TIDMPCA
RNS Number : 9693G
Palace Capital PLC
29 July 2021
29 July 2021
Palace Capital plc
("Palace Capital" or the "Company")
Result of AGM
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 at the Company's Annual General Meeting held
earlier today, all resolutions were duly passed.
The resolutions were as set out in the Notice of Meeting, as
filed with the National Storage Mechanism (
https://data.fca.org.uk/#/nsm/nationalstoragemechanism ) and are
also available on the Company's website,
www.palacecapitalplc.com.
There are a total of 46,288,928 ordinary shares in issue,
excluding shares held in Treasury.
All resolutions were passed with resolutions 1 to 14 passed as
ordinary resolutions and resolutions 15 to 18 passed as special
resolutions.
The total votes cast were as follows:
Resolution In Favour Votes Against Votes Withheld
Votes
No. % No. %
----------- ------- ---------- ------- ----------
1 Receive and approve
the Accounts 31,086,643 100% 0 0 % 2,314,495
----------- ------- ---------- ------- ----------
2 Receive and approve
the Directors' Remuneration
report 30,812,882 92.83% 2,380,320 7.17 % 207,936
----------- ------- ---------- ------- ----------
3 Receive and approve
the Directors' Remuneration
policy 28,048,824 84.50% 5,144,377 15.50% 207,937
----------- ------- ---------- ------- ----------
4 D eclare a final
dividend of 3 p 33,400,365 99.99% 773 0.01 % 0
----------- ------- ---------- ------- ----------
5 R e-appoint BDO
LLP 33,398,115 99.99% 3,023 0.01 % 0
----------- ------- ---------- ------- ----------
6 A uthorise the
Audit & Risk Committee
to determine the
auditors' remuneration 33,398,115 99.99% 3,023 0.01 % 0
----------- ------- ---------- ------- ----------
7 Re -elect Mickola
Wilson 27,930,574 83.63% 5,465,564 16.37% 5,00 0
----------- ------- ---------- ------- ----------
8 R e-elect Stanley
Davis 22,376,127 79.75% 5,681,547 20.25% 5,343,464
----------- ------- ---------- ------- ----------
9 Re-elect Neil Sinclair 31,077,322 93.06% 2,318,816 6.94% 5,000
----------- ------- ---------- ------- ----------
10 R e-elect Richard
Starr 31,078,822 93.06% 2,317,316 6.94% 5,000
----------- ------- ---------- ------- ----------
11 R e-elect Stephen
Silvester 33,393,317 99.99% 2,821 0.01% 5,000
----------- ------- ---------- ------- ----------
12 R e-elect Kim
Taylor-Smith 24,583,514 81.84% 5,454,991 18.16% 3,362,633
----------- ------- ---------- ------- ----------
1 3 Re-e lect Paula
Dillon 29,940,147 96.33% 1,141,496 3.67% 2,319,495
----------- ------- ---------- ------- ----------
14 The Directors
be authorised to
allot shares in the
Company 29,026,119 93.37% 2,059,853 6.63% 2,315,166
----------- ------- ---------- ------- ----------
15 General disapplication
of pre-emption rights 29,048,135 93.46% 2,034,149 6.54% 2,318,854
----------- ------- ---------- ------- ----------
16 Additional authority
to disapply pre-emption
rights 29,057,274 93.47% 2,028,698 6.53% 2,315,166
----------- ------- ---------- ------- ----------
17 Market purchase
of own shares 33,390,551 99.97% 10,587 0.03% 0
----------- ------- ---------- ------- ----------
18 Calling general
meetings on 14 days'
notice 31,028,693 99.81% 57,950 0.19% 2,314,495
----------- ------- ---------- ------- ----------
A vote withheld is not a vote in law and is not counted in the
calculation of the number or % of votes "For" or "Against" a
resolution.
The Board would like to thank shareholders for their engagement
and support ahead of the AGM . While most of the resolutions were
passed with significant majorities, the Board notes that resolution
8 (re-election of Stanley Davis ) was passed with the necessary
majority but with less than 80% of support.
The Company extensively engaged with its major shareholders in
the lead up to the AGM to better understand their concerns. It is
the Board's understanding that the votes against the re-election of
the Chairman were primarily driven by his having been in office for
over nine years. While the Board were of the view that retaining
the Chairman's knowledge and expertise would be in the best
interests of shareholders, in advance of the AGM, on 27 July 2021,
the Chairman announced his retirement from the Board in recognition
of the concerns of some shareholders.
The Company will continue to engage with its shareholders and in
accordance with the provisions of the 2018 UK Corporate Governance
Code, the Board will provide an update on this engagement within
six months of the AGM.
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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