On November 10, 2016, The Local Shopping REIT plc announced that it has appointed William A Heaney as a director of the Company in order to meet the requirements of article 96 of the Company's Articles of Association which requires the Company to have a minimum of 3 directors. The Company stated that his requirement was drawn to the Company's attention by Thalassa Holdings Ltd. Further, the Company added that William Heaney has agreed to resign as a director in the event that the resolutions proposed by Thalassa Holdings are passed or in the event that a resolution is passed by the Company reducing the minimum number of directors from 3 to 2.