Less Mess Storage Inc. (LMS), which operates self-storage facilities in Prague as well as Warsaw, Poland, has restructured its storage holdings from under six subsidiaries to two. The company will now run its Poland facilities as Less Mess Storage Sp. z.o.o. and its assets in the Czech Republic as Less Mess Storage s.r.o., according to a company press release.
LMS restructured its subsidiaries to improve the transparency of its financial reporting and to save on costs associated with value-added taxes, according to the release. "The completion of the mergers of our subsidiaries, as planned and on time, demonstrates the business-friendly nature of Poland and the Czech Republic,” said Guy Pinsent, CEO.
Subsequent to the move, Euro Pacific Canada Inc., a U.S.-based investment firm specializing in foreign markets and securities, also initiated coverage of LMS, publishing an initial report on the self-storage operator and setting a 12-month target of $1.50 per share, LMS officials said.
“The launch of research coverage by Euro Pacific Canada marks another positive step for Less Mess,” Pinsent added. “It is a thorough piece which chimes with management's view of the highly attractive nature of the self-storage business and huge growth opportunity for the company in the strong economies of Poland and other Central European markets."
LMS owns and operates five self-storage properties—four freehold, one leasehold—encompassing more than 180,000 square feet of net rentable space. The company reported $4 million in revenue in 2013. Though its records office resides in Vancouver, British Columbia, Canada, it also has a headquarters in Warsaw and offices in Prague. Its common shares are listed on the TSX Venture Exchange under the stock symbol "LMS."
