REG - Palace Capital PLC - Board Change

Palace CapitalAnnouncement

14/06/2022 07:00

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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 (mailto:palacecapital@fticonsulting.com)

 

 

 

 

 

 

 

 

 

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