Palace Capital PLC
("Palace Capital" or the "Company")
Reduction of Share Premium Account
Palace Capital (LSE: PCA), the Main Market REIT that has a UK regional commercial real estate portfolio focused on the office and industrial sectors in carefully selected locations outside of London, announces that following the approval by shareholders at the Company's Annual General Meeting held on 7 August 2020, the High Court of Justice of England and Wales has made an order confirming the reduction of the Company's share premium account and the crediting of the relevant sum to distributable profits (the "Share Premium Reduction").
The Court order approving the Share Premium Reduction and a statement of capital were registered with the Registrar of Companies on 29 September 2020. The Share Premium Reduction is now effective, and the amount that had been standing to the credit of the Company's share premium account (£125,018,886.38) has been credited to the Company's distributable profits.
Further information on the Share Premium Reduction can be found in the Company's Notice of Annual General Meeting dated 15 July 2020
For further information, contact:
PALACE CAPITAL PLC
Neil Sinclair, Chief Executive
Stephen Silvester, Finance Director
Tel. +44 (0)20 3301 8331
Heraclis Economides / George Fry
Tel: +44 (0)20 7260 1000
Arden Partners plc
Corporate Finance: Paul Shackleton / Ciaran Walsh / Daniel Gee-Summons
Corporate Broking: James Reed-Daunter
Tel: +44 (0)207 614 5900
FTI Consulting (Financial PR)
Claire Turvey / Methuselah Tanyanyiwa
Tel. +44 (0)20 7271000
About Palace Capital plc ( www.palacecapitalplc.com ):
Palace Capital plc (LSE: PCA) is a UK REIT that has a £277.8 million diversified portfolio of UK regional commercial property. The Company maintains a disciplined investment strategy focused on towns and cities outside of London that are characterised by thriving local economies and strengthening fundamentals. Within those locations the highly experienced management team select assets that provide opportunities to drive both capital value and long-term rental income through tailored active asset management programmes ultimately delivering attractive shareholder returns.