RNS Number : 0302Z
Palace Capital PLC
31 January 2014

31 January 2014



("Palace Capital" or the "Company")


Redemption of preference shares and repayment of loan notes


Palace Capital, the property company focussed on investing in the UK's secondary property market outside London, has given notice for the redemption of 65,000 redeemable preference shares (the "Preference Shares"), in accordance with the Company's Articles of Association.  The Preference Shares will be redeemed at par value of £1 each and were held by Stanley Davis, Chairman of Palace Capital (£32,500) and Andrew Perloff (£32,500). Following the redemption, there will be no preference shares outstanding.


Further, the Company has today repaid £60,000 of convertible loan notes (the "Loan Notes") which expired today. The Loan Notes, which have been repaid at par and carried no interest charge, were held as follows:


Loan Note holder


Stanley Davis, Chairman


Neil Sinclair, CEO


London Active (owned by Neil Sinclair and his wife)


Andrew Perloff



Following the repayment of these Loan Notes there remains £300,000 of outstanding convertible loan notes, which carry a 4% coupon and are redeemable on 3 October 2015.


Save as disclosed above, the Directors' interests in the Company's issued voting share capital remains unchanged and as previously announced.


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                   



This information is provided by RNS
The company news service from the London Stock Exchange