RNS Number : 1709Y
Palace Capital PLC
21 January 2014

     21 January 2014



("Palace Capital" or the "Company")

Sale of Palace Capital holding by Quintain Estates & Development PLC ("Quintain")

Palace Capital, the property company focused on investing in the UK's secondary property market outside London, announces the sale of Quintain's stake in the Company.  As part of the arrangements relating to the £39.25 million acquisition of the Sequel Portfolio from Quintain which completed on 21 October 2013, Quintain subscribed for 275,000 Ordinary Shares which were subject to a lock-in undertaking as outlined in the Admission Document published on 2 October 2013. Pursuant to the terms of the Quintain Subscription Agreement, the parties thereto have consented to the release of the lock-in provisions in order to satisfy institutional demand and Quintain has sold its entire holding of 275,000 Ordinary Shares representing approximately 2.4 per cent. of the issued ordinary share capital.

Terms in this announcement are the same as those used in the Admission Document.

Commenting on the share sale, Neil Sinclair, Managing Director said;


"It is extremely encouraging that since our fund raising in October 2013, we have continued to secure long-term interest from major institutional investors. We are delighted that our strategy to maximize returns from investing in and managing regional secondary property has been received so well by our shareholders.  We were very grateful for the support from Quintain during the acquisition and the early release of the Quintain holding was as a direct result of further institutional demand for shares in Palace Capital."

"I can report that the properties in our portfolio are continuing to perform very well under our ownership.  We have a wide range of ongoing projects and initiatives to maximize the returns from the portfolio.  I believe that these will underpin an improvement in shareholder returns as we move forward."


For further information contact:


Palace Capital Plc        

Tel. 44 (0)20 7722  7603

Stanley Davis, Non-executive Chairman      


Neil Sinclair, Managing Director




Allenby Capital Limited

Tel. 44 (0) 20 3328 5656

Nick Naylor, Corporate Finance


Mark Connelly, Corporate Finance


Arden Partners plc

Tel: 44 (0) 20 7614 5917

Christopher Hardie, Corporate Finance




Broker Profile (Financial PR)               

Tel. 44(0) 20 7448 3244

Simon Courtenay   

Tamsin Shephard                   



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