Announcement • Aug 02
Lok'nStore Group Plc Announces Resignation of Jeffrey Woyda from the Board Jeffrey Woyda has notified the Company that he has resigned from the Board of Lok'n Store Group plc with effect from 1 August 2024. This resignation follows the completion of the recommended cash offer acquisition for Lok'n Store Group plc by Shurgard Self Storage Ltd. Announcement • Aug 01
Shurgard Self Storage Ltd (ENXTBR:SHUR) completed the acquisition of Lok'nStore Group Plc (AIM : LOK) from group of sellers. Shurgard Self Storage Ltd (ENXTBR:SHUR) have reached agreement to acquire Lok'nStore Group Plc (AIM : LOK) from group of sellers for approximately £370 million on April 11, 2024. Cash price per share is £11.1. Lok'nStore had 32,897,949 ordinary shares. As a result of the Acquisition, Shurgard will acquire an additional total MLA of 171,000 sq. m. The Acquisition also brings with it income from 17 stores under management contract with one management contract store in the pipeline. This income includes £1.7 million in fees for the year end July 31, 2023. Shurgard has no intention to make material changes to the terms and conditions of employment of Lok'nStore employees as a result of the Acquisition. The Chair, Finance Director and Non-Executive Directors of Lok'nStore are expected to step down from their positions with effect from the Effective Date. Shurgard has received irrevocable undertakings to vote in favour (or procure a vote in favour) of the Scheme at the Court Meeting and the Resolutions to be proposed at the General Meeting from those Lok'nStore Directors who hold Lok'nStore Shares in respect of their own beneficial shareholdings, totalling 6,302,453 Lok'nStore Shares representing approximately 19%. of the issued share capital of Lok'nStore as at April 10, 2024, being the last Business Day before the date of this Announcement. Shurgard Luxembourg, a member of the Shurgard Group, has entered into a loan facility agreement with JPMorgan and J.P. Morgan SE as agent and mandated lead arranger dated 11 April 2024 (the "Facility Agreement"), pursuant to which a £430 million credit facility is being made available to Shurgard Luxembourg to finance the cash payable to Lok'nStore Shareholders under the terms of the Acquisition. The Acquisition is subject to a number of Conditions i.e., the approval of the Scheme by a majority in number of the Scheme Shareholders, representing not less than 75%. in value of the Scheme Shares held by those Scheme Shareholders, present and voting, either in person or by proxy, at the Court Meeting, the passing of the Resolutions by the requisite majority at the General Meeting; and the Scheme being sanctioned by the Court and a copy of the Court Order being delivered to the Registrar of Companies, Accordingly, the Lok'nStore Directors intend to recommend unanimously that Scheme Shareholders vote in favour of the Scheme at the Court Meeting and Lok'nStore Shareholders vote in favour of the resolutions to be proposed at the General Meeting and it is expected that the Scheme will become Effective in July 2024. It is intended that dealings in, and registration of transfers of, Lok'nStore Shares on AIM will be suspended shortly before the Effective Date at a time to be set out in the Scheme Document. As of July 18, 2024 that the Court had sanctioned the Scheme.
The Lok'nStore Directors, who have been so advised by Goldman Sachs and Cavendish as to the financial terms of the Acquisition, consider the terms of the Acquisition to be fair and reasonable. Goldman Sachs and Cavendish are providing independent financial advice to the Lok'nStore. J.P. Morgan Cazenove, as financial adviser to Shurgard is satisfied that sufficient resources are available to Shurgard to satisfy in full the cash consideration payable to Scheme Shareholders pursuant to the terms of the Acquisition. Allen & Overy LLPis acting as legal adviser toShurgard. Travers Smith LLP is acting as legal adviser to Lok'nStore.
