Access Self Storage consolidates StorageVault holdings

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By Ted Liu

StorageVault Canada Inc. (TSX-V: SVI) disclosed today Access Self Storage Inc. has acquired 15,000,000 common shares of StorageVault at a price of $1.50 per share, representing an aggregate purchase price of $22,500,000, from three vendors pursuant to a share purchase agreement.

The three vendor names were not disclosed. In addition to Access Self Storage, there were only three shareholders controlling over 5 million shares in StorageVault: Alan A. Simpson, Vice Chair and former President & CEO of StorageVault Canada (approximately 5 million shares), Saskworks Venture Fund Inc. (11.4 million shares) and Apex Investment Limited Partnership (8.5 million shares). Both Saskworks and Apex are managed by PFM Capital Inc.

Prior to the purchase, Access owned or controlled 93,516,471 Common Shares, representing 32.23% of the issued and outstanding common shares of StorageVault. Access now owns or controls 108,516,471 common shares or approximately 37.40% of the total issued and outstanding common shares of StorageVault.

photo credit: StorageVault Canada