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RNS Number : 9789H

Palace Capital PLC

02 August 2023

2 August 2023

Palace Capital plc

("Palace Capital" or the "Company")

Sale of Maidenhead office property for GBP9.6m

Palace Capital announces that it has sold 22 Market Street, an office property in Maidenhead to a client of Soor Capital for GBP9.6m. The sale price reflects a net initial yield of 7.3%, equating to a net price of GBP9.0m (after rent incentives), which is 9.7% ahead of the 31 March 2023 book value.

Following the sale and the use of some of the proceeds to repay GBP3.5m of bank debt, gross debt will be GBP20.2 million and cash reserves will be GBP20.1 million resulting in a net debt position of GBP0.1 million.

Commenting on today's announcement, Steven Owen, Executive Chairman said:

"The selective sales of properties such as Maidenhead demonstrate the steps we are taking to reduce debt and leverage in line with our strategy of maximising cash returns to shareholders.

"The Company will provide further updates on significant sales and strategic initiatives to facilitate returning cash to shareholders later in the year, the timing of which will depend on the completion of future sales. The Company's share buyback programme continues, following renewal of the authority at the recent Annual General Meeting."

Palace Capital plc

Steven Owen, Executive Chairman / Matthew Simpson, Chief Financial Officer info@palacecapitalplc.com

Financial PR

FTI Consulting

Dido Laurimore / Giles Barrie

Tel: +44 (0)20 3727 1000

palacecapital@fticonsulting.com

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August 02, 2023 02:00 ET (06:00 GMT)

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