Palace Capital PLC Publication of circular and notice of GM (5557M)
09 January 2019 - 6:00PM
UK Regulatory
TIDMPCA
RNS Number : 5557M
Palace Capital PLC
09 January 2019
9 January 2019
Palace Capital plc
("Palace Capital", or the "Company")
Related party transaction, publication of circular and notice of
General Meeting
As previously announced in the Company's interim results for the
six months ended 30 September 2018, the Board of Palace Capital plc
is aware of a technical issue in respect of the Company's payment
of certain dividends, namely the final dividend of 4.75 pence per
Ordinary Share paid on 31st July 2018 and the interim dividend of
4.75 pence per Ordinary Share paid on 19th October 2018 (together,
the "Relevant Distributions") which has resulted in a technical
infringement of the Companies Act 2006 (the "Act").
The issue is historic in nature and there is no change to the
current financial position or financial outlook of the Company as a
consequence of this technical matter. It also has no impact on the
Company's intentions or ability to continue returning its surplus
cash flow to shareholders via future dividends. The Board has
undertaken a thorough and detailed review and is confident all
issues have been identified and that the necessary procedural and
administrative resolutions have been implemented.
The Company will today publish a circular convening a General
Meeting (the "Circular") to be held at the offices of Hamlins LLP,
Roxburghe House, 273-287 Regent Street, London W1B 2AD on 25
January 2019 at 12 p.m., at which a special resolution (the
"Resolution") will be proposed which will, among other things, seek
shareholder approval of a proposed waiver of any claims which the
Company may have against its directors and shareholders in respect
of the Relevant Distributions.
The proposed waivers of claims constitute related party
transactions for the purposes of the Listing Rules of the Financial
Conduct Authority. The steps being proposed are in line with those
taken by other listed companies that have encountered similar
issues in the past.
Terms used in this announcement shall have the meaning given to
them in the Circular. The Circular will be available to view on the
Company's website (www.palacecapitalplc.com) and at the offices of
Palace Capital plc at Lower Ground Floor, One George Yard, London,
EC3V 9DF, United Kingdom and at the offices of Hamlins LLP at
Roxburghe House, 273-287 Regent Street, London W1B 2AD, United
Kingdom. A copy of the Circular and the accompanying Form of Proxy
have been submitted to the National Storage Mechanism and will
shortly be available for inspection at
www.morningstar.co.uk/uk/nsm.
For further information, contact:
Palace Capital plc
Neil Sinclair, Chief Executive
Stephen Silvester, Finance Director
Tel. +44 (0)20 3301 8331
Arden Partners plc (Sponsor and Lead Broker)
Paul Shackleton / Ciaran Walsh / Alex Penney
Tel. +44 (0)207 614 5900
Allenby Capital Limited (Joint Broker)
Nick Naylor / James Reeve / Asha Chotai
Tel. +44 (0)20 3328 5656
FTI Consulting (Financial PR)
Claire Turvey / Methuselah Tanyanyiwa
palacecapital@fticonsulting.com
Tel. +44 (0)20 7271000
About Palace Capital plc (www.palacecapitalplc.com):
Palace Capital plc (LSE: PCA) is a Main Market listed property
investment company that has a GBP283.3 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 selects assets that provide
opportunity to drive both capital value and long-term rental income
through tailored active asset management programmes, ultimately
delivering attractive shareholder returns.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
MSCUGUQPGUPBGMR
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