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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 3351 to 3373 of 3525 messages
Chat Pages: 141  140  139  138  137  136  135  134  133  132  131  130  Older
DateSubjectAuthorDiscuss
04/4/2019
15:45
Exbroker, presumably you took advantage of all the concerns that you cite in buying the LSR shares at a substantial discount to the expected payout in order to make a turn. You must have been fully aware of the risks when you bought. Of course, Thalassa are not going to guarantee a buy back price, it would be bad for existing Thalassa shareholders to pay more than necessary.
gfrae
04/4/2019
15:41
This is a rights issue from THAL, issue paper and get cash, just a slightly longer route.
exbroker
04/4/2019
14:54
I've not seen share buybacks set a price is that normal practise?Think the use of paper in the offer is to do with the share buyback if you look..treasury sharesNot sure THAL are issuing much new paper so limits dilution but reissuing shares they have purchased in the market at average 70p over last few years ...presumably one of the things that makes it work for them I guess.Dyor
kooba
04/4/2019
14:44
There is no stated price, it could continue at 30p if DS decides, also it could be "suspended" at any time. If the intention is to have this cash available for LSR holders WHY is it not part of the mix and match, that the part that worries me. This combined with all the other points I have repeatedly mentioned above has all my alarm bells ringing, I want CASH for my LSR not paper that I find hard to value. I am a recent holder of LSR having bought in for the return of cash, the more I see of THAL and read about buy backs, 10 votes per Pref and Senior QC`S opinion the more I am reminded of the way a man who fell off his yacht operated, it don’t feel right!!
exbroker
04/4/2019
13:59
That's how I had interpreted , exbroker can you clarify your comment..is there a get out clause I am missing?'The buyback can be discontinued at any time there is no guarantee that it will be there after the deal completes if it indeed ever does.'
kooba
04/4/2019
13:52
FYI: Thalassa Holdings Response to LSR announcement RNS Number : 8891T Thalassa Holdings Limited 25 March 2019 Page 2 'The Thalassa Board has committed (as a post-offer intention statement under the Takeover Code) to maintain the Programme following completion of the Offer and until at least such time as the full £6 million has been utilised. ' ...'The Programme will continue to provide liquidity for Thalassa Shareholders, including LSR Shareholders who accept our offer but do not wish to hold the Thalassa Consideration Shares issued to them as part of the Offer.' I read this to mean the buy-back continues post completion up to £6m.
deepvalue2015
04/4/2019
12:49
Bad or sharp practice is not the same as bad advice, you could argue that its good advice if it gives you a legitimate advantage in a takeover battle. The buyback can be discontinued at any time there is no guarantee that it will be there after the deal completes if it indeed ever does. If they wanted shareholders of LSR to have access to that cash, then why not have it included in the mix and match option? The terms are not any different because the buyback may or may not be operating if the deal is unconditional, DS will know the exact scale back of the cash element and therefore the likely demand for a buy back. This gives him the put and call, something I don’t want to do given my stated concerns about the governance of this company.
exbroker
04/4/2019
12:29
@Exbroker you said 'buying your own shares during a takeover with a paper element just smacks of bad but legal practice at best.' But isn't THAL being advised by finnCap and WHI? SO are you saying these guys are 'bad' brokers or giving ' bad' advice? I note that the buyback as Kooba points out has been ongoing for some time and not implemented as part of the LSR bid. However the impact of this is not just buying in shares at a discount to THALs NAV (which creates value for THAL s/h) but also gives a firm exit option for LSR s/h who dont want to hold shares post t/o. LSR keep banging on about fulfilling the strategy approved by shareholders in July 2013. However at that time, the LSR NAV was 46p (as at March 2013 Interims Report: RNS Number : 7388F page 1). So after expecting a 46p payout, now 6 years on (2 years past the disposal timeline), s/h are now being offered less than 32p (unconfirmed by the LSR Board) 30% less. Surely it wouldn't have been approved had we known this would be the outcome. I would like to ask posters if they know of any reason while LSR will be 'holding back' on the sale of 3 properties in order to maintain the company's REIT status, if in fact the company is being liquidated?(RNS Number : 6416T pg 3) LSR has also claimed that 'An updated net asset value figure would require a revaluation of the Company's remaining property portfolio to RICS standards by an independent valuer in accordance with Rule 29', would be impracticable. (RNS Number : 6416T pg 3) But why is this the case, given the number of properties left on the books? Surely more clarity would be cheaper that a court battle? (albeit the latter potentially at the Board's personal expense.)
