Redemption of pref shares and repayment of loan

RNS Number : 0302Z

Palace Capital PLC

31 January 2014

 



31 January 2014

PALACE CAPITAL PLC

("Palace Capital" or the "Company")

Redemption of preference shares and repayment of loan notes

Palace Capital, the property company focussed on investing in the UK's secondary property market outside London, has given notice for the redemption of 65,000 redeemable preference shares (the "Preference Shares"), in accordance with the Company's Articles of Association.  The Preference Shares will be redeemed at par value of £1 each and were held by Stanley Davis, Chairman of Palace Capital (£32,500) and Andrew Perloff (£32,500). Following the redemption, there will be no preference shares outstanding.

Further, the Company has today repaid £60,000 of convertible loan notes (the "Loan Notes") which expired today. The Loan Notes, which have been repaid at par and carried no interest charge, were held as follows:

Loan Note holder	Amount
Stanley Davis, Chairman	£31,500
Neil Sinclair, CEO	£2,000
London Active (owned by Neil Sinclair and his wife)	£2,000
Andrew Perloff	£24,500

Following the repayment of these Loan Notes there remains £300,000 of outstanding convertible loan notes, which carry a 4% coupon and are redeemable on 3 October 2015.

Save as disclosed above, the Directors' interests in the Company's issued voting share capital remains unchanged and as previously announced.

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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