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VANCOUVER, BC / ACCESSWIRE / October 14, 2015 / Less Mess Storage Inc. ("Less Mess" or the "Company") (TSX VENTURE: LMS) has extended the deadline for the financing condition under the arrangement agreement (the "Agreement") pursuant to which the parties have proposed a statutory plan of arrangement (the "Arrangement") for the acquisition by LMS Holdco Limited (the "Acquiror") of all of the outstanding common shares of the Company on the terms set out in the Agreement. The Agreement and the Arrangement were previously announced by the Company in its press release dated September 11, 2015.
The deadline for satisfaction of the financing condition has now been extended to the end of October 21, 2015.
Under the Arrangement, if consummated, the Acquiror would acquire all of the issued and outstanding common shares of the Company for cash consideration of $1.415 per share, which is a 41.5% premium to the last traded price of Less Mess shares on the TSX Venture Exchange before the Agreement was announced. In addition, under the Arrangement each outstanding Less Mess stock option and purchase warrant will be cancelled, with the holder of each option and warrant having an exercise price less than $1.415 receiving consideration equal to the difference between $1.415 and the exercise price of such option or warrant.
The Arrangement remains subject to the approval of Less Mess shareholders Less Mess securityholders (collectively, holders of Less Mess shares, options and warrants), as described in the September 11, 2015 press release. The Company has scheduled a special meeting of securityholders to consider the Arrangement on November 26th, 2015.
Completion of the Arrangement is also still subject to the approval of the Supreme Court of British Columbia, the TSX Venture Exchange, the receipt of all other necessary regulatory and third party approvals, and other customary conditions. Full details of the Agreement and the Arrangement will be included in the Management Information Circular of Less Mess to be mailed to Less Mess securityholders in due course. A copy of the Agreement is filed under the Company's profile on SEDAR at www.sedar.com.
Further updates surrounding the Arrangement will be forthcoming.
About the Company
Less Mess Storage Inc. owns and operates the largest self-storage chain in Central and Eastern Europe, with a portfolio of five stores, two in Warsaw (both freehold) and three in Prague (two freehold, one leasehold), offering over 180,000 square feet of net lettable area. The Company plans to add additional stores and rentable space in Warsaw and Prague in the future. The Company's registered and records office is located in Vancouver, British Columbia, its operations head office is located in Warsaw, Poland, and it also has offices in Prague, Czech Republic.
ON BEHALF OF THE BOARD
"Peter Smith"
Chairman of the Board
VP Corporate Development
Less Mess Storage Inc.
SOURCE: Less Mess Storage Inc.