REG - Peel Hunt LLP Lok'nStore Group - Proposed Secondary Placing in Lok'nStore Group plc

Lok'n StoreAnnouncement

05/05/2023 14:30

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RNS Number : 6267Y  Peel Hunt LLP  05 May 2023

05 May 2023

THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN, IS NOT FOR
PUBLICATION, RELEASE OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN
PART, IN OR INTO THE UNITED STATES OF AMERICA, AUSTRALIA, CANADA, JAPAN OR THE
REPUBLIC OF SOUTH AFRICA OR ANY OTHER JURISDICTION IN WHICH IT WOULD BE
UNLAWFUL TO DO SO.

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS STIPULATED UNDER THE MARKET
ABUSE REGULATION (EU NO. 596/2014) AS IT FORMS PART OF UK DOMESTIC LAW BY
VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018.

PLEASE SEE THE IMPORTANT NOTICE AT THE END OF THIS ANNOUNCEMENT.

Proposed sale of 1.25 million ordinary shares in Lok'nStore Group plc
("Lok'nStore" or the "Company")

Peel Hunt LLP ("Peel Hunt") has been appointed as sole bookrunner in
connection with the sale of 1.25 million ordinary shares of 1 pence each (the
"Ordinary Shares") in the capital of Lok'nStore  (the "Placing Shares") by
Andrew Jacobs LLP (the "Seller") to institutional investors (the "Placing").
The ultimate beneficiary of Andrew Jacobs LLP is Andrew Jacobs, the Company's
Chair. The proposed sale of the Placing Shares will broaden the Company's
institutional shareholder base and potentially increase liquidity in the
trading of the Company's shares while also allowing Andrew Jacobs to diversify
his investments and financial interests.

 

Andrew Jacobs and persons closely associated with him currently own, in
aggregate, 5,609,550 million Ordinary Shares in the Company, representing
approximately 18.7 per cent. of the Company's entire issued share capital.
Following the completion of the Placing, Andrew Jacobs will remain the
Company's largest shareholder.

The price per Placing Share is 800 pence per share. The final number of
Placing Shares to be sold will be determined by way of an accelerated
bookbuilding process to institutional investors. The bookbuilding period will
commence today, 05 May 2023, immediately following this announcement, and may
close at any time on short notice. The results of the Placing will be
announced as soon as practicable after the closing of the bookbuilding
process.

In the context of the Placing, any of the Ordinary Shares in Lok'nStore held
by Andrew Jacobs and persons closely associated with him which are not sold in
the Placing, will be subject to a 365-day lock-up undertaking (subject to
certain customary exceptions).

The Company will not receive any proceeds from the Placing.

Enquiries:

 Peel Hunt (Sole Bookrunner and Joint Broker)                    +44 (0) 20 7418 8900

 Investment Banking: Capel Irwin / Carl Gough / Henry Nicholls

 ECM: Sohail Akbar / Jock Maxwell Macdonald

 finnCap Ltd (NOMAD and Joint Broker)                            +44 (0) 20 7220 0500
 Corporate Finance: Julian Blunt/Seamus Fricker/Fergus Sullivan
 Corporate Broking: Alice Lane

 

IMPORTANT NOTICE

This announcement is not for publication, distribution or release, directly or
indirectly, in or into the United States of America (including its territories
and possessions, any state of the United States and the District of Columbia),
Australia, Canada, Japan or the Republic of South Africa or any other
jurisdiction where such an announcement would be unlawful.  The distribution
of this announcement may be restricted by law in certain jurisdictions and
persons into whose possession this document or other information referred to
herein comes should inform themselves about and observe any such
restriction.  Any failure to comply with these restrictions may constitute a
violation of the securities laws of any such jurisdiction.

This announcement is not an offer of securities or investments for sale nor a
solicitation of an offer to buy securities or investments in any jurisdiction
where such offer or solicitation would be unlawful. No action has been taken
that would permit an offering of the securities or possession or distribution
of this announcement in any jurisdiction where action for that purpose is
required. Persons into whose possession this announcement comes are required
to inform themselves about and to observe any such restrictions.

