21 October 2013
Palace Capital plc
( "Palace Capital" or "Company")
Completion of the £39.25 million acquisition of Sequel Portfolio and £23.5 million Placing,
revised announcement timetable, Director's appointment
and appointment of Arden Partners as Joint Broker
Admission and completion of the Acquisition
The Company is pleased to confirm that Admission to AIM of the 12,440,937 New Ordinary Shares issued pursuant to the Reorganisation, the Placing and the Acquisition has become effective and that the Acquisition of the Sequel Portfolio from Quintain Estates & Development PLC is now complete.
Revised announcement timetable
In the Company's Admission Document dated 2 October 2013, the Company stated its intention to change its accounting reference date from 31 January to 31 March and consequently that the next results announcement (in respect of the 14 months ending 31 March 2014) would be made by 30 June 2014. After further consideration, the Directors believe that it would be helpful to issue second interim results in respect of the six months ending 31 January 2014 (which would include the results of the Sequel Portfolio with effect from today). It is intended that this announcement will be made by 31 March 2014. This additional results announcement does not affect the policy and expected timing of dividend payments in 2014, as stated in the Admission document.
As described in the Admission Document, the appointment to the Board of Richard Starr as an Executive Director became effective upon Admission. The disclosures required by Schedule 2, paragraph (g) of the AIM Rules for Companies were included in the announcement relating to the Acquisition and the Placing made by the Company on 2 October 2013 and in the Admission Document.
Appointment of Joint Broker
The Company is also pleased to announce the appointment of Arden Partners plc, as Joint Broker to the Company, with immediate effect.
Neil Sinclair, CEO of Palace Capital, commented: "I am delighted to be able to announce that we have completed the Acquisition of the Sequel Portfolio. We believe that it represents an excellent opportunity from which we can deliver significant value for all our Shareholders. We are planning that this will be the first in a series of such acquisitions.
" I am also delighted by the level of support we received from both existing and new institutional and other investors. This has improved the quality and breadth of the Shareholder base considerably. We look forward to updating the market on developments both in regard to the Sequel Portfolio and on other acquisition opportunities in the future."
The same definitions apply throughout this announcement as are applied in the Admission Document, copies of which are available on the Company's website, http://www.palacecapitalplc.com/.
For further information contact:
Palace Capital Plc
Stanley Davis, Non-executive Chairman
Neil Sinclair, Managing Director
Tel. +44 (0)20 7722 7603
Allenby Capital Limited (Nominated Adviser and Joint Broker)
Tel. +44 (0) 20 3328 5656
Arden Partners plc (Joint Broker)
Tel. +44 207 614 5917
Broker Profile (Financial PR)
Tel. +44(0) 20 7448 3244