deepvalue2015
04/4/2019
09:12
As a poison pill to protect Thalassa from aggressive stake building during the TO period (as they are trading at a big discount to book) ...as stated in listing doc.All shareholders treated equally the day after issue the voting position was exactly the same. Only new buyers did not get the prefs.For the record I am against poison pill measures that protect company's from takeover ..and I related my thoughts to the company directly.But the issue did not give DS control.I am pleased they are to be extinguished post acquisition and hope they are extinguished if this deal does not go through.
kooba
04/4/2019
08:04
Scroll back a few weeks and read the comments, it's been clearly explained already
gbjbaanb
04/4/2019
08:03
Kooba - why did he issue them?
frazboy
04/4/2019
06:25
Ok please explain how the preference share issue gave DS voting control.
kooba
03/4/2019
21:26
As Exbroker said above “BVI registration, a highly unusual preference share structure to give DS voting control and a standard listing are not signs of a quality company. Every alarm bell is ringing”
sleepy
03/4/2019
20:57
Stemis, If offer fails I think That restricted to buy something like 1% p.a.. Hence the offer.
nicholasblake
03/4/2019
17:10
No they haven't or there would have had to be full cash alternative at highest price paid during that period.
kooba
03/4/2019
17:09
HaI too have city background as director of regulated securities and corporate finance houses and nomad...but you will have to take my word for that ..I suppose I could have conjured an avatar to make me look special ...but Kooba was the name of my Bengal cat when I set up this account 10 years ago.Why cash..well I looked at the terms and I managed to work out that was the most advantageous based on THAL price.I also worked out that I will still get a slug of THAL stock which I am fine with...though I have previously posted that I have sold down my THAL holdings to buy LSR as a cheap way back in.Less of the stupid Maxwell jibes and use of dodgy and manipulation is uncalled for and cheap.The share buyback has been operation for a long time and well before the offer was made ..it is now operating at the same levels as before the offer was made..I also note there are very few sells printing just now and a number of the previous ones were me arbbing my position. So is the price under pressure?What you do have with THAL is a declared buyer of Ms of shares in the wings...not many counters have that.Yes I have vested interest mostly in LSR and I want the deal to go through as it seems the best deliverable exit.DYO homework but keep to the facts.
kooba
03/4/2019
17:08
I don't think that THAL have bought any shares in LSR in the last 12 months so they are not constrained by previous prices they've paid.
stemis
03/4/2019
17:07
'...never had a share buyback during a takeover, I am surprised the Panel have allowed it.'Surprised? I'm amazed. I'm going to write to the takeover panel to query why this is an acceptable practice.
frazboy
03/4/2019
16:50
So kooba you have a vested interest in talking your own book. If THAl is such a great company why have you gone for max cash???? I am very familiar with the takeover code the clue is in my name! The point about buying your own shares during a takeover with a paper element just smacks of bad but legal practice at best. The share price should be left to find its own level, there is no borrow so there is no shorting on the arbitrage. If there is £6m for buy backs for the shares, then let’s see more or all of it on offer to shareholders in LSR. BVI registration, a highly unusual preference share structure to give DS voting control and a standard listing are not signs of a quality company. Every alarm bell is ringing Why would you want paper in THAL?? If they go over 30% then it becomes a rule 9 and they have to offer the highest price they have paid in the previous 12 months. I have stated facts which ones do you not agree with. Captain Bob did not have this much imagination, he never had a share buyback during a takeover, I am surprised the Panel have allowed it.
exbroker
03/4/2019
16:03
If they go over 30% would trigger offer for all the outstanding at matching price.So if they fail and block the LSR board's liquidation suppose they could go over 30% through market purchases in mid 20s and offer that for whole company then being the only way for shareholders to exit?
kooba
03/4/2019
15:47
Stemis, it would be a lot cheaper for Thalassa, and would not dilute Thal shareholders, if they were to do so. (Assuming they can buy at around these prices)
gfrae
03/4/2019
15:21
Do you work for Thalassa, Kooba?
frazboy
03/4/2019
15:20
I'm not update unfortunately with listing rules these days but, if their offer fails, is there anything to stop THAL buying in the market/making a tender offer for shares in LSR? I'm guessing it wouldn't take much more than a low 40% holding for them to be able to wrestle control of the board from the current incumbents. That's not much more than the current level of acceptances.
stemis
Chat Pages: 141  140  139  138  137  136  135  134  133  132  131  130  Older
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