REG - Palace Capital PLC - Result of AGM

Palace CapitalAnnouncement

26/07/2023 14:15

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RNS Number : 3018H  Palace Capital PLC  26 July 2023

26 July 2023

Palace Capital plc

("Palace Capital" or the "Company")

 

Result of AGM

Palace Capital (LSE: PCA) announces the results of the Company's Annual
General Meeting held earlier today.

 

The resolutions were as set out in the Notice of Meeting, as filed with the
National Storage Mechanism
(https://data.fca.org.uk/#/nsm/nationalstoragemechanism) and are also
available on the company's website, www.palacecapitalplc.com.

 

All resolutions were passed. Resolutions 1 to 10 were passed as ordinary
resolutions and resolutions 11 and 12 were passed as special resolutions.

 

The total votes cast were as follows:

 

 Resolution                                                              In Favour Votes                        Against Votes                                  Votes Withheld
                                                                         No.                          %         No.                                   %
 1 Receive and approve the Accounts                                               27,481,400          98.90%                306,503                   1.10%                    1,528
 2 Receive and approve the Directors' Remuneration report                         25,106,757          90.38%             2,673,815                    9.62%                    6,811
 3 Declare a final dividend of 3.75p                                              27,784,213          99.99%                    3,690                 0.01%                    1,528
 4 Re-appoint BDO LLP as auditors                                                 27,475,947          98.88%                311,956                   1.12%                    1,528
 5 Authorise the Audit & Risk Committee to determine the auditors'       27,475,947                   98.88%                311,956                   1.12%                    1,528
 remuneration
 6 Re-elect Steven Owen                                                           20,232,998          77.10%             6,010,179                    22.90%            1,546,254
 7 Re-elect Matthew Simpson                                                       26,563,575          95.59%             1,224,328                    4.41%                    1,528
 8 Elect Mark Davies                                                              27,275,409          98.16%                512,494                   1.84%                    1,528
 9 New Short Term Incentive Plan                                                  27,096,342          97.52%                689,923                   2.48%    3,166
 10 New Remuneration Policy                                                       27,155,962          97.74%                629,303                   2.26%    4,166
 11 Market purchase of own shares                                                 27,472,090          98.86%                315,813                   1.14%                    1,528
 12 Calling general meetings on 14 days' notice                                   27,750,912          99.87%                  36,991                  0.13%    1,528

 A vote withheld is not a vote in law and is not counted in the calculation
of the number or % of votes "For" or "Against" a resolution.

The Board would like to thank shareholders for their engagement and support
ahead of the AGM.

While most of the resolutions were passed with significant majorities, the
Board notes that the resolution to Re-elect Mr Steven Owen, Executive
Chairman, received less than 80% support.

The Company extensively engaged with its major shareholders in the lead up to
the AGM in relation to the focus on the maximizing of cash returns to
shareholders, the new Short Term Incentive Plan and Remuneration Policy which
are aligned with this strategy.

The Company will continue to engage with its shareholders and in accordance
with the provisions of the UK Corporate Governance Code the Board intends to
provide an update on this engagement within six months of the AGM.

For further information please contact:

PALACE CAPITAL PLC

Steven Owen, Executive Chairman

Matthew Simpson, Chief Financial Officer

Tel. +44 (0)20 3301 8331

 

Broker

Numis Securities

Heraclis Economides / Oliver Hardy

Tel: +44 (0)20 7260 1000

 

Financial PR

FTI Consulting

Dido Laurimore/ Giles Barrie

Tel: +44 (0)20 3727 1000

palacecapital@fticonsulting.com (mailto:palacecapital@fticonsulting.com)

 

 

www.palacecapitalplc.com (http://www.palacecapitalplc.com/)

 

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.   END  RAGUNAOROOUBUAR