- Thalassa Holdings said it was preparing a takeover offer for the shares it did not already own in ailing property investor Local Shopping REIT.

A proposed liquidation of Local Shopping REIT was rejected by shareholders last month.

Thalassa chose not to support the liquidation proposals and said it still saw value in maintaining Local Shopping REIT as an investment vehicle.

'The company is mindful that certain Local Shopping REIT shareholders wish to achieve an exit, in whole or in part, from their investment in the company,' Thalassa said.

'Accordingly, Thalassa is preparing an offer for the entire issued and to be issued share capital of Local Shopping REIT not already owned by the company.'

Thalassa said it must announce whether it intended to make a firm offer for the Local Shopping REIT shares by 6 February.

At 9:41am: [LON:THAL] Thalassa Holdings Ltd share price was +1p at 82.5p

Story provided by