Business
Legal opinion on the LSR Board's proposal
Legal opinion on the LSR Board's proposal.
About this update from Thalassa Holdings Ltd
[{"type":"text","content":"\n \nRNS Number : 7570U Thalassa Holdings Limited 02 April 2019 \n\nNOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION. IN PARTICULAR, THIS ANNOUNCEMENT SHOULD NOT BE RELEASED, PUBLISHED, DISTRIBUTED, FORWARDED OR TRANSMITTED, IN WHOLE OR IN PART, IN, INTO OR FROM ANY RESTRICTED JURISDICTION, INCLUDING THE UNITED STATES.\nTHIS ANNOUNCEMENT IS AN ADVERTISEMENT AND NOT A PROSPECTUS OR PROSPECTUS EQUIVALENT DOCUMENT AND NO INVESTMENT DECISION IN RELATION TO THE OFFER OR THE THALASSA CONSIDERATION SHARES SHOULD BE MADE EXCEPT ON THE BASIS OF INFORMATION IN THE OFFER DOCUMENT AND PROSPECTUS EQUIVALENT DOCUMENT.\nTHIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) NO. 596/2014. \nFOR IMMEDIATE RELEASE\n2 April 2019\n \nThalassa Holdings Ltd\n(\"Thalassa\" or the \"Company\")\n \nLegal opinion on the LSR Board's proposal\n \n \nThalassa announces that it has submitted its form of proxy and voted against the Ordinary Resolution to be tabled at the General Meeting of LSR on 5 April 2019. \nLSR Shareholders are invited to accept the Offer as soon as possible. The Offer remains open for acceptance until 10 April 2019.\nThe Thalassa Board believes LSR Shareholders are being misled by the LSR Board as to the deliverability of a just and equitable winding up of LSR. \nExpert advice on the LSR Board proposal \nThalassa has received written advice on the merits of the winding up petition being proposed by the LSR Board from a leading Queen's Counsel (\"QC\"). The Board of Thalassa confirms that privilege is not waived in respect of the QC's opinion.\nThe Thalassa Board is confident, on the basis of the QC's opinion, that the prospect of a court making a winding up order in this case is remote. Furthermore, should the LSR Board seek to pursue such a petition, on the basis of the QC's opinion it has received, the Thalassa Board believes that the court could well not only dismiss it but also order the LSR Board to pay the costs personally. \nUnfortunately, given the LSR Board's recent actions, it comes as no surprise to the Thalassa Board that the LSR Board has sought to make, in the opinion of the Thalassa Board, misleading repr...