

[sleepy] 01/4/2019 10:07

Anyone like to comment on the AGM results?

[topvest] 30/3/2019 18:14

In the meantime, NAV continues to reduce with the legal costs arising from all of this. Page 41 of the document implies that the costs of defending the offer are c£0.5m and c£0.5m on legal advice.

[hindsight] 29/3/2019 08:50

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.

I agree and have sent my votes in which hopefully the nominees will action in time

But think egos rule here and a new offer with a lot higher cash element will come from Thal

[stemis] 28/3/2019 11:17

I've also voted for the resolution on 5 April although I also accepted the offer from THAL. I'm not really bothered which one happens as long as one does. My concern is that we don't end up in a stalemate with the value of the company leaking away in professional fees and running costs.