16 December 2021
Palace Capital PLC
("Palace Capital" or the "Company")
Appointment of new Chairman
Palace Capital is pleased to announce the appointment of Steven Owen as Chairman of its board of directors (the "Board"), with effect from 1 January 2022.
Steven is the Non-Executive Chairman of FTSE 250 property investment group Primary Health Properties plc ("PHP") having been appointed Chairman in April 2018. He was appointed to the Board as an independent Non-Executive Director in January 2014 becoming chairman of the Audit Committee and Senior Independent Director in April 2014. Steven has overseen PHP's significant corporate activity in the period including its merger with MedicX Fund Limited in 2019 and the internalisation of its management structure in January 2021 with both transactions creating significant shareholder value.
Steven began his earlier career with KPMG before moving into property with Brixton plc where he became Finance Director and subsequently Deputy Chief Executive.
Stanley Davis will stand down as Chairman and from the Board on 31 December 2021. The Board would like to thank Mr Davis for his considerable service to the Company since co-founding it in 2010.
Commenting on his appointment, Steven said: "I very much look forward to working with the Palace Capital Board and wider team as it continues with its strategic initiatives to generate attractive shareholder returns and close the current share price discount."
No further information is required to be disclosed pursuant to Listing Rule 9.6.13R.
For further information please contact:
PALACE CAPITAL PLC
Neil Sinclair, Chief Executive
Tel. 44 (0)20 3301 8331
Matthew Simpson, Chief Financial Officer
Tel. 44 (0)20 3931 9175
Heraclis Economides / George Fry
Tel: 44 (0)20 7260 1000
Arden Partners plc
Corporate Finance: Paul Shackleton / Elliot Mustoe
Corporate Broking: James Reed-Daunter
Tel: 44 (0)207 614 5900
Claire Turvey / Katie Hughes
Tel: 44 (0)20 3727 1000
About Palace Capital plc (www.palacecapitalplc.com)
Palace Capital plc (LSE: PCA) is a UK REIT that has a £273 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.