RNS Number : 9693G
Palace Capital PLC
29 July 2021
 

29 July 2021

Palace Capital plc

("Palace Capital" or the "Company")

 

Result of AGM

 

Palace Capital (LSE: PCA), the Main Market REIT that has a UK regional commercial real estate portfolio focused on the office and industrial sectors in carefully selected locations outside of London, announces that at the Company's Annual General Meeting held earlier today, all resolutions were duly passed.

 

The resolutions were as set out in the Notice of Meeting, as filed with the National Storage Mechanism (https://data.fca.org.uk/#/nsm/nationalstoragemechanism) and are also available on the Company's website, www.palacecapitalplc.com.

 

There are a total of 46,288,928 ordinary shares in issue, excluding shares held in Treasury.

 

All resolutions were passed with resolutions 1 to 14 passed as ordinary resolutions and resolutions 15 to 18 passed as special resolutions.

 

The total votes cast were as follows:

 

Resolution

In Favour Votes

Against Votes

Withheld Votes

 

No.

%

No.

%

 

1 Receive and approve the Accounts

31,086,643

100%

0

0%

2,314,495

2 Receive and approve the Directors' Remuneration report

30,812,882

92.83%

2,380,320

7.17%

207,936

3 Receive and approve the Directors' Remuneration policy

28,048,824

84.50%

5,144,377

15.50%

207,937

4 Declare a final dividend of 3p

33,400,365

99.99%

 

773

0.01%

0

5 Re-appoint BDO LLP

33,398,115

99.99%

3,023

0.01%

0

6 Authorise the Audit & Risk Committee to determine the auditors' remuneration

33,398,115

99.99%

3,023

0.01%

0

7 Re-elect Mickola Wilson

27,930,574

83.63%

5,465,564

16.37%

5,000

8 Re-elect Stanley Davis

22,376,127

79.75%

5,681,547

20.25%

5,343,464

9 Re-elect Neil Sinclair

31,077,322

93.06%

2,318,816

6.94%

5,000

10 Re-elect Richard Starr

31,078,822

93.06%

2,317,316

6.94%

5,000

11 Re-elect Stephen Silvester

33,393,317

99.99%

2,821

0.01%

5,000

12 Re-elect Kim Taylor-Smith

24,583,514

81.84%

5,454,991

18.16%

3,362,633

13 Re-elect Paula Dillon

29,940,147

96.33%

1,141,496

3.67%

2,319,495

14 The Directors be authorised to allot shares in the Company

29,026,119

93.37%

2,059,853

6.63%

2,315,166

15 General disapplication of pre-emption rights

29,048,135

93.46%

2,034,149

6.54%

2,318,854

16 Additional authority to disapply pre-emption rights

29,057,274

93.47%

2,028,698

6.53%

2,315,166

17 Market purchase of own shares

33,390,551

99.97%

10,587

0.03%

0

18 Calling general meetings on 14 days' notice

31,028,693

99.81%

57,950

0.19%

2,314,495

             

 A vote withheld is not a vote in law and is not counted in the calculation of the number or % of votes "For" or "Against" a resolution.

The Board would like to thank shareholders for their engagement and support ahead of the AGM. While most of the resolutions were passed with significant majorities, the Board notes that resolution 8 (re-election of Stanley Davis) was passed with the necessary majority but with less than 80% of support.

The Company extensively engaged with its major shareholders in the lead up to the AGM to better understand their concerns. It is the Board's understanding that the votes against the re-election of the Chairman were primarily driven by his having been in office for over nine years. While the Board were of the view that retaining the Chairman's knowledge and expertise would be in the best interests of shareholders, in advance of the AGM, on 27 July 2021, the Chairman announced his retirement from the Board in recognition of the concerns of some shareholders. 

The Company will continue to engage with its shareholders and in accordance with the provisions of the 2018 UK Corporate Governance Code, the Board will provide an update on this engagement within six months of the AGM.

For further information please contact:

PALACE CAPITAL PLC

Neil Sinclair, Chief Executive

Stephen Silvester, Chief Financial Officer

Tel. 44 (0)20 3301 8331

Broker

Numis Securities

Heraclis Economides / George Fry

Tel: 44 (0)20 7260 1000

Broker

Arden Partners plc

Corporate Finance: Paul Shackleton / Elliot Mustoe

Corporate Broking: James Reed-Daunter

Tel: 44 (0)207 614 5900

Financial PR

FTI Consulting

Claire Turvey / Katie Hughes

Tel: 44 (0)20 3727 1000

palacecapital@fticonsulting.com

About Palace Capital plc

Palace Capital plc (LSE: PCA) is a UK REIT that has a £274 million diversified portfolio of UK regional commercial property. The Company maintains a disciplined investment strategy focused on towns and cities outside of London that are characterised by thriving local economies and strengthening fundamentals. Within those locations the highly experienced management team select assets that provide opportunities to drive both capital value and long-term rental income through tailored active asset management programmes ultimately delivering attractive shareholder returns.

www.palacecapitalplc.com

 

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