REG - Palace Capital PLC - Commencement of share buyback

Palace CapitalAnnouncement

04/07/2022 07:16

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20220704:nRSD1128Ra&default-theme=true

RNS Number : 1128R  Palace Capital PLC  04 July 2022

4 July 2022

PALACE CAPITAL PLC

("Palace Capital", the "Group" or the "Company")

Commencement of share buyback

Palace Capital, the Main Market property investment company that has a
diversified portfolio of UK commercial real estate in carefully selected
locations outside of London, announces that it is commencing a share buyback
programme (the "Programme") to repurchase up to 2.3m ordinary shares of 10
pence each in the capital of the Company ("Ordinary Shares") representing
approximately 5% of the Company's Ordinary Shares.

The aggregate purchase price of all Ordinary Shares acquired under the
Programme will be no more than approximately £7 million (excluding stamp duty
and expenses).

The Company has appointed Numis Securities Limited ("Numis") to manage the
Programme.

Share purchases will take place in open market transactions and may be made
from time to time depending on market conditions, share price and trading
volume.  Purchases of the Company's shares under the Programme will commence
from today. The Programme is in accordance with the Company's general
authority to purchase a maximum of 4,608,893 Ordinary Shares, granted by its
shareholders at the Annual General Meeting held on 29 July 2021. The
Programme will be effected within the parameters of the Market Abuse
Regulation 596/2014/EU and the Commission Delegated Regulation 2016/1052/EU
(as in force in the UK from time to time, including where relevant pursuant to
the Market Abuse (Amendment) (EU Exit) Regulations 2019). The Company confirms
that it currently has no other unpublished price sensitive information.

Share repurchases will be made on the Company's behalf and in accordance with
the arrangement with Numis in open market transactions, depending on market
conditions, share price and trading volume. The maximum price paid per
ordinary share will be limited to be no more than the higher of (i) 105 per
cent of the average middle market closing price of the Company's ordinary
shares for the five business days before the purchase is made, and (ii) the
higher of the price of the last independent trade and the highest current
independent bid on the trading venue where the purchase is carried out. It is
intended that repurchased shares will be held in treasury. Such treasury
shares are not entitled to dividends and have no voting rights at the
Company's general meetings.

Due to the limited liquidity in the Ordinary Shares, a buyback of Ordinary
Shares pursuant to the Programme on any given trading day may represent a
significant proportion of the daily trading volume in the Ordinary Shares on
the London Stock Exchange and may exceed 25 per cent of the average daily
trading volume and, accordingly, the Company may not benefit from the
exemption contained in Article 5(1) of Regulation (EU) No. 596/2014.

PALACE CAPITAL PLC

Steven Owen, Interim Executive Chairman/Matt Simpson, Chief Financial Officer

Tel. +44 (0)20 3301 8330

 

Broker

Numis Securities

Heraclis Economides / Oliver Hardy

Tel: +44 (0)20 7260 1000

 

Broker

Arden Partners plc

Corporate Finance: John Llewellyn-Lloyd/ Elliot Mustoe

Corporate Broking: James Reed-Daunter

Tel: +44 (0)207 614 5900

 

Financial PR

FTI Consulting

Dido Laurimore/ Giles Barrie

Tel: +44 (0)20 3727 1000

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 (mailto:rns@lseg.com)
 or visit
www.rns.com (http://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 (https://www.lseg.com/privacy-and-cookie-policy)
.   END  POSFZGGNNMFGZZM