REG - Lok'nStore Group Shurgard Self Strge. - Scheme becomes effective

Lok'n StoreAnnouncement

01/08/2024 07:00

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RNS Number : 7052Y  Lok'nStore Group PLC  01 August 2024

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, DIRECTLY OR
INDIRECTLY, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE
A VIOLATION OF THE RELEVANT LAWS OF THAT JURISDICTION

FOR IMMEDIATE RELEASE

1 August 2024

RECOMMENDED CASH ACQUISITION

OF

LOK'N STORE GROUP PLC ("LOK'NSTORE")

BY

shurgard self storage limited ("shurgard")

Scheme becomes effective

On 11 April 2024, the boards of Shurgard and Lok'nStore announced that they
had reached agreement on the terms of a recommended cash offer pursuant to
which Shurgard will acquire the entire issued and to be issued ordinary share
capital of Lok'nStore (the "Acquisition"). The Acquisition is being
implemented by means of a Court-sanctioned scheme of arrangement under Part 26
of the Companies Act 2006 (the "Scheme").

Capitalised terms used but not defined in this Announcement have the meanings
given to them in the scheme document published by Lok'nStore on 17 May 2024
containing the full terms and conditions of the Acquisition (the "Scheme
Document").

Further to the announcement on 18 July 2024 that the Court had sanctioned the
Scheme, the boards of Shurgard and Lok'nStore are pleased to announce that,
following the delivery of a copy of the Court Order to the Registrar of
Companies today, the Scheme has become Effective in accordance with its terms.

Scheme Shareholders on the register of members of Lok'nStore at 6.00 p.m. on
31 July 2024 will be entitled to receive 1,110 pence in cash for each Scheme
Share held.

Settlement of the consideration to which any Scheme Shareholder is entitled
will be effected by the despatch of cheques (or other such method approved by
the Panel) (for Scheme Shareholders holding Scheme Shares in certificated
form) or the crediting of CREST accounts (for Scheme Shareholders holding
Scheme Shares in uncertificated form) no later than 14 days after the
Effective Date as set out in the Scheme Document (being 15 August 2024).

In the case of Scheme Shares which have been issued or transferred pursuant to
the exercise of options granted under the Lok'nStore Share Plans after the
making of the Court Order on 18 July 2024 and prior to the Scheme Record Time,
being 6.00 p.m. on 31 July 2024, settlement of the consideration to which any
Lok'nStore Director or employee of the Lok'nStore Group is due in respect of
those Scheme Shares will be effected through Lok'nStore payroll operated by
the relevant employing entity of the Lok'nStore Group by 15 August 2024,
subject to the deduction of any applicable exercise price, income tax and
national insurance contributions.

Suspension and cancellation of admission to trading of Lok'nStore Shares

Trading in Lok'nStore Shares on AIM is expected to be suspended with effect
from 7.30 a.m. today and the cancellation of admission to trading of
Lok'nStore Shares on AIM is expected to take place at 7.00 a.m. tomorrow.

As a result of the Scheme becoming Effective, share certificates in respect of
Lok'nStore Shares will cease to be valid documents of title and entitlements
to Lok'nStore Shares held in uncertificated form in CREST are being cancelled.

Board changes

With effect from today, Andrew Jacobs, Neil Newman-Shepherd, Raymond Davies,
Thomas Lampard, Jeffrey Woyda, Simon Thomas, Richard Holmes, Charles Peal and
Bridget Barker have resigned from the board of Lok'nStore and Marc Oursin and
Ammar Kharouf have been appointed to the board of Lok'nStore, as nominated by
Shurgard.

Dealing disclosures

Lok'nStore is no longer in an "offer period" as defined in the Takeover Code
and accordingly the dealing disclosure requirements previously notified to
investors no longer apply.

General

All references to times in this announcement are to London times unless
otherwise stated.

If any of the dates and/or times set out above change, the revised dates
and/or times will be notified to Lok'nStore Shareholders by announcement
through a Regulatory Information Service, with such announcement being made
available on the websites of Lok'nStore and Shurgard at
www.loknstore.co.uk/investors/recommended-cash-offer/
(http://www.loknstore.co.uk/investors/recommended-cash-offer/) and
https://www.shurgard.com/corporate/investors/acquisitions/loknstore/
(https://www.shurgard.com/corporate/investors/acquisitions/loknstore/)
respectively.

