LONDON (Alliance News) - Local Shopping REIT PLC said Wednesday its shareholders, in particular Thalassa Holdings Ltd, voted against a special resolution to voluntarily wind up the company.
The resolution was voted on at a general meeting held earlier today, where 62% of shareholders voted in favour of winding up the firm, falling short of the 75% majority required.
Thalassa voted against the resolution, making up effectively all of the votes cast against the resolution. Excluding Thalassa, 99.9% of Local Shopping REIT shareholders voted in favour of the resolution.
Local Shopping REIT said the resolution was the "most appropriate and effective" means of fulfilling its investment policy - which is the orderly liquidation of assets, the repayment of debt and the return of the remaining capital to shareholders over a period of time.
The company "assured" shareholders it will continue to "work towards returning value to them".
Local Shopping REIT said it is "actively considering proposals for enhancing and distributing value through other strategies".
As a result of the vote, shareholders will not receive distributions from Local Shopping REIT's property sales programme.
Local Shopping REIT said it has requested the suspension of its shares be lifted and the proposed cancellation of its shares, intended to be December 14, will now not go ahead.
Shares in Local Shopping REIT were untraded Wednesday but last closed at 27.40 pence each.