The Placing Shares may not be offered to the public in any jurisdiction in
circumstances which would require the preparation or registration of any
prospectus or offering document relating to the Placing Shares in such
jurisdiction. No action has been taken by the Company, the Seller or any of
their respective affiliates that would permit an offering of the Placing
Shares or possession or distribution of this announcement or any other
offering or publicity material relating to such securities in any jurisdiction
where action for that purpose is required.

The securities referred to herein have not been and will not be registered
under the U.S. Securities Act of 1933, as amended (the "Securities Act"), and
may not be offered or sold, directly or indirectly, in or into the United
States, except pursuant to an exemption from, or in a transaction not subject
to, the registration requirements of the Securities Act. Neither this document
nor the information contained herein constitutes or forms part of an offer to
sell or the solicitation of an offer to buy securities in the United
States. There will be no public offer of any securities in the United States.

The Placing Shares have not been approved or disapproved by the U.S.
Securities and Exchange Commission, any state or other securities commission
or other regulatory authority in the United States, and none of the foregoing
authorities has passed upon or endorsed the merits of the Placing or the
accuracy or adequacy of this announcement. Any representation to the contrary
is a criminal offence in the United States.

No prospectus, admission document or offering document has been or will be
prepared in connection with the Placing. Any investment decision to buy
securities in the Placing must be made solely on the basis of publicly
available information. Such information is not the responsibility of and has
not been independently verified by the Seller, Peel Hunt, or any of their
respective affiliates.

No reliance may be placed, for any purposes whatsoever, on the information
contained in this announcement or on its completeness and this announcement
should not be considered a recommendation by the Company, the Seller, Peel
Hunt or any of their respective affiliates in relation to any purchase of or
subscription for securities of the Company. No representation or warranty,
express or implied, is given by or on behalf of the Company, the Seller, Peel
Hunt or any of their respective directors, partners, officers, employees,
advisers or any other persons as to the accuracy, fairness or sufficiency of
the information or opinions contained in this announcement and none of the
information contained in this announcement has been independently verified.
Save in the case of fraud, no liability is accepted for any errors, omissions
or inaccuracies in such information or opinions.

Members of the public are not eligible to take part in the Placing. This
announcement and the information set out herein are for information purposes
only and are directed at and may only be communicated to (a) in the European
Economic Area ("EEA"), persons who are "qualified investors" within the
meaning of Article 2(e) of Prospectus Regulation (Regulation (EU) 2017/1129)
(the "Prospectus Regulation"); or (b) in the United Kingdom, at "qualified
investors" within the meaning of Article 2(e) of the Prospectus Regulation as
it forms part of domestic law by virtue of the European Union (Withdrawal)
Act 2018 who are also (i) persons having professional experience in matters
relating to investments who fall within the definition of "investment
professionals" in Article 19(5) of the Financial Services and Markets Act 2000
(Financial Promotion) Order 2005 (the "Order"), or (ii) high net worth bodies
corporate, unincorporated associations and partnerships and trustees of high
value trusts as described in Article 49(2) of the Order; or (c) persons to
whom it may otherwise lawfully be communicated (all such persons together
being referred to as "Relevant Persons").

Any investment or investment activity to which this announcement relates is
only available to, and will be engaged in only with, Relevant Persons. Persons
distributing this announcement must satisfy themselves that is lawful to do
so.

This announcement does not purport to identify or suggest the risks (direct or
indirect) which may be associated with an investment in the Company or its
shares.

Peel Hunt, which is authorised and regulated by the Financial Conduct
Authority in the United Kingdom, is acting only for the Seller in connection
with the Placing and will not be responsible to anyone other than the Seller
for providing the protections offered to their respective clients, nor for
providing advice in relation to the Placing Shares, the Placing, the contents
of this announcement or any transaction, arrangement or other matter referred
to in this announcement, and apart from the responsibilities and liabilities
(if any) imposed on Peel Hunt by the Financial Services and Markets Act 2000,
any liability therefore is expressly disclaimed. Any other person in receipt
of this announcement should seek their own independent legal, investment and
tax advice as they see fit.

References to time in this announcement are to London time, unless otherwise
stated. All times and dates in this announcement may be subject to amendment.

Neither the content of the Company's website nor any website accessible by
hyperlinks on the Company's website is incorporated in, or forms part of, this
announcement.

 

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