15 January 2009
The Local Shopping REIT plc
The Local Shopping REIT plc announces that on 14 January 2009 it received the following notification from Castlemore Holdings Limited, regarding share interests of Grahame Whateley, the chairman of The Local Shopping REIT plc.
"In view of the announcement issued by the Financial Services Authority in its role as the UK Listing Authority on 9 January 2009 to the effect that PDMRs who have granted security over their shares should disclose this to the market as soon as possible, Grahame Whateley, Castlemore Holdings Ltd ("the Company") and the Castlemore Securities Directors Pension Scheme ("the Scheme"), as connected persons with Grahame Whateley, wish to notify you of an arrangement entered into in respect of certain shares in The Local Shopping REIT plc in which Grahame Whateley is interested.
On 11 March 2008 the Company, of which Grahame Whateley is a director and is ultimately controlled by several Whateley Family Trusts, granted a charge in favour of the Scheme over 3,000,000 shares in The Local Shopping REIT plc as security for a loan by the Scheme to the Company and/or its subsidiaries.
The Scheme is sponsored by a subsidiary of the Company and remains in the control of the Whateley family. Grahame Whateley is the principal beneficiary of the Scheme and he and his spouse are the only beneficiaries of the Scheme. Both the Scheme and the Company remain within the control of the Whateley family and its trustees."
William A Heaney
020 7292 0333