Lok'nStore Group raises £20.5m in Gross Proceeds

Hampshire's Lok'nStore Group, a self storage space provider, has announced that its latest fundraising effort raised over £20.5 million in Gross Proceeds.

The funds were raised through a Placing and REX Retail Offer.

Lok'nStore welcomed a number of new shareholders through the issuing of 2,679,739 new Ordinary Shares, each of which was priced at 765 pence.

A spokesperson for the company said: ''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.''

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These fundraising shares represent approximately 8.9 per centof the company's current issued share capital.

Chair of Lok'nStore, Andrew Jacobs, 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."

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