Business
Thalassa Statement and Shareholder Update - amend
Thalassa Statement and Shareholder Update - amend.
About this update from Alina Holdings Plc
[{"type":"text","content":"\n \nRNS Number : 6416T Local Shopping REIT (The) PLC 21 March 2019 \n\nThe Thalassa Statement and Shareholder Update announcement released today at 15:29 under RNS No 6356T has been amended. Amendments are identified with an asterisk (*). The full amended text is shown below.\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. THIS ANNOUNCEMENT DOES NOT CONSTITUTE A TAKEOVER OFFER OR AN OFFER OF SECURITIES.\nFOR IMMEDIATE RELEASE\n \nThe Local Shopping REIT plc (the \"Company\" or \"LSR\")\n \nThalassa Statement and Shareholder Update\n \n21 March 2019\n \nThe board of The Local Shopping REIT plc (the \"Board\") notes the statement issued by Thalassa Holdings Ltd (\"Thalassa\") on 19 March 2019 in response to the circular to shareholders issued by the Board on 12 March 2019 (the \"Circular\"). \n \nIn particular, the Board notes Thalassa's assertion that its offer to LSR shareholders (the \"Offer\") represents a \"deliverable and certain exit\" for LSR shareholders. The Board disputes this assertion, as the majority of the consideration offered by Thalassa is in Thalassa's ordinary shares. Accordingly, Thalassa's Offer does not provide the full cash exit which LSR shareholders desire and for which 99.98% of votes cast (other than Thalassa's) at the Company's general meeting in December 2018 were voted in favour. The Board remains committed to achieving this outcome, which is the mandated investment policy of the Company. \n \nThe Board further notes that, whilst making much of its share buy-back programme, Thalassa has given no guarantee that this will provide an exit for LSR shareholders - or that, should it acquire control of LSR, that it would have sufficient cash remaining to enable it to do so. \n \nFurthermore, the Board continues to believe that Thalassa's ordinary shares, comprising the majority of the Offer, are unacceptably risky, for the reasons set out in the Circular.\n \nThe Board considers that the content of Thalassa's statement is, for the most part, wholly irrelevant to the simple decision before LSR shareholders, which is whether it is in their best ...