7 July 2023
Lok’nStore Group plc
(“Lok’nStore” or “the Group” or “the Company”)
Result of Oversubscribed Placing, REX Retail Offer & Total Voting Rights
Lok’nStore Group plc (AIM:LOK), a leading company in the UK self-storage market, is pleased to announce that further to the announcement made yesterday regarding the proposed Fundraising, consisting of a Placing and REX Retail Offer, the Company has raised total gross proceeds of approximately £20.5 million through the issue of 2,679,739 new Ordinary Shares (the “Fundraising Shares“), at a price of 765 pence per Ordinary Share. The Fundraising Shares represent approximately 8.9% of the Company’s current issued share capital.
Andrew Jacobs, Chair of Lok’nStore said:
“I would like to thank existing shareholders for their support and welcome new shareholders to the Company. This funding will support the growth of the company in the structurally under-supplied UK self-storage market. Our pipeline will, when fully operational, add 37.7% to available space, which, as those new stores fill up, will generate more cash flow for future growth investment and increased distributions to shareholders.”
Total Voting Rights
Application will be made to the London Stock Exchange for 2,679,739 new Ordinary Shares to be admitted to trading on AIM (“Admission”) and it is expected that Admission will become effective and trading will commence at 8.00 a.m. on 12 July 2023.
Following Admission, the Company’s issued share capital will consist of 32,764,458 Ordinary Shares. There are no shares held in treasury and thus the total number of voting rights in the Company is 32,764,458 (the “Figure“). The Figure may be used by shareholders as the denominator for the calculation by which they may determine if they are required to notify their interest in, or change to their interest in, the Company under the FCA’s Disclosure Guidance and Transparency Rules.
Unless otherwise defined herein, capitalised terms used in this announcement shall have the same meanings as defined in the Company’s announcement released today under RNS number 2523F unless the context requires otherwise.
| Enquiries: | |
| Lok’nStoreAndrew Jacobs, ChairRay Davies, Finance Director | 01252 521 010 |
| finnCap Ltd – Nomad and Joint BookrunnerJulian Blunt/Seamus Fricker/Fergus Sullivan/Sunila de Silva, Corporate FinanceAlice Lane, Corporate Broking | 020 7220 0500 |
| Peel Hunt LLP – Joint BookrunnerCapel Irwin/Carl Gough/Henry Nicholls, Investment BankingSohail Akbar, Equity Syndicate | 020 7418 8900 |
| Camarco – Financial PRBilly Clegg/Tom Huddart/Letaba Rimell | 020 3757 4991 |