Posted on 28 May 2015

Palace Capital Reports FY Profit Of GBP 14.01 Mln; To Buy O&H Northampton


Palace Capital Plc. (PCA.L) reported that its profit attributable to equity holders of the parent for the year ended 31 March 2015 was 14.01 million pounds, while profit attributable to equity holders of the parent for 14 months ended 31 March 2014 was 21.23 million pounds.

Earnings per share for the latest-period was 80.1 pence. Earnings per share was 403.4 pence in the 14 months ended 31 March 2014.

It reported pre-tax profit of $13.91 million pounds and adjusted profit before tax of 4.6 million pounds in the latest-year.

Annual revenue was 8.64 million pounds, while revenue for the 14 months of prior year was 3.25 million pounds.

The company announced that it will be increasing the dividend and the Company intends to recommend payment of a final dividend of 7.0 pence per share on 31 July 2015 to those shareholders on the register as at 10 July 2015.

Separately, Palace Capital said that it has entered into a conditional agreement to acquire the entire issued share capital of O&H Northampton Limited, the owner of Sol Central, a mixed use leisure scheme in Northampton. The amount payable by Palace Capital in connection with the Acquisition is expected to be approximately 20.7 million pounds.

To part finance the repayment of O&H's indebtedness and to provide additional capital to exploit further opportunities, the Company is undertaking a conditional placing of 5.56 million new ordinary shares in the Company at 360 pence to raise approximately 20.0 million pounds (before expenses).

The Placing has been arranged by Arden Partners and Allenby Capital Limited. The issue price of 360 pence per Placing Share represents an approximate 3.5 per cent. discount to the closing middle market price of 373 pence (adjusted for the final dividend of 7.0 pence for which the Placing Shares will not rank) per existing ordinary share on 27 May 2015.

by RTT Staff Writer