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Activist investor Laxey Partners has taken a 29% stake in self storage operator Lok’nStore.
Laxey previously held a 12.4% stake in Lok’nStore and has acquired more than 5m additional shares. This buying activity may account for the recent strength in the Lok’nStore share price. At 90p a share, up 4p on the week, Lok’nStore is valued at £23.1m.
The NAV – based on directors valuations before deferred tax – was 210p a share at the end of January. After tax, the NAV is 168p a share. That asset base will be the main attraction for Laxey and it will probably have ideas about how the share price discount to NAV can be reduced.
Lok’nStore has already said that second half trading has been good. There was more than £5m in the bank at the end of July 2010. There were bank borrowings of £28m at the end of January 2010 but there was no indication of their current level. The revolving credit facility lasts until 5 February 2012.
Founder Andrew Jacobs is the next biggest shareholder with a 20.8% stake and all the directors own just over 30% of the company.
Full year figures will be published on 8 November.
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