 

Enquiries:

 Shurgard
 Shurgard
 Caroline Thirifay

                                                                             +44 75 96 87 57 13

 J.P. Morgan Cazenove (Sole Financial Adviser to Shurgard)                   +44 20 3493 8000

 Dwayne Lysaght

 Ashish Agrawal

 Jonty Edwards

 John Ulrich

 Lok'nStore
 Lok'nStore                                                                  +44 12 5252 1010

 Andrew Jacobs

 Raymond Davies

 Neil Newman-Shepherd
 Goldman Sachs International (Lead Financial Adviser to Lok'nStore)          +44 20 7774 1000

 Khamran Ali

 Chris Emmerson

 Arnout Harteveld

 Lorenzo Carlino
 Cavendish Capital Markets Limited (Sole Rule 3 Adviser, Financial Adviser,  +44 20 7220 0500
 NOMAD and Joint Corporate Broker to Lok'nStore)

 Julian Blunt

 Henrik Persson

 Seamus Fricker

 Fergus Sullivan
 Peel Hunt LLP (Joint Corporate Broker to Lok'nStore)                        +44 20 7418 8900

 Capel Irwin

 Carl Gough

 Henry Nicholls
 Camarco (Financial PR to Lok'nStore)                                        + 44 20 3757 4991

 Billy Clegg

 Tom Huddart

 Letaba Rimell

 

Allen Overy Shearman Sterling LLP is acting as legal adviser to Shurgard.
Travers Smith LLP is acting as legal adviser to Lok'nStore.

Important notices relating to financial advisers

J.P. Morgan Securities PLC, which conducts its UK investment banking business
as J.P. Morgan Cazenove ("J.P. Morgan Cazenove"), and which is authorised in
the United Kingdom by the Prudential Regulation Authority (the "PRA") and
regulated by the PRA and the Financial Conduct Authority (the "FCA"), is
acting as financial adviser exclusively for Shurgard and no one else in
connection with the Acquisition and will not regard any other person as its
client in relation to the Acquisition and will not be responsible to anyone
other than Shurgard for providing the protections afforded to clients of J.P.
Morgan Cazenove or its affiliates, nor for providing advice in relation to the
Acquisition or any other matter or arrangement referred to in this
Announcement.

Goldman Sachs International ("Goldman Sachs"), which is authorised by the PRA
and regulated by the FCA and the PRA in the United Kingdom, is acting
exclusively for Lok'nStore and no one else in connection with the Acquisition
and will not be responsible to anyone other than Lok'nStore for providing the
protections afforded to clients of Goldman Sachs or for providing advice in
connection with the matters referred to in this Announcement. No
representation or warranty, express or implied, is made by Goldman Sachs as to
the contents of this Announcement.

Cavendish Capital Markets Limited ("Cavendish"), which, in the United Kingdom,
is authorised and regulated by the FCA, is acting exclusively for Lok'nStore
and no one else in connection with the Acquisition and will not be responsible
to anyone other than Lok'nStore for providing the protections afforded to
clients of Cavendish nor for providing advice in relation to the Acquisition
or any other matter or arrangement referred to in this Announcement.

Peel Hunt LLP ("Peel Hunt"), which, in the United Kingdom, is authorised and
regulated by the FCA, is acting exclusively for Lok'nStore and no one else in
connection with the Acquisition and neither Peel Hunt nor any of its
affiliates will be responsible to anyone other than Lok'nStore (whether or not
a recipient of this Announcement) for providing the protections afforded to
clients of Peel Hunt nor for providing advice in relation to the Acquisition
or any other matter or arrangement referred to in this Announcement.

General

If you are in any doubt about the contents of this Announcement or the action
you should take, you are recommended to seek your own independent financial
advice immediately from your stockbroker, bank manager, solicitor or
independent financial adviser duly authorised under the Financial Services and
Markets Act 2000 if you are resident in the UK or, if not, from another
appropriate authorised independent financial adviser.

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