Local Shopping REIT PLC failed to secure the votes necessary to pass its proposal to liquidate the company.

The proposal attracted the support of 61.87% of votes cast, below the 75% approval threshold. Of the 21,029,277 votes against the proposal, 21,021,277 came from shareholder Thalassa Holdings Ltd., which openly opposed the proposed liquidation.

According to a company release, excluding Thalassa's votes, 99.98% of the votes received were in favor. As the proposal failed to pass, the expected delisting of the company's shares on the London Stock Exchange scheduled for Dec. 14 will not proceed, and the trading suspension on the company's stock will be lifted.

The board, in the release, said it continues to believe that liquidation is the best way to fulfill the company's investment policy and return value to shareholders, but it is now actively considering alternative proposals to distribute value.