Shurgard Self Storage Ltd (ENXTBR:SHUR) completed the acquisition of Lok'nStore Group Plc (AIM : LOK) from group of sellers on August 1, 2024. Announcement • Apr 11
Shurgard Self Storage Ltd (ENXTBR:SHUR) have reached agreement to acquire Lok'nStore Group Plc (AIM : LOK) from group of sellers for approximately £370 million. Shurgard Self Storage Ltd (ENXTBR:SHUR) have reached agreement to acquire Lok'nStore Group Plc (AIM : LOK) from group of sellers for approximately £370 million on April 11, 2024. Cash price per share is £11.1. Lok'nStore had 32,897,949 ordinary shares. As a result of the Acquisition, Shurgard will acquire an additional total MLA of 171,000 sq. m. The Acquisition also brings with it income from 17 stores under management contract with one management contract store in the pipeline. This income includes £1.7 million in fees for the year end July 31, 2023. Shurgard has no intention to make material changes to the terms and conditions of employment of Lok'nStore employees as a result of the Acquisition. The Chair, Finance Director and Non-Executive Directors of Lok'nStore are expected to step down from their positions with effect from the Effective Date. Shurgard has received irrevocable undertakings to vote in favour (or procure a vote in favour) of the Scheme at the Court Meeting and the Resolutions to be proposed at the General Meeting from those Lok'nStore Directors who hold Lok'nStore Shares in respect of their own beneficial shareholdings, totalling 6,302,453 Lok'nStore Shares representing approximately 19%. of the issued share capital of Lok'nStore as at April 10, 2024, being the last Business Day before the date of this Announcement. Shurgard Luxembourg, a member of the Shurgard Group, has entered into a loan facility agreement with JPMorgan and J.P. Morgan SE as agent and mandated lead arranger dated 11 April 2024 (the "Facility Agreement"), pursuant to which a £430 million credit facility is being made available to Shurgard Luxembourg to finance the cash payable to Lok'nStore Shareholders under the terms of the Acquisition. The Acquisition is subject to a number of Conditions i.e., the approval of the Scheme by a majority in number of the Scheme Shareholders, representing not less than 75%. in value of the Scheme Shares held by those Scheme Shareholders, present and voting, either in person or by proxy, at the Court Meeting, the passing of the Resolutions by the requisite majority at the General Meeting; and the Scheme being sanctioned by the Court and a copy of the Court Order being delivered to the Registrar of Companies, Accordingly, the Lok'nStore Directors intend to recommend unanimously that Scheme Shareholders vote in favour of the Scheme at the Court Meeting and Lok'nStore Shareholders vote in favour of the resolutions to be proposed at the General Meeting and it is expected that the Scheme will become Effective in July 2024. It is intended that dealings in, and registration of transfers of, Lok'nStore Shares on AIM will be suspended shortly before the Effective Date at a time to be set out in the Scheme Document.
The Lok'nStore Directors, who have been so advised by Goldman Sachs and Cavendish as to the financial terms of the Acquisition, consider the terms of the Acquisition to be fair and reasonable. Goldman Sachs and Cavendish are providing independent financial advice to the Lok'nStore. J.P. Morgan Cazenove, as financial adviser to Shurgard is satisfied that sufficient resources are available to Shurgard to satisfy in full the cash consideration payable to Scheme Shareholders pursuant to the terms of the Acquisition. Allen & Overy LLPis acting as legal adviser toShurgard. Travers Smith LLP is acting as legal adviser to Lok'nStore. Recent Insider Transactions • Dec 21
Board Member recently bought UK£98k worth of stock On the 15th of December, Bridget Barker bought around 12k shares on-market at roughly UK£8.20 per share. This trade did not impact their existing holding. This was the largest purchase by an insider in the last 3 months. Despite this recent purchase, insiders have collectively sold UK£63k more in shares than they bought in the last 12 months. New Risk • Nov 29
New minor risk - Insider selling There has been significant insider selling in the company's shares over the past 3 months. Total value of shares sold: UK£88k This is considered a minor risk. There are several reasons why an insider may be selling, including to cover a tax obligation or pay for some other expense. However, we generally consider it a negative if insiders have been selling, especially if they do so below the current price. It implies that they considered a lower price to be reasonable. This is a weak signal, but if there is a pattern of unexplained selling, it can be a sign the insider believes the company's stock is overpriced. Note: We only include open market transactions and private dispositions of directly owned stock by individuals, not by corporations or trusts. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 120% Paying a dividend despite having no free cash flows. Minor Risks Profit margins are more than 30% lower than last year (17% net profit margin). Shareholders have been diluted in the past year (9.5% increase in shares outstanding). Significant insider selling over the past 3 months (UK£88k sold). 
