15 November 2023
Palace Capital plc
("Palace Capital" or the "Company")
Today, the Company has announced further progress in the delivery of its strategy to focus on maximising cash returns to shareholders. In light of this, Matthew Simpson, CFO and the Board have agreed that now is the right time for Matthew to step down as a Director and from the Board. The Company's financial circumstances (including cancellation of bank facilities and reduced portfolio size) mean that the CFO role is significantly reduced and therefore no longer requires the level of expertise and skillset that Matthew contributes.
Going forward, the financial operations of the Company will be managed by the Financial Controller and Financial Planning Analyst with operational oversight by Steven Owen, as Executive Chairman and by the Audit and Risk Committee on behalf of the Board. After a short handover, Matthew will leave the Company at the end of this month.
Matt's CFO report for the Half Year is contained within the Half Year Report.
Matthew leaves with the Board's best wishes and gratitude for his eight years with the Company, latterly as CFO and prior to that as Financial Controller. He has supported the Board in reshaping the Company over the last sixteen months including returning cash to shareholders and reducing bank debt.
Commenting, Matthew said: "After eight years, the last two years of which were as CFO, the timing is now right for me to explore new opportunities and pursue a fresh challenge. I leave Palace Capital in a robust financial position, having deleveraged the balance sheet with debt and LTV significantly reduced and the Company is well placed to deliver on its strategy of maximising cash returns to shareholders.
"I have enjoyed working with the current board and the wider team over the last two years and wish them all the best for the future."
Palace Capital plc
Steven Owen, Executive Chairman
Dido Laurimore / Giles Barrie
Tel: 44 (0)20 3727 1000