European Self-Storage Operator Less Mess Storage Changes Auditor

Less Mess Storage Inc. (LMS), which operates self-storage facilities in Prague as well as Warsaw, Poland, has changed its auditor following the Sept. 2 resignation of Smythe Ratcliffe LLP, a Canada-based accounting firm. LMS directors have appointed Warsaw-based BDO Sp. z o.o. as the new auditing firm. The change has been approved by the LMS Board of Directors and Audit Committee.

BDO is the fifth largest accountancy firm in the world, with offices in Canada, the Czech Republic and Poland. The company is expected to provide LMS with a more efficient auditing process, according to a company press release.

“While we have received excellent service from Smythe Ratcliffe, we also see this transition to BDO as a significant positive step forward for the company,” said Clarke Nakamoto, LMS chief financial officer. “Not only should the audit process now be more efficient, as BDO has offices in Prague and Warsaw, but we also know that a great deal of the investment world is very familiar and comfortable with the BDO name.”

LMS also announced that two company officers surrendered an aggregate of 64,833 of LMS stock options, including 45,833 options that were exercisable at $1.40, and 19,000 options exercisable at $1.

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."

Sources: