Business
Return of Capital and Thalassa Undertaking
Return of Capital and Thalassa Undertaking.
About this update from Alina Holdings Plc
[{"type":"text","content":"\n \nRNS Number : 5352C Local Shopping REIT (The) PLC 18 June 2019 \n\nFOR IMMEDIATE RELEASE\n \n \nTHIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION\n \n18 June 2019\n \nThe Local Shopping REIT plc (\"LSR\" or the \"Company\")\n \nAnnouncement of irrevocable undertaking from Thalassa Holdings Ltd (\"Thalassa\")\nto support proposals to return capital to LSR shareholders\nby way of a capital reduction and share buy-back tender offer\n \nThis announcement does not represent a firm intention to make an offer under Rule 2.7 of the City Code on Takeovers and Mergers (the \"Code\").\n \nGeneral\n \nThe directors of the Company (the \"Board\") are pleased to announce that LSR and Thalassa have today entered into an irrevocable undertaking (the \"Irrevocable Undertaking\") pursuant to which, amongst other things, Thalassa has agreed to support proposals to return capital to LSR shareholders by way of a capital reduction and share buy-back tender offer to be effected at a price per LSR share equal to the net asset value per LSR share (to be set out in LSR's unaudited consolidated interim results for the six months ended 31 March 2019 to be published on or around 20 June 2019), subject to a cap of 31.5 pence per share (\"NAV\") (the \"Proposals\"). \n \nPursuant to the Irrevocable Undertaking, Thalassa has undertaken not to participate in the buy-back tender offer to be effected in connection with the Proposals, but has undertaken to vote, or procure the vote, in favour of all resolutions required to be passed by LSR shareholders in order to implement the Proposals on which it is entitled to vote.\n \nBackground to the Proposals\n \nSince the lapse of Thalassa's offer to acquire the entire issued, and to be issued, ordinary share capital of LSR on 3 May 2019 (the \"Thalassa Offer\"), the Board has continued to explore ways of returning capital to LSR shareholders as quickly and efficiently as possible. Accordingly, following the lapse of the Thalassa Offer, LSR and Thalassa entered into a dialogue regarding the Proposals as a means of achieving this.\n \nThe Proposals will entail seeking the confirmation of the High Court of Justice in England and Wales (the \"Court\") of a capital reduction to be undertaken by LSR in connection with the Proposals in order to create the ...