REG - Palace Capital PLC - Dividend Declaration

Palace CapitalAnnouncement

Today 07:02

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20260319:nRSS2160Xa&default-theme=true

RNS Number : 2160X  Palace Capital PLC  19 March 2026

19 March 2026
 
                              LEI: 2138009JDFQOXJFCJQ05

Palace Capital PLC

 ("Palace Capital" or the "Company")

Declaration of Dividend

 

The Board of Directors (the "Board") of Palace Capital has reviewed the detail
behind the dividends paid historically by the Company and notes that the
Company was declaring dividends each quarter which were typically in excess of
the Company's EPRA earnings per share. To the extent that such dividends were
not covered by profits earned, they resulted in shareholders effectively
receiving a prepayment of the net asset value of their shares which the Board
does not consider to be in shareholders' best interests.

 

In addition, the Company had previously mistakenly paid some dividends as a
Non-Property Income Distribution ("Non-PID") even though these should have
been paid as a Property Income Distribution ("PID"). Due to the mistake, the
Company has a historic balance of approximately £2.7m 1  of property rental
business profits that it must, at some point, pay to shareholders as a PID.

 

The Company has already distributed all of its property rental business
profits for the financial year ended 31 March 2025 and more than its estimated
property rental business profits for the nine months ended 31 December 2025.

 

While the Board of Palace Capital has decided not to pay uncovered dividends
in the future, it today announces that it has declared a dividend of 3.75
pence per ordinary share which will be paid as a PID. This dividend is in line
with previous distributions and reduces the balance of unpaid property rental
business profits further.

 

The dividend is payable to shareholders on the register of members at the
close of business on the Record Date.

 

The dividend timetable is as follows:

 

•     Ex-Dividend Date: Thursday 26 March 2026

•     Record Date: Friday 27 March 2026

•     Payment Date: Tuesday 21 April 2026

 

The dividend will be paid net of 20% tax unless a shareholder is eligible for
payment of a gross dividend and has completed and lodged the relevant form
with the Company's Registrar, Equiniti.

 

Enquiries:

Palace Capital plc

Christian Kappelhoff-Wulff, Non-Executive Chairman

ckw@palacecapitalplc.com

 

Financial PR

FTI Consulting

Dido Laurimore / Andrew Davis

Tel: +44 (0)20 3727 1000

palacecapital@fticonsulting.com

Broker

Cavendish

Matt Lewis, Head of Corporate Broking

Tel: +44 (0)20 7397 1920

mlewis@cavendish.com

 

This announcement contains inside information for the purposes of Article 7 of
the UK version of the Market Abuse Regulation (EU) No. 596/2014 as it forms
part of UK law by virtue of the European Union (Withdrawal) Act 2018, as
amended.

 1  Balance as at 31 March 2025

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  DIVGPURWWUPQGRR



            Copyright 2019 Regulatory News Service, all rights reserved