Business
Offer Lapsed
Offer Lapsed.
About this update from Thalassa Holdings Ltd
[{"type":"text","content":"\n \nRNS Number : 0980Y Thalassa Holdings Limited 03 May 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 THE 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\n3 May 2019\n \n \nThalassa Holdings Ltd\n(\"Thalassa\", \"THAL\" or the \"Company\")\n \nLapse of Offer\n \nOn 6 March 2019, Thalassa published an offer document (the \"Offer Document\") setting out the full terms and conditions of its offer to acquire the entire issued share capital of the Local Shopping REIT Plc (\"LSR). On 2 May 2019, Thalassa announced an extension of the Offer until 1.00 p.m. (London time) on 3 May 2019 (\"Extended Closing Date\"). As set out below, the Acceptance Condition was not satisfied as at the Extended Closing Date and accordingly the Offer has now lapsed and is no longer capable of acceptance. \nThe Thalassa Board remains baffled by the incomprehensible opposition of the LSR Board to a certain exit opportunity for its shareholders at an attractive premium to LSR's prevailing share price and net asset values. LSR Shareholders are now faced with the option of the LSR Board's uncertain and costly proposal to wind up the company which was only supported by approximately 44.9% of LSR's shareholders at the recent general meeting. \nThe Thalassa Board remains resolute in its stance that the Offer was the best possible alternative for LSR Shareholders to receive fair value for their LSR Shares after having seen the value of their investment continue to decline, as it has every year since inception. \n \nThe Thalassa Board still considers it important that any return of capital by LSR...