Palace Capital PLC AGM Statement (4460S)
July 08 2015 - 1:00AM
UK Regulatory
TIDMPCA TIDMPCA2
RNS Number : 4460S
Palace Capital PLC
08 July 2015
Palace Capital plc
("Palace Capital" or the "Company")
AGM Statement
Ahead of the Company's Annual General Meeting, to be held today,
Palace Capital is providing a trading update covering the period
from 1 April 2015 to date.
Transactions
-- Completed purchase of Bank House in Leeds for GBP10.0 million in April 2015
- 88,000 sq ft, 90% occupancy, net rent of GBP860,000 per annum,
two minutes from Leeds Railway Station
-- Acquisition of Sol Central in Northampton for GBP20.7 million in May 2015
- 190,000 sq ft mixed use leisure scheme near Northampton
Railway Station, net rental income of GBP1.89 million per annum
- Supported by a GBP20.0 million equity fundraising at GBP3.60 per share
-- Completed sale of Unit 1 at Burgess Hill for GBP1.25 million
in June 2015, acquired for GBP690,000 in August 2014
Asset management
-- Planning application submitted in June 2015 for a change of
use to convert the majority of Hudson House, York, into 82
apartments
-- Planning approval received for 13 residential units at Dartford
-- Appointment of professional team at Southampton with a view
to making an early planning application for restaurant/retail and
residential schemes
-- Vacant hi-tech unit of 15,600 sq ft at Burgess Hill currently under offer
Financing
-- Four year loan facility of GBP4.5 million with Lloyds Bank
plc in May 2015 secured against Bank House, Leeds, at a rate of
2.1% per annum over Libor
-- Five year loan of GBP11.385 million from Santander UK at
2.25% per annum over Libor to fund the purchase of Sol Central,
Northampton, in May 2015
Appointment of Finance Director
-- Stephen Silvester was appointed in May 2015, and joined the
Company on 1 July 2015 from NewRiver Retail Ltd.
Neil Sinclair, Chief Executive of Palace Capital, said:
"It has been a busy start to the year as we continue our rapid
growth. The team continues to actively manage the existing
portfolio by letting, refurbishing and reconfiguring space to add
significant value.
"We are constantly on the lookout for additional acquisitions of
either companies or single assets that offer the potential to
create value where there has been a lack of asset management in the
past. We are currently looking at a number of potential
opportunities and property management initiatives, and will update
shareholders on any progress in due course."
Date: 8 July 2015
For further information contact:
Palace Capital plc
Stanley Davis, Non-executive Chairman
Neil Sinclair, Chief Executive
Tel. +44 (0)20 3301 8331
Allenby Capital Limited (Nominated Adviser and Joint Broker)
Nick Naylor / James Reeve
Tel. +44 (0)20 3328 5656
Arden Partners plc (Joint Broker)
Chris Hardie / Ciaran Walsh
Tel. +44 (0)207 614 5917
Broker Profile (Financial PR)
Simon Courtenay / Harry Rippon Tel. +44 (0)20 7448 3244
This information is provided by RNS
The company news service from the London Stock Exchange
END
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