Less Mess Storage Inc. Completes Acquisition of Self-Storage
Facilities in Poland and Czech Republic
Transaction Makes the Company the Largest Self-Storage Chain in
Central and Eastern Europe
VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 5, 2014) - Less
Mess Storage Inc. ("Less Mess" or the "Company"; formerly "DGM
Minerals Corp.") (TSX-VENTURE:LMS) today announced that it has
successfully completed its previously announced acquisition of five
self-storage facilities in Poland and the Czech Republic. Please
see the Company's press releases dated January 10, 2014, and April
7, 2014, for a description of the transaction and the assets. The
transaction has made Less Mess the largest self-storage chain in
Central and Eastern Europe, a region which management believes is
poised for substantial growth in the self-storage sector. The
common shares of Less Mess are listed on the TSX Venture Exchange
under the symbol "LMS" and resume trading today.
Guy Pinsent, President and CEO of Less Mess, commented:
"This acquisition represents an important first step in building
a substantial self-storage business in a high growth region with
almost zero market penetration: a huge opportunity. The five stores
acquired, four of which are freehold properties in excellent
locations in Warsaw and Prague, are generating growing cash flow
with further upside potential. Poland and the Czech Republic, which
have just celebrated 10 years' membership of the European Union,
have robust macroeconomic outlooks which will further underpin the
self-storage story. We now have a lot of work to do in rebranding,
restructuring and rolling out the business. The board would like to
thank our staff and advisors for their efforts in closing this
complex transaction, and express our enthusiasm for working
together as we grow the Company."
Pursuant to a final share sale and purchase agreement dated
April 24, 2014, the Company purchased all of the issued and
outstanding shares of five companies which, collectively, own and
operate the facilities. Three of the acquired companies are
incorporated in Poland (Krakowska House Sp. z o.o., Torunska House
Sp. z o.o. and City Self-Storage Sp. z o.o.) and two companies are
incorporated in the Czech Republic (Selvaag Evropska Building A.S.
and City Self-Storage S.R.O.). Collectively, the five acquired
companies operate five self-storage facilities, two of which are in
Warsaw, Poland, and three of which are in Prague, Czech Republic.
The vendors under the share purchase agreement were Selvaag Eiendom
A.S. and Selvaag Self-Storage A.S. (the "Vendors"). The Vendors are
owned by Selvaag Gruppen A.S., a Norwegian company, and were
advised by Oslo headquartered investment bank, ABG Sundal
Collier.
Less Mess acquired the companies for an aggregate purchase price
of 14,000,000 Euros, 7,000,000 Euros of which was paid on closing,
and 7,000,000 Euros of which was Vendor-financed through the
assumption by Less Mess of existing debt owed by the acquired
companies to the Vendors. In connection with the acquisition, the
Company completed a $7,000,000 equity offering and a $5,250,000
bond offering.
The transaction was a "change of business" transaction under the
policies of the TSX Venture Exchange, and accordingly required the
approval of the Company's shareholders. In conjunction with the
transaction, the Company's common shares were consolidated on a
12:1 basis and the Company changed its name to "Less Mess Storage
Inc." The Company's shareholders approved the transaction, the
consolidation and the name change at the Company's annual general
and special meeting of shareholders held on March 27, 2014.
On closing of the transaction, Peter Smith resigned as the
Company's President and CEO in order for Guy Pinsent to adopt these
roles. Pinsent is an entrepreneur with a background in investment
and corporate banking (Citibank London, branded consumer team with
clients including Bacardi, Diageo and British American Tobacco),
the British Foreign Service and real estate investment and
development. Pinsent was formerly a partner at Personal Storage, a
private British self-storage business, at the time the sixth
largest in the UK, before focussing on the self-storage opportunity
in Poland and neighboring markets. Pinsent's real estate experience
includes head of business development at Colliers International
Poland, and consulting to a wide range or investors and developers.
He assisted on the financing, development and sale of Helical
Poland's 'Europa Centralna' retail park, an investment of EUR 115
million delivering 720,000 square feet of retail space (Phase 1),
one of the largest retail developments in Europe.
Peter Smith will remain Chairman of the Company's board and will
act as Vice President, Corporate Development.
The Company also announced that it has issued an aggregate of
815,000 stock options to officers, directors and consultants of the
Company. The stock options have an exercise price of $1.00, vest
immediately, expire five years from the date of grant and are
subject to a four month hold period. The grant of options is
subject to the provisions of the Company's Stock Option Plan, the
policies of the TSX Venture Exchange and applicable securities
laws.
About the
Company
Less Mess Storage Inc. owns and operates the largest
self-storage chain in Central and Eastern Europe. The Company's
registered and records office is located in Vancouver, British
Columbia, its head office is located in Warsaw, Poland, and it also
has offices in Prague, Czech Republic. The Company's common shares
are listed on the TSX Venture Exchange under the stock symbol
"LMS". For further information, please refer to the Company's
website at www.lessmess-storage.com??? and filings on SEDAR
(www.sedar.com), or contact the Company by telephone at
778.999.7030.
ON BEHALF OF THE BOARD
Guy Pinsent, President and CEO
This press release contains "forward-looking information" that
is based on the Company's current expectations, estimates,
forecasts and projections. This forward-looking information
includes, among other things, the Company's business, plans,
outlook and business strategy. The words "may", "would", "could",
"should", "will", "likely", "expect," "anticipate," "intend",
"estimate", "plan", "forecast", "project" and "believe" or other
similar words and phrases are intended to identify forward-looking
information.
Forward-looking information is subject to known and unknown
risks, uncertainties and other factors that may cause the Company's
actual results, level of activity, performance or achievements to
be materially different from those expressed or implied by such
forward-looking information. Such factors include, but are not
limited to: changes in economic conditions or financial markets;
changes in prices for the Company's products and services;
increases in costs; litigation; legislative, environmental and
other judicial, regulatory, political and competitive developments;
technological or operational difficulties; and labour relations
matters.
This list is not exhaustive of the factors that may affect our
forward-looking information. These and other factors should be
considered carefully and readers should not place undue reliance on
such forward-looking information. Except as required by law, the
Company disclaims any intention or obligation to update or revise
forward-looking information, whether as a result of new
information, future events or otherwise.
NEITHER THE TSX-VENTURE EXCHANGE NOR ITS REGULATION SERVICES
PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE
TSX-VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR
ACCURACY OF THIS RELEASE.
Less Mess Storage Inc.778.999.7030www.lessmess-storage.com
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