TIDMLSR
RNS Number : 5469H
Local Shopping REIT (The) PLC
16 November 2018
FOR IMMEDIATE RELEASE
16 November 2018
The Local Shopping REIT plc ("LSR" or the "Company")
Members' Voluntary Liquidation
Publication of Circular and Notice of General Meeting
In its announcement dated 31 October 2018, the Board of LSR
indicated its intention to convene a general meeting of the Company
for the purpose of considering a resolution that the Company should
enter into a solvent members' voluntary liquidation ("MVL" or
"Members' Voluntary Liquidation") in order to return value to
Shareholders, in accordance with the Company's Investment
Policy.
In furtherance of this, the Company is today publishing a
circular to Shareholders (the "Circular") containing, amongst other
things, a Notice of General Meeting setting out a Resolution to
approve, amongst other things, the Members' Voluntary Liquidation.
The General Meeting is to be held at 11.00 a.m. on 12 December 2018
at the offices of BDO LLP, 55 Baker Street, London W1U 7EU.
On 8 July 2013, the Board of LSR announced the results of a
strategic review which recommended to Shareholders a change of
investment policy which allowed for "the orderly liquidation of
assets, the repayment of debt and the return of the remaining
capital to shareholders over a period of time". That recommendation
was approved by Shareholders at a general meeting of the Company on
25 July 2013.
In December 2017, LSR reported on progress against the Company's
Investment Policy in accordance with that approval. That report
also announced the further acceleration of the property sales
programme. Progress with the sales programme has been such that the
Company has been able to deliver a major element of its Investment
Policy, fully repaying its bank debt in July 2018. Since then, all
net proceeds from property disposals have been retained by the
Company.
The Board considers that the end of the Company's property sales
programme is now in sight. In view of this, and the likely balance
of the Company's cash reserve at the end of the calendar year, the
Board has undertaken a thorough review of the options for returning
cash to Shareholders and has concluded that the winding-up the
Company by way of the Members' Voluntary Liquidation is the most
appropriate route for achieving this. Given the Company's
relatively simple financial position, the Board believes that this
should enable a substantial initial distribution early in the
liquidation process.
The Members' Voluntary Liquidation will involve the cancellation
of the admission of LSR's Ordinary Shares to the Official List and
to trading on the Main Market of London Stock Exchange plc.
Applications will be made to the UKLA for the suspension of listing
of the Ordinary Shares on the Official List of the UKLA and to the
London Stock Exchange for the suspension of trading in the Ordinary
Shares at 7.30 a.m. on 12 December 2018. If the Resolution is
passed, applications will be made for the cancellation of the
admission of the Ordinary Shares to listing on the Official List
and to trading on the Main Market. The cancellation is expected to
take effect at 8.00 a.m. on 14 December 2018.
The Company will also cease to be a real estate investment trust
("REIT") and the Company is holding discussions with HM revenue and
Customs to ensure an orderly exit from the REIT regime.
Further details of the Members' Voluntary Liquidation, the
appointment of the Liquidators and the associated arrangements are
set out in the Circular.
Save where otherwise defined in this announcement, all
capitalised terms and expressions used will have the same meanings
given to them in the Circular.
The Circular will be posted to Shareholders today, 16 November
2018. A copy of the Circular will be submitted to the National
Storage Mechanism and will shortly be available for inspection at:
www.morningstar.co.uk/uk/nsm.do and on the Company's website at
www.localshoppingreit.co.uk/investor-relations.
The expected timetable of principal events in connection with
the General Meeting and the Members' Voluntary Liquidation is as
follows:
Event Date
Date from which it is advised close of business on 7 December
that dealings in Ordinary Shares 2018
should only be for cash settlement
and immediate delivery of documents
of title
Latest time and date for receipt 11.00 a.m. on 10 December 2018
of Forms of Proxy and CREST
Proxy Instructions from Shareholders
for the General Meeting
--------------------------------
Latest time for delivery to 5.00 p.m. on 11 December 2018
Registrars of documents of title
relating to dealings in Ordinary
Shares subject to cash settlement
--------------------------------
Close of the Register and Record 6.00 p.m. on 11 December 2018
Date for participation in the
Members' Voluntary Liquidation
--------------------------------
Suspension of Ordinary Shares 7.30 a.m. on 12 December 2018
from trading on the London Stock
Exchange and suspension of listing
on the Official List of the
UKLA
--------------------------------
General Meeting to approve the 11.00 a.m. on 12 December 2018
Members' Voluntary Liquidation
and, if approved, the appointment
of the Liquidators
--------------------------------
Cancellation of the listing 8.00 a.m. on 14 December 2018
of the Ordinary Shares on the
Official List and cancellation
of admission to trading of the
Ordinary Shares on the Main
Market
--------------------------------
Expected initial liquidation February 2019
distribution*
--------------------------------
*Actual date to be determined by the Liquidators.
