TIDMLSR
RNS Number : 4682V
Local Shopping REIT (The) PLC
08 April 2019
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR
INDIRECTLY (IN WHOLE OR IN PART), IN, INTO OR FROM ANY JURISDICTION
WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF
THAT JURISDICTION. THIS ANNOUNCEMENT DOES NOT CONSTITUTE A TAKEOVER
OFFER OR AN OFFER OF SECURITIES.
The Local Shopping REIT plc (the "Company")
Update on Property Sales Programme
8 April 2019
The board of The Local Shopping REIT plc (the "Board") is
pleased to provide the following update on progress with the
Company's property sales programme.
Since the last update issued by the Board, the Company has sold
a further four properties for an aggregate price of GBP0.57
million, representing a 3.2% premium to carrying value before sales
costs.
Of these, three properties were sold through private treaty
transactions which completed for an aggregate sale price of GBP0.40
million, representing a 10.1% premium to carrying value before
sales costs.
The other property exchanged at auction during April. The sale
price of this was GBP0.18 million, representing a 9.6% discount to
carrying value before sales costs.
The aggregate sales costs associated with all the disposals
described above is estimated to be circa 2.6% of the aggregate
sales price, resulting in an aggregate realised gain on sale of
circa 0.5%.
The Company now has approximately GBP23.0 million in cash
reserves, equating to 27.9p per share. We are also awaiting
completion of the sale of two properties on which we have exchanged
contracts, for gross proceeds of GBP0.5 million.
Excluding the exchanged sales described above, the remaining
portfolio comprises eight assets. Of these, terms have been agreed
with prospective purchasers for the sale of three properties. Of
the remaining five properties, we plan to hold back three
properties in order to maintain the Company's REIT tax status until
the Company enters into the liquidation process, in order to avoid
triggering corporation tax liability which under the REIT rules
could apply from the end of the prior financial year end (30
September 2018).
The contracted rental income from these three properties of
GBP0.4 million per annum will assist in defraying the Company's
operational costs, including those associated with maintaining its
listed status, until its liquidation.
The term "carrying value" used in this announcement refers to
the property values comprised in the Company's audited accounts as
at 30 September 2018.
[ENDS]
Enquiries:
Rupert Wallman, Fund Manager, Principal Real Estate Europe +44 20 7355 8800
Bill Heaney, Company Secretary +44 20 7355 8800
Rule 26.1 Disclosures
In accordance with Rule 26.1 of the City Code on Takeovers and
Mergers (the "Code"), a copy of this announcement will, subject to
certain restrictions relating to persons resident in restricted
jurisdictions, be available on the Company's website at
www.localshoppingreit.co.uk by no later than 12 noon (London time)
on the business day following the release of this announcement. The
content of the website referred to in this announcement is not
incorporated into and does not form part of this announcement. The
person responsible for arranging for the release of this
announcement on behalf of the Company is William Heaney, Company
Secretary.
Important Notices
This announcement is not intended to, and does not, constitute
or form part of any offer, invitation or solicitation of any offer
to purchase, otherwise acquire, subscribe for, sell or otherwise
dispose of any securities or the solicitation of any vote or
approval in any jurisdiction. The offer by Thalassa Holdings Ltd.
to acquire the entire issued and to be issued share capital of the
Company not already held by it (the "Offer") will be made solely by
certain offer documentation which will contain the full terms and
conditions of the Offer, including details of how the Offer may be
accepted. Shareholders are recommended to take no action at this
time. This announcement has been prepared in accordance with
English law and the Code, and information disclosed may not be the
same as that which would have been prepared in accordance with laws
outside of the United Kingdom. The release, distribution or
publication of this announcement in jurisdictions outside of the
United Kingdom may be restricted by laws of the relevant
jurisdictions, and therefore persons into whose possession this
announcement comes should inform themselves about, and observe, any
such restrictions. Any failure to comply with the restrictions may
constitute a violation of the securities law of any such
jurisdiction.
Disclosure requirements of the Code
Under Rule 8.3(a) of the Code, any person who is interested in
1% or more of any class of relevant securities of an offeree
company or of any securities exchange offeror (being any offeror
other than an offeror in respect of which it has been announced
that its offer is, or is likely to be, solely in cash) must make an
Opening Position Disclosure following the commencement of the offer
period and, if later, following the announcement in which any
securities exchange offeror is first identified. An Opening
Position Disclosure must contain details of the person's interests
and short positions in, and rights to subscribe for, any relevant
securities of each of (i) the offeree company and (ii) any
securities exchange offeror(s). An Opening Position Disclosure by a
person to whom Rule 8.3(a) applies must be made by no later than
3.30 pm (London time) on the 10th business day following the
commencement of the offer period and, if appropriate, by no later
than 3.30 pm (London time) on the 10th business day following the
announcement in which any securities exchange offeror is first
identified. Relevant persons who deal in the relevant securities of
the offeree company or of a securities exchange offeror prior to
the deadline for making an Opening Position Disclosure must instead
make a Dealing Disclosure.
Under Rule 8.3(b) of the Code, any person who is, or becomes,
interested in 1% or more of any class of relevant securities of the
offeree company or of any securities exchange offeror must make a
Dealing Disclosure if the person deals in any relevant securities
of the offeree company or of any securities exchange offeror. A
Dealing Disclosure must contain details of the dealing concerned
and of the person's interests and short positions in, and rights to
subscribe for, any relevant securities of each of (i) the offeree
company and (ii) any securities exchange offeror(s), save to the
extent that these details have previously been disclosed under Rule
8. A Dealing Disclosure by a person to whom Rule 8.3(b) applies
must be made by no later than 3.30 pm (London time) on the business
day following the date of the relevant dealing.
If two or more persons act together pursuant to an agreement or
understanding, whether formal or informal, to acquire or control an
interest in relevant securities of an offeree company or a
securities exchange offeror, they will be deemed to be a single
person for the purpose of Rule 8.3.
Opening Position Disclosures must also be made by the offeree
company and by any offeror and Dealing Disclosures must also be
made by the offeree company, by any offeror and by any persons
acting in concert with any of them (see Rules 8.1, 8.2 and
8.4).
Details of the offeree and offeror companies in respect of whose
relevant securities Opening Position Disclosures and Dealing
Disclosures must be made can be found in the Disclosure Table on
the Takeover Panel's website at www.thetakeoverpanel.org.uk,
including details of the number of relevant securities in issue,
when the offer period commenced and when any offeror was first
identified. You should contact the Panel's Market Surveillance Unit
on +44 (0)20 7638 0129 if you are in any doubt as to whether you
are required to make an Opening Position Disclosure or a Dealing
Disclosure.
BDO LLP ("BDO"), which is authorised and regulated in the United
Kingdom by the Financial Conduct Authority, is acting as
independent Rule 3 adviser to LSR and no one else in connection
with the Offer and will not regard any other person as its client
in relation to the Offer and will not be responsible to anyone
other than LSR for providing the protections afforded to clients of
BDO, nor for providing advice in relation to the Offer.
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
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