LONDON (Alliance News) - Thalassa Holdings Ltd said Monday that less than half of shareholders voted for Local Shopping REIT PLC's proposal to liquidate the company.
The general meeting, held Monday, saw 37.0 million shareholders vote in favour of Local Shopping REIT's resolution, representing 44.9% of Local Shopping REIT's issued shares.
Thalassa noted 55.1% of shareholders either did not vote or voted against the resolution. Thalassa's current stake in Local Shopping REIT is 25.5%, which voted against the wind up motion.
Local Shopping REIT has previously said it plans on returning cash while it tries to wind down the company. The trust sought approval for members' voluntary liquidation at the end of 2018, but could not do so because of Thalassa's opposition.
Instead, Thalassa reiterated that its takeover offer is a "deliverable and certain exit at an attractive valuation" for Local Shopping REIT shareholders.
Thalassa is offering 14.64 pence in cash and 0.26 Thalassa shares per Local Shopping REIT share. The offer equates to around GBP9 million in cash and up to 16.0 million Thalassa consideration shares.
The Thalassa offer remains open for acceptance with the next closing date Wednesday at 1300 BST.
Thalassa also said it remains confident of the prospect of a court making a wind up order in Local Shopping REIT's case "is remote".
Shares in Thalassa were untraded Monday but last closed at 80.00 pence each. Local Shopping REIT shares down 0.2% at 28.04p.
Thalassa (di) (THAL)