Palace Capital PLC Chairman retirement & strategy update (5259G)
July 27 2021 - 1:00AM
UK Regulatory
TIDMPCA
RNS Number : 5259G
Palace Capital PLC
27 July 2021
27 July 2021
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) No. 596/2014 as it
forms part of domestic law by virtue of the European Union
(Withdrawal) Act 2018.
PALACE CAPITAL PLC
("Palace Capital" or the "Company")
Chairman retirement & strategy update
Palace Capital (LSE: PCA), the Main Market listed property
investment company that has a portfolio of UK commercial real
estate in the regions, with a focus on the office and industrial
sectors today announces that after 11 years with the Company,
Stanley Davis, Chairman & Co-Founder has advised the Board of
his intention to retire on 29 October 2021. A search for his
successor has commenced and a further announcement will be made in
due course.
The Company also today announces further detail on its future
strategy, which was highlighted in the annual results published on
8 June and in the announcement of 19 July.
Chairman Retirement
Stanley has served as Chairman of Palace Capital since 2010 when
he and Neil Sinclair formulated a strategy to invest in the
regional property market and in this time, he has orchestrated its
transformation into a Main Market listed REIT with a GBP275m
portfolio. Palace Capital is focused on its strategy for the
portfolio to close the share price discount to NAV. Stanley
believes this is the appropriate time to bring in a new chairman to
work on the strategy with the Board and he remains completely
supportive.
Palace Capital Strategy
As a UK REIT, the Company is in the process of repositioning the
portfolio to ensure the appropriate balance of income and value-add
opportunities, which provide a steady and consistent income to
shareholders, whilst also providing capital growth. As stated in
the annual results, rent collection in the last financial year
averaged 95% and the Board expects to sustain this level throughout
the current financial year. At the same time, the Board will take
steps to address the cost base to make it more efficient for the
size of the Company.
Palace Capital will prioritise investment in the office and
industrial sectors in carefully selected locations outside of
London. The team will continue to utilise its strong regional
network and asset management expertise to identify, acquire, and
refurbish assets where appropriate, to make the space fit for
purpose, with a particular regard to the growing need for buildings
to satisfy improving EPC ratings.
Aligned to this, the Company will continue to execute its
previously announced disposal programme with GBP9.4 million of
disposals secured since the start of the current financial year.
Palace Capital is prioritising this disposal programme as well as
the sale of the apartments at Hudson Quarter, York to recycle
capital into new opportunities.
The Company believes the next 12 months will provide the
opportunity to release more value from its existing portfolio and
build on the strong prospects for growth in the regions.
For further information please contact:
PALACE CAPITAL PLC
Neil Sinclair, Chief Executive
Stephen Silvester, Chief Financial Officer
Tel. +44 (0)20 3301 8331
Broker
Numis Securities
Heraclis Economides / George Fry
Tel: +44 (0)20 7260 1000
Broker
Arden Partners plc
Corporate Finance: Paul Shackleton / Elliot Mustoe
Corporate Broking: James Reed-Daunter
Tel: +44 (0)207 614 5900
Financial PR
FTI Consulting
Claire Turvey / Katie Hughes
Tel: +44 (0)20 3727 1000
palacecapital@fticonsulting.com
About Palace Capital plc
Palace Capital plc (LSE: PCA) is a UK REIT that has a GBP274
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.
www.palacecapitalplc.com
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