Lok ‘n Store, the AIM-listed self-storage company, has received a takeover approach.
The company said in reaction to ‘the recent movement in its share price’ it had ‘received an early stage expression of interest from a third party which may or may not lead to an offer being made for the company’.
It emphasised that ‘discussions are at a very preliminary stage’ and recommended that shareholders took ‘no action at this stage’.
An offer would require the acceptance of chairman Andrew Jacobs, the biggest shareholder with a 20.74% stake, and chief executive Simon Thomas who owns 8.54% of the company, equating to a combined 29% holding.
The biggest external shareholder is activist investor Julian Treger through his investment fund Audley Capital which owns a 16.54% stake having gradually increased his holding over the last two years.
The company, which has 22 stores across the south east of England, last received a takeover approach in 2003 which then led to a flurry of other approaches from private equity firms.
Its shares rose 26% today to 68p which values it at £18m.