Good morning! 

Today, after the introductory comment on Thalassa Holdings (LON:THAL) / Local Shopping REIT (LON:LSR), we have:

Thalassa Holdings (LON:THAL)

  • Share price: 81p (unch.)
  • No. of shares: 17.6 million
  • Market cap: £14 million

You could be forgiven for not knowing much about Thalassa. It's a small investment vehicle with a chequered history in terms of its track record and corporate governance.

I have written about it quite a bit, both here and elsewhere.

What's interesting about it at the moment is that it owns over 25% of Local Shopping REIT (LON:LSR), and has blocked, at least temporarily, that company's plans to liquidate. Almost all LSR shareholders, except for Thalassa, wanted to liquidate when it was put to a vote.

Instead, Thalassa wants to take over LSR and has offered its fellow LSR shareholders a mixture of cash and THAL shares.

Well, this has led to a war of words. The LSR Board has hit back at Thalassa's offer document, writing up a comprehensive analysis of Thalassa's corporate governance failings and explaining why LSR shareholders should reject the deal.

In my opinion, the LSR directors have done a good job of handling this situation so far. From an ethical point of view, I hope that that they succeed in fighting off Thalassa and finding a way to liquidate.

If you're interested to see what happens when Boards of Directors of small companies go to war, this is a fine case study.

Here are the links to the respective circulars:

Burford Capital (LON:BUR)

  • Share price: 1914p (+5%)
  • No. of shares: 219 million
  • Market cap: £4.2 billion

Full year results 2018

Not a small-cap but a well-followed share among readers. It has been a big winner so far - well done to holders.

It is a litigation finance house, financing lawsuits and owning parts of the claims. It also…

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