Thalassa offers to buy Local Shopping REIT
Thalassa Holdings has made an offer to acquire Local Shopping REIT.
Thalassa’s proposal included “significantly less” cash than the company’s proposed voluntary liquidation would provide.
In a statement, LSR said the board had a “commitment to seeking to return cash to shareholders in accordance with its stated investment strategy, approved by shareholders in 2013”.
Thalassa Holdings has made an offer to acquire Local Shopping REIT.
Thalassa’s proposal included “significantly less” cash than the company’s proposed voluntary liquidation would provide.
In a statement, LSR said the board had a “commitment to seeking to return cash to shareholders in accordance with its stated investment strategy, approved by shareholders in 2013”.
Thalassa, which announced its intention to acquire Local Shopping REIT last month, made the bid on 6 February and is expected to post its offer document between 20 February and 6 March. LSR will be required to respond within 14 days.
The British Virgin Islands-based firm owns 25.48% of LSR, and voted against the winding up of the REIT in December.
In its annual results for the year ended 30 September, the REIT said that paying back its bank loans in July with sale proceeds was a “major achievement during the year”, and it has whittled its portfolio down to 34 property assets, valued at £9.3m, of which 23 are under offer.
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