Holding in Company

RNS Number : 1709Y

Palace Capital PLC

21 January 2014

 



     21 January 2014

PALACE CAPITAL PLC

("Palace Capital" or the "Company")

Sale of Palace Capital holding by Quintain Estates & Development PLC ("Quintain")

Palace Capital, the property company focused on investing in the UK's secondary property market outside London, announces the sale of Quintain's stake in the Company.  As part of the arrangements relating to the £39.25 million acquisition of the Sequel Portfolio from Quintain which completed on 21 October 2013, Quintain subscribed for 275,000 Ordinary Shares which were subject to a lock-in undertaking as outlined in the Admission Document published on 2 October 2013. Pursuant to the terms of the Quintain Subscription Agreement, the parties thereto have consented to the release of the lock-in provisions in order to satisfy institutional demand and Quintain has sold its entire holding of 275,000 Ordinary Shares representing approximately 2.4 per cent. of the issued ordinary share capital.

Terms in this announcement are the same as those used in the Admission Document.

Commenting on the share sale, Neil Sinclair, Managing Director said;

"It is extremely encouraging that since our fund raising in October 2013, we have continued to secure long-term interest from major institutional investors. We are delighted that our strategy to maximize returns from investing in and managing regional secondary property has been received so well by our shareholders.  We were very grateful for the support from Quintain during the acquisition and the early release of the Quintain holding was as a direct result of further institutional demand for shares in Palace Capital."

"I can report that the properties in our portfolio are continuing to perform very well under our ownership.  We have a wide range of ongoing projects and initiatives to maximize the returns from the portfolio.  I believe that these will underpin an improvement in shareholder returns as we move forward."

For further information contact:

Palace Capital Plc	Tel. [phone]
Stanley Davis, Non-executive Chairman
Neil Sinclair, Managing Director
Allenby Capital Limited	Tel. [phone]
Nick Naylor, Corporate Finance
Mark Connelly, Corporate Finance
Arden Partners plc	Tel: [phone]
Christopher Hardie, Corporate Finance
Broker Profile (Financial PR)	Tel. [phone]
Simon Courtenay    Tamsin Shephard

 

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