17 Apr 2009 17:10
17 April 2009
The Local Shopping REIT plc ("the Company")
On 15 January 2009 The Local Shopping REIT plc announced that it had been notified of an arrangement entered into between Castlemore Holdings Limited and The Castlemore Securities Directors Pension Scheme ("the Scheme"), both connected persons with Grahame Whateley, the chairman of the Company, in respect of shares in the Company. Under this arrangement Castlemore Holdings Limited granted a charge in favour of the Scheme over 3,000,000 shares in the Company ("the Shares") as security for a loan by the Scheme to Castlemore Holdings Limited and/or its subsidiaries.
The Local Shopping REIT plc now announces that on 17 April 2009 it was notified by Castlemore Holdings Limited and the Scheme that, the Scheme having exercised its security over the Shares, the Shares were transferred to the Scheme on 25 March 2009 at a consideration of 30.5p per share.
Grahame Whateley is the principal beneficiary of the Scheme, of which he and his spouse are the only beneficiaries. The Scheme remains within the control of the Whateley family and its trustees.
Mr Whateley has confirmed to the Company that he and the trustees of the Scheme remain fully committed as investors in The Local Shopping REIT plc and have no present intention of selling any part of their holdings in the Company.
In addition to the 3,000,000 shares now held by the Scheme, Mr Whateley also owns 747,126 shares and has an interest in 3,908,045 shares held by The Castlemore Securities FURBS Scheme, of which Grahame Whateley is a trustee and sole beneficiary. Mr Whateley's wife, Diane Whateley also owns 5,747 shares.
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Enquiries:
Bill Heaney
Company Secretary
020 7292 0333