All references to London time.
The Board anticipates that the Company's annual results
statement for the year ended 30 September 2018 will be published on
10 December 2018.
For more information please contact:
William A Heaney, Company Secretary
The Local Shopping REIT plc
Tel: 020 7355 8800
Further Information:
If in any doubt about any of the contents of this announcement,
independent professional advice should be obtained.
This announcement is not an offer to sell or a solicitation of
any offer to buy the securities of The Local Shopping REIT plc (the
"Company") in the United States, Australia, New Zealand, Canada,
Japan, the Republic of South Africa or in any other jurisdiction
where such offer or sale would be unlawful.
This announcement cannot be relied on for any investment
contract or decision. No person has been authorised to give any
information or make any representation and, if given or made, such
information or representation must not be relied upon as having
been so authorised by the Company or the Directors.
Note regarding forward-looking statements:
This announcement includes statements that are, or may be deemed
to be, "forward-looking statements" including, without limitation,
those regarding the Company's financial position, business
strategy, plans and objectives of management for future operations
or statements relating to expectations in relation to dividends.
These statements can be identified by the use of forward-looking
terminology, including statements preceded by, followed by or that
include the words "targets", "believes", "expects", "aims",
"estimates", "intends", "plans", "projects", "will", "may",
"anticipates", "would", "could" or similar expressions or the
negative thereof. These forward-looking statements include all
statements that are not matters of historical fact. They appear in
a number of places throughout this announcement and include, but
are not limited to, statements regarding the Directors' and/or the
Group's intentions, beliefs or current expectations concerning,
among other things, the Group's results of operations, financial
position, prospects, growth, strategies and the industry in which
it operates.
By their nature, forward-looking statements involve known and
unknown risks, uncertainties and other important factors beyond the
Company's control that could cause the actual results, performance,
achievements of or dividends paid by the Company to be materially
different from the results, performance or achievements, or
dividend payments expressed or implied by such forward-looking
statements. Such forward-looking statements are not guarantees of
future performance and are based on numerous assumptions regarding
the Company's net asset value, present and future business
strategies and income flows and the environment in which the
Company will operate in the future. In addition, even if the
results of operations, financial position and the development of
the markets and industry in which the Group operates in any given
period are consistent with the forward-looking statements contained
in this announcement, those results or developments may not be
indicative of results or developments in subsequent periods. A
number of factors could cause results and developments to differ
materially from those expressed or implied by forward-looking
statements contained in this announcement, including, without
limitation, general economic and business conditions, industry
trends, competition, changes in regulation, regulatory activity,
currency fluctuations, changes in business strategy, political and
economic uncertainty and other factors. Statements contained in
this announcement regarding past trends or activities should not be
taken as a representation that such trends or activities will
continue or are likely to continue.
Any forward-looking statements speak only as of the date of this
announcement. Subject to the requirements of the FCA and the London
Stock Exchange (and/or any other applicable regulatory
requirements) or applicable law, each of the Company and the
Directors expressly disclaims any obligation or undertaking to
disseminate any updates or revisions to any forward-looking
statements contained herein to reflect any change in the Company's
expectations with regard thereto, any new information or any change
in events, conditions or circumstances after the date of this
announcement on which any such statements are based, unless
required to do so by law or any appropriate regulatory
authority.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
NOGUVVBRWRAAAAA
(END) Dow Jones Newswires
November 16, 2018 02:00 ET (07:00 GMT)
Alina (LSE:ALNA)
Historical Stock Chart
From Apr 2024 to May 2024
Alina (LSE:ALNA)
Historical Stock Chart
From May 2023 to May 2024