REG - Palace Capital PLC - Directorate Change

Palace CapitalAnnouncement

15/11/2023 07:15

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RNS Number : 4568T  Palace Capital PLC  15 November 2023

15 November 2023

Palace Capital plc

("Palace Capital" or the "Company")

Directorate Change

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

info@palacecapitalplc.com

Financial PR
FTI Consulting

Dido Laurimore / Giles Barrie

Tel: +44 (0)20 3727 1000

palacecapital@fticonsulting.com

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