8 May 2019 10:49
FOR IMMEDIATE RELEASE
The Local Shopping REIT plc (the "Company" or "LSR")
Lapse of Thalassa Offer
8 May 2019
The board of The Local Shopping REIT plc (the "Board" or the "LSR Directors") notes the announcement by Thalassa Holdings Ltd ("Thalassa") on 3 May 2019 that the acceptance condition for its offer had not been satisfied as at the offer's fifth closing date on 3 May 2019 and that, accordingly, the offer had lapsed.
The Board will now pursue all options reasonably open to the Company to return capital to shareholders, including the liquidation of the Company, in accordance with the Company's investment policy and as further mandated by LSR shareholders at the General Meeting held on 5 April 2019. The Board will invite Thalassa to meet with it to explore how it may achieve returning capital to shareholders on terms it believes will be acceptable to shareholders. However, the Board will not allow this process to materially delay a petition to the Court for a just and equitable winding up as outlined in the Company's defence document dated 12 March 2019.
ENDS
Enquiries:
The Local Shopping REIT plc
William A Heaney
Company Secretary
020 7355 8800
Tavistock (Financial PR)
Jeremy Carey
Simon Hudson
020 7920 3150