RNS announcement

Palace Capital plc

("Palace Capital" or the "Company")

Appointment of Finance Director

Palace Capital, the property investment company that focuses on commercial property outside London, is pleased to announce the appointment of Mr. Stephen Silvester, ACA, to the Board of the Company as Finance Director.  He will join the Company on 1 July 2015.

Stephen Silvester, a Chartered Accountant, brings to Palace Capital over ten years' experience as a finance professional, with a background across a range of markets, including real estate.

Since 2012, he has served as Group Financial Controller at NewRiver Retail Ltd. an AIM-listed REIT specialising in the UK Retail Sector. He was involved in debt restructuring, numerous property portfolio acquisitions, capital raisings and securing credit facilities from major institutions. 

Prior to NewRiver, Mr Silvester was Group Financial Controller for St Hilliers Pty Ltd., a large real estate company based in Australia with construction and property development operations in both the residential and commercial sectors. Before 2008, Stephen was a senior accountant and business advisor for PKF Chartered Accountants in Australia.

Commenting on the appointment Neil Sinclair, Chief Executive of Palace Capital, said:

"I am delighted to welcome Stephen to the Palace Capital Board and I look forward to working with him.  In our interim results announced in November of last year, we highlighted that we were looking to appoint a Finance Director.  After a comprehensive search, we are very pleased to have been able to appoint an individual of Stephen's calibre".

Regulatory disclosures

Stephen John Silvester (age 33) is or has been a director or partner of the following companies or partnerships during the previous five years:

Current:

The Winchester Project

There is no further information on Mr Silvester that is required for disclosure under Schedule Two, paragraph (g) (i)-(viii) of the AIM Rules for Companies.

Date: 7 May 2015

For further information contact:

Palace Capital plc

Stanley Davis, Non-executive Chairman

Neil Sinclair, Chief Executive

Tel. 44 (0)20 3301 8331

Allenby Capital Limited (Nominated Adviser and Joint Broker)

Nick Naylor / James Reeve

Tel. 44 (0)20 3328 5656

Arden Partners plc (Joint Broker)

Chris Hardie / Ciaran Walsh

Tel. 44 (0)207 614 5917

Broker Profile (Financial PR)

Simon Courtenay / Harry Rippon Tel. 44 (0)20 7448 3244