Business
Statement re Thalassa Announcement 02/04/2019
Statement re Thalassa Announcement 02/04/2019.
About this update from Alina Holdings Plc
[{"type":"text","content":"\n \nRNS Number : 8852U Local Shopping REIT (The) PLC 02 April 2019 \n\nNOT 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.\n \nFOR IMMEDIATE RELEASE.\n \n2 April 2019\n \nThe Local Shopping REIT plc (the \"Company\" or \"LSR\")\n \nResponse to Announcement by Thalassa Holdings Ltd (\"Thalassa\")\n \nThe board of The Local Shopping REIT plc (the \"LSR Board\") notes the announcement released by Thalassa on 2 April 2019 stating that it has submitted its form of proxy to vote against the ordinary resolution (the \"Resolution\") to be proposed at the general meeting of the Company to be held on Friday 5 April 2019. The Resolution seeks to authorise LSR's directors to take all actions as they consider necessary or desirable to liquidate the Company and thus achieve the mandated outcome of the Company's investment policy, including, if necessary, petitioning the Court for the winding-up of the Company.\n \nThe LSR Board notes Thalassa's statements regarding its opinion of the prospects for the success of an application to the Court to wind-up the Company and that it would challenge any such application. Thalassa's statements come as no surprise to the LSR Board, given that it has consistently opposed attempts by the LSR Board to return to LSR Shareholders the cash to which they are entitled.\n \nThe LSR Board considers that, whilst Thalassa is entitled to form its own opinion on the merits of such an application, it has not made clear the reasons supporting its view.\n \nThe LSR Board, on the other hand, has clearly explained on pages 29-31 of the response circular to shareholders published by the LSR Board on 12 March 2019 (available on the LSR website www.localshoppingreit.co.uk) (the \"Response Circular\") the rationale for its belief as to why a petition to the Court should succeed, being, in summary, that:\n \n· the LSR Investment Policy, which has been pursued by the LSR Board since its adoption in 2013 (three years before Thalassa's investment in the Company), requires the LSR Board, in summary, to realise the assets of the Company, repay its debts and distribute the surplus to LSR Shareho...