Local Shopping REIT says liquidation blocked – The Local Shopping REIT has announced that the special resolution to, amongst other things, wind-up the company voluntarily, proposed at the general meeting held yesterday attracted the support of 61.87% of the votes cast. However, the resolution did not achieve a majority of 75% of the votes cast required for a special resolution to be passed, and, accordingly, was not passed.
Of the 21,029,277 votes against the resolution, 21,021,277 were cast by Thalassa Holdings Ltd. Excluding the votes cast by Thalassa, 99.98% of the balance of the votes received were in favour of the Resolution.
As a consequence of the result, the Members’ Voluntary Liquidation, under which shareholders would have received distributions of the cash accumulated by the company through its property sales programme, will not take place.
The cancellation of the listing of the ordinary shares on the Official List and the admission to trading of the ordinary shares on the Main Market of London Stock Exchange, which had been scheduled to occur on 14 December 2018, will not now proceed. The company has requested that the suspension of trading be lifted and trading restored as soon as possible.
The board says that it considers that the resolution was the most appropriate and effective means of fulfilling the investment policy of the company, approved by shareholders in July 2013, allowing for “the orderly liquidation of assets, the repayment of debt and the return of the remaining capital to shareholders over a period of time”. The board assures shareholders that it will continue to work towards returning value to them. As doing so by way of a return of capital through the Members’ Voluntary Liquidation has been blocked, the directors are actively considering proposals for enhancing and distributing value through other strategies and the board will consult with shareholders and bring forward proposals for this in due course.
LSR : Local Shopping REIT says liquidation blocked