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 Shares Traded Last Trade
  0.00 0.0% 31.50 0.00 01:00:00
Bid Price Offer Price High Price Low Price Open Price
31.00 32.00 0.00 0.00 0.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Real Estate Investment Trusts -1.87 -2.34 26
Last Trade Time Trade Type Trade Size Trade Price Currency
- O 0 31.50 GBX

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Date Time Title Posts
07/10/201919:49LOCAL SHOPPING REIT :::: Corner shops, or more?3,503
20/2/201512:47*** LSR ***-
29/9/200815:04up 42%3

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The Local Shopping Reit Daily Update: The Local Shopping Reit Plc is listed in the Real Estate Investment Trusts sector of the London Stock Exchange with ticker LSR. The last closing price for The Local Shopping Reit was 31.50p.
The Local Shopping Reit Plc has a 4 week average price of 0p and a 12 week average price of 0p.
The 1 year high share price is 31.50p while the 1 year low share price is currently 30p.
There are currently 82,505,853 shares in issue and the average daily traded volume is 0 shares. The market capitalisation of The Local Shopping Reit Plc is £25,989,343.70.
gbjbaanb: hTTp:// This is where to look. Only specimen forms are on the site now. But if you hold with a nominee broker, contact them and give them your instruction.
scburbs: Everyone knows the shell is largely worthless. He isn’t a real estate investor desperate to acquire a REIT. It’s an attempt at an enforced discounted rights issue that his own shareholders won’t support nothing more. The LSR share price tells you all you need to know about how valuable the offer is. If the offer fails and wind up is approved there will be a c.10% jump. I think that says it all.
exbroker: 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: 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!!
stemis: Strange therefore that they haven't included a proforma combined balance sheet in the Offer Document. I had a quick bash and noticed (I think) that there is an error in the Offer Document. They disclose the proforma combined NAV as 105.8p whereas I think it should be 111.2p. The error (if anyone wants to have a look) is in section 6f. On consolidation they deduct their share of net assets of LSR (£7.1m) whereas they should deduct the actual value in their balance sheet (£5.3m). Current LSR share price (28.6p) implies that the value of THAL shares will be 54p. That's a pretty hefty discount to NAV, considering most of it is cash.
stemis: 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...
gbjbaanb: 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)
hindsight: What find surprising is the selling in Lsr but not in Thal, present Lsr price of 26.5p is about 47p per Thal in offer. 50p is where I feel thal will be if 25% of lsr shareholders loose the plot and vote for the deal
centipede: Just reminding myself and summarising for others what has been going on here. Is there anything I should add? I’m thinking of sending this to various people and financial bodies. Any suggestions? “LSR (Local Shopping Reit) has owned a range of basic commercial properties. Due to a significant discount of the share price related to the value of these, it was decided in July 2013 to dispose of the properties and to return the money to the shareholders. This has taken an inordinate amount of time, and it is only now (nearly 5 ½ yrs on) that LSR is finally starting to complete the process. Various management fees have been draining out of the company, and the sales have been at a general loss to the stated book prices. In 2016, a separate company Thalassa (which provides marine geophysical, and other, services), led by their chairman Duncan Soukup, then decided to buy a significant proportion of LSR’s shares (just below 25%). Following this, Thalassa then tried to get their own representatives onto the board of LSR, with an apparent view to unlock the ever-decreasing value in the company. This was defeated, and the process of selling the properties was then (finally) started by LSR. 2 yrs on, and LSR is now ready to start to distribute the amounts which remain. However, Thalassa has now swung into action and blocked the process, by virtue of now apparently owning more than 25% of the company. This seems particularly unjust, as apparently 99.96% of votes registered by the company, with the exception of Thalassa, to date, have voted for the liquidation option. As the properties have now mostly been sold, it is hard to see what Thalassa/Soukup can gain by this manoeuvre. If they were to somehow get more than their share of the proceedings, this could only be by taking money from the other shareholders in some way. Also, it seems very likely that if there is an argument based on technicalities (for instance that the board of LSR deliberately damaged the interests of shareholders), then this would result in an expensive legal battle. There will then presumably be even less money available to shareholders (including Thalassa/Soukup). As some background, there have also been some strange recent events at Thalassa, with the issuing of preference shares (with 10 votes each) to all existing holders. The thing is that once sold, the voting rights to these disappear. All of this will mean that over time, voting rights (and control) will quickly become concentrated into the hands of those holding onto their shares (presumably board members). As a private shareholder, I no longer have any trust in the intentions of any of the parties involved. I feel that this has brought the whole system into disrepute, and will therefore damage the normal process of investment and the development of businesses. ”
