Palace Capital plc
("Palace Capital" or the "Company")
Acquisition of PIH and Placing - Result of general meeting
Further to the announcement made by Palace Capital, the AIM quoted commercial real estate company, on 6 August 2014 regarding the proposed acquisition of Property Investment Holdings Limited, the Company is pleased to announce that at the general meeting of the Company, held earlier today, all resolutions were duly passed.
The final amounts of bank indebtedness repayable to RBS and Lloyds are £15.0 million and £12.973 million respectively. The increase of approximately £229,000 on the amounts disclosed in the Circular are as a result of accrued interest and certain interest rate fluctuations between the date of posting of the Circular and today. Consequently, the consideration payable by Palace Capital for the shares of PIH has reduced by approximately £229,000 from £3.65 million to £3.42 million, which will be satisfied by the issue of 1,103,459 Consideration Shares.
Application has been made for the 7,555,071 New Ordinary Shares, comprising 6,451,612 Placing Shares and 1,103,459 Consideration Shares, to be admitted to trading on AIM. Such Admission is expected to become effective at 8.00 a.m. on 27 August 2014.
Total voting rights
On Admission the Company's Enlarged Share Capital shall consist of 20,075,673 Ordinary Shares of 10p each. The Company does not hold any Ordinary Shares in treasury.
The above figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the FCA's Disclosure and Transparency Rules.
The same definitions apply throughout this announcement as are applied in the Circular, published on 6 August 2014, copies of which are available on the Company's website, www.palacecapitaplc.com.
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For further information contact:
Palace Capital Plc |
Tel. +44 (0)20 7722 7603 |
Stanley Davis, Non-executive Chairman |
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Neil Sinclair, Managing Director |
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Allenby Capital Limited |
Tel. +44 (0) 20 3328 5656 |
Nick Naylor, Corporate Finance |
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James Reeve, Corporate Finance |
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Arden Partners plc |
Tel: +44 (0) 20 7614 5917 |
Christopher Hardie, Corporate Finance Katelin Kennish,Corporate Finance |
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Broker Profile (Financial PR) |
Tel. +44(0) 20 7448 3244 |
Simon Courtenay Tamsin Shephard |
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