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
Lok'nStore Shares to be Cancelled on AIM The boards of Shurgard and Lok'nStore announced that they have reached agreement on the terms of a recommended cash offer to be made by Shurgard to acquire the entire issued and to be issued share capital of Lok'nStore (the "Acquisition"). 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. It is further intended that applications will be made to the London Stock Exchange to cancel trading in Lok'nStore Shares on AIM with effect from or shortly following the Effective Date. On the Effective Date, entitlements to Lok'nStore Shares held within the CREST system will be cancelled, and share certificates in respect of Lok'nStore Shares will cease to be valid. It is also intended that, following the Effective Date, Lok'nStore will be re-registered as a private limited company. 
