RNS Number : 9455S
Palace Capital PLC
06 October 2017

Palace Capital PLC

 ("Palace Capital" or the "Company")


Result of General Meeting and Open Offer

Proposed Acquisition of RT Warren and Placing to raise £70 million


Further to the announcement made on 19 September 2017 by Palace Capital, the property investment company that focuses on commercial property outside London, regarding the proposed acquisition of R.T Warren (Investments) Limited and the Placing to raise £70 million, the Directors are pleased to announce that at the General Meeting held earlier today, all the resolutions were duly passed.  


Result of Open Offer


The Open Offer, which closed for acceptances at 11.00 a.m. on 5 October 2017, raised gross proceeds of approximately £3.76 million. Valid acceptances were received in respect of 545,733 New Ordinary Shares pursuant to Qualifying Shareholders' Open Offer Entitlements and a further 559,984 New Ordinary Shares pursuant to the Excess Application Facility, representing a percentage take up of 87.93 per cent. of the new Ordinary Shares available under the Open Offer. All applications will be met in full. Accordingly, the aggregate amount raised pursuant to the Open Offer is approximately £3.76 million and the aggregate amount raised pursuant to the Placing is approximately £66.24 million.


Application has been made for the 20,588,236 New Ordinary Shares to be issued pursuant to the Placing and Open Offer to be admitted to trading on AIM. It is expected that Admission and dealings in the 20,588,236 New Ordinary Shares will commence at 8.00 a.m. on 9 October 2017.


Total Voting Rights


Following Admission of the Placing Shares, the issued ordinary share capital of the Company will consist of 45,838,928 Ordinary Shares, with one voting right each. This figure excludes the 549,587 Ordinary Shares held in treasury.


The above figure of 45,838,928 Ordinary Shares may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules.


Neil Sinclair, Chief Executive of Palace Capital, commented: 


"We are delighted with the strong support that we have received and look forward to applying our active management skills to the newly acquired portfolio. In addition we have commenced the process of moving up to the Official List as specified in our circular."


Date: 6 October 2017


Capitalised terms used but not defined in this announcement shall have the meanings given to such terms in the circular issued by the Company dated 19 September 2017 unless otherwise defined herein.


For further information, contact:


Palace Capital plc

Neil Sinclair, Chief Executive

Stephen Silvester, Finance Director

Tel. 44 (0)20 3301 8331


Allenby Capital Limited (Nominated Adviser and Joint Broker)

Nick Naylor / James Reeve / Asha Chotai

Tel. 44 (0)20 3328 5656


Arden Partners plc (Joint Broker)

Chris Hardie / Ciaran Walsh

Tel. 44 (0)207 614 5917


Capital Access Group (Financial PR)

Scott Fulton

Tel. 44 (0)20 3763 3400


About Palace Capital plc (www.palacecapitalplc.com):


Palace Capital is a UK property investment company admitted to trading on the AIM Market of the London Stock Exchange (LSE: PCA). The Company is not sector specific and looks for opportunities where it can enhance the long-term income and capital value through asset management and strategic capital development in locations outside London. In its last reported financial year, Palace Capital produced a 20.0% increase in adjusted profit before tax, a 7.0% uplift in EPRA NAV per share and a 16.0% increase in dividends.


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