Simon Thompson 

An easy-to-refuse offer

Simon Thompson

Simon Thompson

I note that Thalassa (THAL:70p) has made an unattractive firm offer for Local Shopping REIT (LSR:27p), a small-cap property investment company that’s sold off almost all its properties, after it thwarted Local Shopping REIT’s plan to wind itself up through a voluntary liquidation and return its cash to shareholders at the end of last year. Thalassa used its 21m shareholding in Local Shopping REIT, representing 25.5 per cent of the issued share capital, to object to the voluntary liquidation (‘Thalassa stalls Local Shopping REITs cash return’, 18 December 2018). I have an interest here as I advised buying Local Shopping REIT's shares at 30.8p to play the end game of the liquidation process (Alpha company research, 5 March 2018).

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