RNS Number : 7175O
Palace Capital PLC
14 June 2022
Palace Capital plc
("Palace Capital" or the "Company")
Board change
Palace Capital (LSE: PCA), the Main Market property investment company that has a diversified portfolio of UK commercial real estate in carefully selected locations outside of London with a focus on the office and industrial sectors, announces that after 12 years of service, Neil Sinclair, CEO and co-founder, will be stepping down from the Board with immediate effect. He considers this the right time, following the strong Trading Update announced on 6 April 2022 and the material increase in NAV and dividend announced today.
Neil Sinclair co-founded Palace Capital with Stanley Davis and Andrew Perloff in 2010 and has been instrumental in growing the business through a combination of corporate and property acquisitions with the Company moving up from AIM to the Main Market in 2018 and converting to a REIT in 2019.
Steven Owen, non-executive Chairman, commented: "On behalf of the Board, I would like to thank Neil for his dedication, commitment and contribution to Palace Capital since 2010. The Board and staff of Palace Capital wish him well."
Steven Owen, currently non-executive Chairman, will assume the role of Interim Executive Chairman with immediate effect.
The Board announced in the Trading Update on 6 April that, in consultation with shareholders, it was considering a range of strategic options, including a return of capital, to unlock further value in the business. Further information is provided in the Company's results announcement for the year ended 31 March 2022 which are also released this morning.
For further information:
Palace Capital plc
Steven Owen, Interim Executive Chairman
Tel. 44 (0)20 3301 8330
FTI Consulting
Dido Laurimore/ Giles Barrie
Tel: 44 (0)20 3727 1000
palacecapital@fticonsulting.com
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
