Palace Capital (PCA): Trading update and COVID-...

Hardman & Co Research Hardman & Co Research: Palace Capital (PCA): Trading update and COVID-related dividend cut 06-Apr-2020 / 15:20 GMT/BST Hardman & Co Research: Trading update & COVID-related dividend cut FY20 results are due to be reported in June. PCA's 2 April trading update stated FY20 results to be broadly in line with previous estimates. Loan-to-value (LTV) at 30 September 2019 stood at 34%; we expect this to increase to 37% as at March year-end, allowing for the drawdown at the York Hudson Quarter (HQ) development. With robust finances, PCA can weather COVID-related storms, including passing this quarter's dividend. A rent shortfall in FY21 looks likely. None of the diverse positive characteristics of the portfolio are negated. Indeed, we see scope for EPRA earnings to recover to the 19p per share historical dividend level once the HQ development has completed and funds have been redeployed into income-accretive acquisitions. Please click on the link below for the full report: https://www.hardmanandco.com/research/corporate-research/trading-update-and-covid-related-dividend-cut/ If you are interested in meeting the company, you can register your interest by clicking on the above link. To contact us: Hardman & Co 35 New Broad Street London EC2M 1NH www.hardmanandco.com Follow us on Twitter @HardmanandCo Contact: Mike Foster [phone] [e-mail]   Hardman & Co Research can still be accessed for free after MiFID II. Please click here to read the statement. About Hardman & Co: For the past 25 years Hardman has been producing specialist research designed to improve investors' understanding of companies, sectors, industries and investment securities. Our analysts are highly experienced in their sectors, and have often been highly rated by professional investors for their knowledge.  Our focus is to raise companies' profiles across the UK and abroad with outstanding research, investor engagement programmes and advisory services. Some of our notes have been commissioned by the company which is the subject of the note; this is clearly stated in the disclaimer where this is the case. Hardman Research Ltd, trading as Hardman & Co, is an appointed representative of Capital Markets Strategy Ltd and is authorised and regulated by the Financial Conduct Authority; our FCA registration number is 600843. Hardman Research Ltd is registered at Companies House with number 8256259. Our research is provided for the use of the professional investment community, market counterparties and sophisticated and high net worth investors as defined in the rules of the regulatory bodies.  It is not intended to be made available to unsophisticated retail investors. Anyone who is unsure of their categorisation should consult their professional advisors. This research is neither an offer, nor a solicitation, to buy or sell any security. Please read the note for the full disclaimer. Dissemination of a CORPORATE NEWS, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement.

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1016443 06-Apr-2020