REG - Palace Capital PLC Palace Capital PLC. - AGM Statement <Origin Href="QuoteRef">PCA.L</Origin>

Palace CapitalAnnouncement

16/07/2015 14:29

RNS Number : 4460S
Palace Capital PLC
08 July 2015
Palace Capital plc
("Palace Capital" or the "Company")
AGM Statement
Ahead of the Company's Annual General Meeting, to be held today, Palace Capital is providing a trading update covering the period from 1 April 2015 to date. 
Transactions 
 Completed purchase of Bank House in Leeds for 10.0 million in April 2015
- 88,000 sq ft, 90% occupancy, net rent of 860,000 per annum, two minutes from Leeds Railway Station
 Acquisition of Sol Central in Northampton for 20.7 million in May 2015
- 190,000 sq ft mixed use leisure scheme near Northampton Railway Station, net rental income of 1.89 million per annum
- Supported by a 20.0 million equity fundraising at 3.60 per share
 Completed sale of Unit 1 at Burgess Hill for 1.25 million in June 2015, acquired for 690,000 in August 2014
Asset management
 Planning application submitted in June 2015 for a change of use to convert the majority of Hudson House, York, into 82 apartments
 Planning approval received for 13 residential units at Dartford
 Appointment of professional team at Southampton with a view to making an early planning application for restaurant/retail and residential schemes
 Vacant hi-tech unit of 15,600 sq ft at Burgess Hill currently under offer
Financing
 Four year loan facility of 4.5 million with Lloyds Bank plc in May 2015 secured against Bank House, Leeds, at a rate of 2.1% per annum over Libor 
 Five year loan of 11.385 million from Santander UK at 2.25% per annum over Libor to fund the purchase of Sol Central, Northampton, in May 2015
Appointment of Finance Director
 Stephen Silvester was appointed in May 2015, and joined the Company on 1 July 2015 from NewRiver Retail Ltd.
Neil Sinclair, Chief Executive of Palace Capital, said: 
"It has been a busy start to the year as we continue our rapid growth. The team continues to actively manage the existing portfolio by letting, refurbishing and reconfiguring space to add significant value.
"We are constantly on the lookout for additional acquisitions of either companies or single assets that offer the potential to create value where there has been a lack of asset management in the past. We are currently looking at a number of potential opportunities and property management initiatives, and will update shareholders on any progress in due course."
Date: 8 July 2015
For further information contact:
Palace Capital plc
Stanley Davis, Non-executive Chairman
Neil Sinclair, Chief Executive
Tel. +44 (0)20 3301 8331
Allenby Capital Limited (Nominated Adviser and Joint Broker)
Nick Naylor / James Reeve
Tel. +44 (0)20 3328 5656
Arden Partners plc (Joint Broker)
Chris Hardie / Ciaran Walsh
Tel. +44 (0)207 614 5917
Broker Profile (Financial PR)
Simon Courtenay / Harry Rippon Tel. +44 (0)20 7448 3244

This information is provided by RNS
The company news service from the London Stock Exchange
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