orinocor: Dear Shareholder, Thalassa Holdings Ltd (Thalassa) (through two different nominees) recently acquired 23.48% of The Local Shopping REIT plc (LSR). We have a successful track record of unlocking value in underperforming assets and believe that with owner management, shareholder value could be realised more efficiently and faster than by third-party managers with no vested interest. Why we seek to replace the current Board Ÿ LSR's cost structure must be cut to reflect a company undertaking asset liquidation. Ÿ LSR's performance since admission has been disastrous and the Board must take substantial responsibility. Ÿ The management agreement between LSR and INTERNOS Global Investors Limited (Internos) (Internos Agreement) appears inequitable and not in shareholders' best interests: Ÿ since its appointment on 22 July 2013, Internos has been paid a total of £3.187m. Total administrative and property costs during this time of £18.5m while the return to shareholders has been £zero; Ÿ the Internos Agreement is excessive in comparison to LSR's revenue and profit and is not performance related (in 2015 Internos' fee was £1,016,461, while profit before tax a paltry £20,000); Ÿ on 7 August 2014 LSR announced the sale of 235 properties for £79.3m. Under the Internos Agreement, Internos was due a 0.5% fee on sales in excess of £50m (even though the property portfolio was worth £173.9m prior to Internos' appointment) and, by our calculations, have been paid £396,500 (£79.3m x 0.5%) notwithstanding the fact that LSR has incurred cumulative losses in excess of £92m; and Ÿ the Internos Agreement is on significantly worse terms than those entered into by Internos with other clients, such as Invista European Real Estate Trust (Invista). Invista paid a management fee of 1.25% on net assets whereas LSR are paying 0.7% on gross assets, subject to a minimum of £1m in years 1 and 2 and £950,000 in year 3. We estimate that this equates to more than twice what Internos would earn if the Invista formula were applied to LSR. Ÿ We are told that the Internos Agreement is not only in the best interests of shareholders but that it was entered into following a full and transparent process. In fact the appointment was made with no shareholder consultation - Steve Faber was appointed to the board before shareholders were informed about the Internos Agreement. The 2013 circular states Internos' appointment was not conditional on shareholder approval of the New Investment Policy - we conclude that Internos' appointment was clearly not something the Board wanted shareholders to vote on. Ÿ Why does the Internos Agreement include bonus terms for their core function - which is selling assets - without consideration to profit or loss and includes a terminal fee of 5.7% cash returned to shareholders in excess of 36.1p which was below NAV per share of 46p when they were appointed and is below current NAV per share of 43p. · Since admission, LSR has incurred cumulative losses totalling £92.023m, including total administrative and property operating expenses of £49.931m. By our calculations, the NAV per share was 164.86p at admission and has fallen 74% to 43p. Based upon the share price of 28.25p on 7 September 2016 (the day before Thalassa's first purchase) LSR's share price has declined 72.6% in that period, even when taking into account net dividends paid between 2008 and 2012 of 19.42p What would Thalassa do? If elected, Thalassa would: · review all contractual arrangements with a view to cutting costs, eliminating duplication, reducing property vacancies, whilst accelerating asset liquidation and substantially reducing debt; · meet shareholders to discuss representation on the Board, which the current Board has informed us they have in the past (in the case of Damille Investments Ltd, who requested two seats) rejected; and · improve corporate governance - the current Board is in breach of the LSR's articles of association which requires a minimum of three directors. It has therefore been operating in contravention of the Company's Act 2006 since April 2016. This on-going failure is worrisome and indicative of potential wider disregard of proper corporate governance by the current Board. We will be considering operations during this period and will seek redress on behalf of LSR, as appropriate. We are acutely conscious of the sensitivity of key relationships with other stakeholders in LSR and, as the company's largest shareholder, we have no interest in destabilising any of them. Sincerely Duncan Soukup
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