RNS Number : 3018H
Palace Capital PLC
26 July 2023
 

26 July 2023

Palace Capital plc

("Palace Capital" or the "Company")

 

Result of AGM

Palace Capital (LSE: PCA) announces the results of the Company's Annual General Meeting held earlier today.

 

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.

 

All resolutions were passed. Resolutions 1 to 10 were passed as ordinary resolutions and resolutions 11 and 12 were passed as special resolutions.

 

The total votes cast were as follows:

 

Resolution

In Favour Votes

Against Votes

Votes Withheld

 

No.

%

No.

%

 

1 Receive and approve the Accounts

         27,481,400

98.90%

            306,503

1.10%

                1,528

2 Receive and approve the Directors' Remuneration report

         25,106,757

90.38%

         2,673,815

9.62%

                6,811

3 Declare a final dividend of 3.75p

         27,784,213

99.99%

                3,690

0.01%

                1,528

4 Re-appoint BDO LLP as auditors

         27,475,947

98.88%

            311,956

1.12%

                1,528

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

27,475,947

98.88%

            311,956

1.12%

                1,528

6 Re-elect Steven Owen

         20,232,998

77.10%

         6,010,179

22.90%

         1,546,254

7 Re-elect Matthew Simpson

         26,563,575

95.59%

         1,224,328

4.41%

                1,528

8 Elect Mark Davies

         27,275,409

98.16%

            512,494

1.84%

                1,528

9 New Short Term Incentive Plan

         27,096,342

97.52%

            689,923

2.48%

3,166

10 New Remuneration Policy

         27,155,962

97.74%

            629,303

2.26%

4,166

11 Market purchase of own shares

         27,472,090

98.86%

            315,813

1.14%

                1,528

12 Calling general meetings on 14 days' notice

         27,750,912

99.87%

              36,991

0.13%

1,528

 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 the resolution to Re-elect Mr Steven Owen, Executive Chairman, received less than 80% support.

The Company extensively engaged with its major shareholders in the lead up to the AGM in relation to the focus on the maximizing of cash returns to shareholders, the new Short Term Incentive Plan and Remuneration Policy which are aligned with this strategy.  

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

For further information please contact:

PALACE CAPITAL PLC

Steven Owen, Executive Chairman

Matthew Simpson, Chief Financial Officer
Tel. 44 (0)20 3301 8331

 

Broker

Numis Securities

Heraclis Economides / Oliver Hardy

Tel: 44 (0)20 7260 1000

 

Financial PR 

FTI Consulting

Dido Laurimore/ Giles Barrie

Tel: 44 (0)20 3727 1000

palacecapital@fticonsulting.com

 

 

www.palacecapitalplc.com

 

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