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Local Shopping REIT board rebuffs Thalassa's response, recommends liquidation

Amid its call to liquidate the company, Local Shopping REIT PLC's board said it disagrees to Thalassa Holdings Ltd.'s claim that its offer represents a "deliverable and certain exit" for the target's shareholders.

Calling the response "irrelevant," the board argued that majority of the consideration offered by Thalassa is in Thalassa's ordinary shares, and its proposal does not provide the full cash exit for which 99.98% of the votes cast, other than Thalassa's, were voted in favor of at the REIT's general meeting in December 2018.

In its own statement, Thalassa noted that its offer represents a deliverable and certain exit at a value of 35.7 pence per offer share. However, Local Shopping REIT asserted that Thalassa does not guarantee that the offer will provide an exit for Local Shopping REIT shareholders, or it would have sufficient cash remaining to conduct a buyback program should the acquisition of the REIT pushes through.

The REIT's board reiterated that shareholders ignore Thalassa's Offer by voting in favor of the proposed liquidation at the general meeting on April 5.

The earliest closing date for Thalassa's offer is April 10, if declared unconditional.