- Local Shopping REIT is planning to sell all its properties following a strategic review.

The board announced on 12 November that, given the company's rating, due in part to its size and capital structure, and the challenge of creating a scaleable business, it was in the interests of shareholders as a whole to review options open to the company.

It says the committee of the board has considered several options including preserving the status quo, externalisation of the company's management and certain corporate transactions.

It has concluded that, due to the continuing challenges faced by the company, a change of investment policy allowing the orderly liquidation of assets, the repayment of debt and the return of the remaining capital to shareholders over a period of time is in the best interests of all shareholders.

The committee received several proposals from third party managers and following a rigorous selection process the board has appointed INTERNOS Global Investors Limited as investment manager.

LSR says Michael Riley, Nicholas Gregory and Victoria Whitehouse have resigned from the board and they have entered into compromise agreements terminating their employment with the company.

It is anticipated that total costs of the strategic review will amount to c. £2.25. This includes staff termination costs of around £950,000 and fees to the company's lenders of around £400,000.

At 8:25am: [LON:LSR] share price was -1.5p at 28.5p

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