Reduction of Share Premium Account

RNS Number : 8838A

Palace Capital PLC

01 October 2020

 

Palace Capital PLC

("Palace Capital" or the "Company")

Reduction of Share Premium Account

Palace Capital (LSE: PCA),   the   Main Market REIT that has a UK regional commercial real estate portfolio focused on the office and industrial sectors in carefully selected locations outside of London, announces that following the approval by shareholders at the Company's Annual General Meeting held on 7 August 2020, the High Court of Justice of England and Wales has made an order confirming the reduction of the Company's share premium account and the crediting of the relevant sum to distributable profits (the "Share Premium Reduction").

The Court order approving the Share Premium Reduction and a statement of capital were registered with the Registrar of Companies on 29 September 2020.  The Share Premium Reduction is now effective, and the amount that had been standing to the credit of the Company's share premium account (£125,018,886.38) has been credited to the Company's distributable profits.

Further information on the Share Premium Reduction can be found in the Company's Notice of Annual General Meeting dated 15 July 2020

For further information, contact:

PALACE CAPITAL PLC

Neil Sinclair, Chief Executive

Stephen Silvester, Finance Director

Tel. [phone]

Joint Broker

Numis Securities

Heraclis Economides / George Fry

Tel: [phone]

Joint Broker

Arden Partners plc

Corporate Finance: Paul Shackleton / Ciaran Walsh / Daniel Gee-Summons

Corporate Broking: James Reed-Daunter

Tel: [phone]

FTI Consulting (Financial PR)

Claire Turvey / Methuselah Tanyanyiwa

[e-mail]

Tel. [phone]

About Palace Capital plc (   www.palacecapitalplc.com   ):

Palace Capital plc (LSE: PCA) is a UK REIT that has a £277.8 million diversified portfolio of UK regional commercial property. The Company maintains a disciplined investment strategy focused on towns and cities outside of London that are characterised by thriving local economies and strengthening fundamentals. Within those locations the highly experienced management team select assets that provide opportunities to drive both capital value and long-term rental income through tailored active asset management programmes ultimately delivering attractive shareholder returns.

 

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