TIDMLSR
RNS Number : 8848J
Local Shopping REIT (The) PLC
07 December 2018
FOR IMMEDIATE RELEASE
7 December 2018
The Local Shopping REIT plc ("LSR" or the "Company")
General Meeting Wednesday 12 December 2018 ("General
Meeting")
The directors of The Local Shopping REIT plc have been notified
by the Company's registrar that forms of proxy have been lodged by
Thalassa Investments Ltd ("Thalassa") by which Thalassa has voted
its holding of 25.48% of the Company's issued share capital against
the special resolution to voluntarily wind-up the Company, to be
considered at the General Meeting ("the Resolution"). Thalassa has
also lodged letters of representation with the Company authorising
individuals to attend and vote at the meeting in relation to its
shareholding.
Unless the corporate representatives of Thalassa vote in favour
or abstain at the General Meeting, the Resolution will not achieve
a majority of 75% of votes cast that is required for a special
resolution to be passed. This would mean that the members'
voluntary liquidation proposed by the Resolution, under which
shareholders would have received distributions of the cash
accumulated by the Company through its property sales programme,
will not take place.
The Board remains convinced that the solvent liquidation of the
Company, as proposed by the Resolution, is the most appropriate and
effective means of fulfilling the investment policy of the Company,
approved by shareholders in July 2013, enabling "the orderly
liquidation of assets, the repayment of debt and the return of the
remaining capital to shareholders over a period of time".
The Board notes that, excluding the proxy votes lodged by
Thalassa, 99.96% of the balance of the votes received have been in
favour of the Resolution.
The deadline for receiving proxy votes has yet to expire and
closes at 11am on Monday 10 December 2018.
Prior to issuing the circular the Board consulted with Thalassa
and received no indication that it would vote against the
Resolution. Thalassa has not indicated to the Board its reasoning
for voting against the Resolution and thus, in effect, the
Company's approved investment policy. The Board also regrets that
the Company has incurred considerable cost in preparing for the
General Meeting and prospective Members' Voluntary Liquidation,
which could have been saved if Thalassa had informed the Board of
its attitude.
The Board has pursued the clearly stated investment objective of
the Company of returning capital to shareholders, which was known
to Thalassa at the time it made its investment in the Company.
Noting public statements made by Thalassa regarding its ability to
block a special resolution, the Board has been considering
alternative strategies for the benefit of all shareholders and, in
the event that the Resolution does not pass, will make a further
announcement regarding this.
The arrangements for the General Meeting, including the
suspension of trading in the Companies Ordinary Shares remain as
set out in the circular published on 16 November 2018.
For more information please contact:
William A Heaney, Company Secretary
The Local Shopping REIT plc
Tel: 020 7355 8800
Further Information:
If in any doubt about any of the contents of this announcement,
independent professional advice should be obtained.
This announcement is not an offer to sell or a solicitation of
any offer to buy the securities of The Local Shopping REIT plc (the
"Company") in the United States, Australia, New Zealand, Canada,
Japan, the Republic of South Africa or in any other jurisdiction
where such offer or sale would be unlawful.
This announcement cannot be relied on for any investment
contract or decision. No person has been authorised to give any
information or make any representation and, if given or made, such
information or representation must not be relied upon as having
been so authorised by the Company or the Directors.
Note regarding forward-looking statements:
This announcement includes statements that are, or may be deemed
to be, "forward-looking statements" including, without limitation,
those regarding the Company's financial position, business
strategy, plans and objectives of management for future operations
or statements relating to expectations in relation to dividends.
These statements can be identified by the use of forward-looking
terminology, including statements preceded by, followed by or that
include the words "targets", "believes", "expects", "aims",
"estimates", "intends", "plans", "projects", "will", "may",
"anticipates", "would", "could" or similar expressions or the
negative thereof. These forward-looking statements include all
statements that are not matters of historical fact. They appear in
a number of places throughout this announcement and include, but
are not limited to, statements regarding the Directors' and/or the
Group's intentions, beliefs or current expectations concerning,
among other things, the Group's results of operations, financial
position, prospects, growth, strategies and the industry in which
it operates.
By their nature, forward-looking statements involve known and
unknown risks, uncertainties and other important factors beyond the
Company's control that could cause the actual results, performance,
achievements of or dividends paid by the Company to be materially
different from the results, performance or achievements, or
dividend payments expressed or implied by such forward-looking
statements. Such forward-looking statements are not guarantees of
future performance and are based on numerous assumptions regarding
the Company's net asset value, present and future business
strategies and income flows and the environment in which the
Company will operate in the future. In addition, even if the
results of operations, financial position and the development of
the markets and industry in which the Group operates in any given
period are consistent with the forward-looking statements contained
in this announcement, those results or developments may not be
indicative of results or developments in subsequent periods. A
number of factors could cause results and developments to differ
materially from those expressed or implied by forward-looking
statements contained in this announcement, including, without
limitation, general economic and business conditions, industry
trends, competition, changes in regulation, regulatory activity,
currency fluctuations, changes in business strategy, political and
economic uncertainty and other factors. Statements contained in
this announcement regarding past trends or activities should not be
taken as a representation that such trends or activities will
continue or are likely to continue.
Any forward-looking statements speak only as of the date of this
announcement. Subject to the requirements of the FCA and the London
Stock Exchange (and/or any other applicable regulatory
requirements) or applicable law, each of the Company and the
Directors expressly disclaims any obligation or undertaking to
disseminate any updates or revisions to any forward-looking
statements contained herein to reflect any change in the Company's
expectations with regard thereto, any new information or any change
in events, conditions or circumstances after the date of this
announcement on which any such statements are based, unless
required to do so by law or any appropriate regulatory
authority.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
GMSTRBRTMBJMBIP
(END) Dow Jones Newswires
December 07, 2018 12:36 ET (17:36 GMT)
Alina (LSE:ALNA)
Historical Stock Chart
From Jun 2024 to Jul 2024
Alina (LSE:ALNA)
Historical Stock Chart
From Jul 2023 to Jul 2024