Thalassa Holdings to acquire remaining 74.5% stake in The Local Shopping REIT for £20m.

Thalassa Holdings agreed to acquire the whole of the issued and to issued share capital of The Local Shopping REIT (other than 25.5% stake already held by Thalassa). Thalassa is offering for each offer share: 14.64p in cash and 0.26 Thalassa Consideration Shares. Accordingly, Thalassa will be offering a total of £9.0 million in cash and approximately 16,000,000 Thalassa Consideration Shares in consideration for the Offer Shares Commenting on the Offer, Duncan Soukup, Executive Chairman of Thalassa said: "With regards to the future, Thalassa is a holding company and seeks to buy participation or control of undervalued businesses and then work with management to enhance that value. Thalassa has a clear strategy for the future and a successful management team with a track record of delivering shareholder value even in the more challenging economic conditions. We believe this Offer affords all LSR Shareholders the opportunity of a certain exit for their investment in LSR at a compelling valuation and to either receive in return the potential mixture of cash and Thalassa Consideration Shares, and, depending on the level of valid acceptances received, a full cash exit."