News blog
LoknStore
- BY: Andrew Hore |
- POSTED: 03/08/2009 |
A positive trading statement sparked a recovery in the Lok’nStore share price.
Shares in the self storage sites operator jumped 7.5p to 64p each, which values the company at £17.1m. The directors estimated a 200p a share NAV at the end of January 2009. The reported NAV was £35.5m, which is still double the current market valuation.
Second half trading has been much stronger than in the first half. Occupancy had been falling but it has been growing in recent months and was 2% ahead year-on-year. Average revenue per square foot is also rising.
Net debt is £25m but the bank facility is £40m and it lasts until 2012.
The full year results to July 2009 will be published on 9 November.
The potential bid talks revealed on 15 April 2009 were ended on 21 July.
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