REG - Palace Capital PLC - Share Buyback and Total Voting Rights

Palace CapitalAnnouncement

03/07/2023 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20230703:nRSC6526Ea&default-theme=true

RNS Number : 6526E  Palace Capital PLC  03 July 2023

3 July 2023

Palace Capital plc

("Palace Capital" or the "Company")

Share Buyback and Total Voting Rights

 

Following the announcement on the 15 June 2023 in relation to the ongoing
share buyback programme (the 'Programme'), Palace Capital is today announcing
a further extension of the Programme. Since 6 February 2023 Palace Capital has
purchased 1,813,633 shares.

As at 3 July 2023, including Shares which have been purchased but not yet
settled, the Company holds 4,173,220 Shares in Treasury. The total number of
Shares in issue is 42,215,295 (excluding Shares held in Treasury). This number
represents the total voting rights in the Company and may be used by
shareholders as the denominator for the calculations by which they can
determine if they are required to notify their interest in, or a change to
their interest in the Company under the Financial Conduct Authority's
Disclosure Guidance and Transparency Rules.

The Company intends to repurchase up to a further 1,000,000 ordinary shares of
10 pence each in the capital of the Company ("Ordinary Shares") representing
approximately 2.4% of the Company's Ordinary Shares in issue with voting
rights. The aggregate purchase price of all Ordinary Shares acquired under the
Programme will be no more than £2.5 million (excluding stamp duty and
expenses) under the resolution passed at the 2022 AGM.

 

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 4,632,892 Ordinary Shares, granted by its
shareholders at the Annual General Meeting held on 29 July 2022. 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 / Matthew Simpson, Chief Financial
Officer
info@palacecapitalplc.com (mailto:info@palacecapitalplc.com) or via FTI

Financial PR
FTI Consulting

Dido Laurimore / Giles Barrie

Tel: +44 (0)20 3727 1000

palacecapital@fticonsulting.com

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  TVRVLLFBXDLXBBZ