REG - Palace Capital PLC - Share Buyback Programme

Palace CapitalAnnouncement

Yesterday 07:00

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20260417:nRSQ8371Aa&default-theme=true

RNS Number : 8371A  Palace Capital PLC  17 April 2026

LEI:2138009JDFQOXJFCJQ05

17 April 2026

Palace Capital PLC

 ("Palace Capital" or the "Company")

Share Buyback Programme

The Board of Directors (the "Board") of Palace Capital announces it has
approved a share buyback programme of up to 400,000 ordinary shares of 10
pence each in the capital of the Company ("Ordinary Shares") (the "Buyback
Programme") as the initial step of a wider capital return programme it is
progressing with its advisers.

The Company has instructed Cavendish to conduct the Buyback Programme on its
behalf on a broker-managed basis, with trading decisions taken independently
of the Company based parameters set by the Board. The Buyback Programme
commences today and will end no later than six months from today, on 17
October 2026, or earlier if the maximum number of Ordinary Shares has been
reached or the Company's buyback authority is not renewed at or before its
next annual general meeting.

The Buyback Programme will be conducted in accordance with the terms of the
Company's authority to make market purchases of its own Ordinary Shares
granted to it by shareholders on 9 July 2025 (the "Authority"), including that
the price paid per Ordinary Share will not be less than the nominal value of
the Ordinary Shares, and the maximum price paid per Ordinary Share (excluding
expenses) will be no more than the higher of either 105 per cent. of the
average middle market closing price of an Ordinary Share as shown on the Daily
Official List for the five business days preceding the date of any buyback;
and an amount equal to the higher of the price of the last independent trade
of an Ordinary Share and the highest current independent bid for an Ordinary
Share on the trading venue where the purchase is carried out.

The Authority will expire on 9 October 2025 or, if earlier, at the conclusion
of the Company's next annual general meeting ("AGM"), at which a proposal
(amongst others) will be put to shareholders to renew the Company's ability to
make market purchases of its Ordinary Shares.  Accordingly, the Buyback
Programme will continue after that date pursuant to such renewed authority and
will be conditional on the approval of the same by shareholders. The Company
intends to hold all Ordinary Shares so purchased in treasury during the course
of the Buyback Programme and, following completion of the Buyback Programme,
will seek to cancel the Ordinary Shares.

Due to the limited liquidity in the issued Ordinary Shares, a buyback of
Ordinary Shares pursuant to the Authority (or its successor) 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 could exceed 25 per
cent. of the average daily trading volume and, accordingly, the Company will
not benefit from the exemption contained in Article 5(1) of Regulation (EU)
No. 596/2014 as adopted into UK law by the European Union (Withdrawal) Act
2018.

The Company will make further announcements in due course following any share
purchases under the Buyback Programme.

 

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.

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  MSCUNVBRNRUSAAR



            Copyright 2019 Regulatory News Service, all rights reserved