5th Jan 2026 13:25
(Alliance News) - Palace Capital PLC on Monday noted that its largest shareholder has proposed to remove its Executive Chair Steven Owen from its board and appoint two new directors.
The London-based property investor said it will consider the proposals and make further announcements in due course. The board currently exists of Steven Owen and Senior Independent Director Mark Davies.
Lakestreet Capital Partners AG, which has a 22.53% shareholding in Palace Capital, on the weekend requisitioned a general meeting aimed at removing Executive Chair Steven Owen and appoint Lakestreet's founders as directors.
"Lakestreet is deeply troubled by the excessive amount of remuneration that Steven Owen continues to extract for himself and the value destruction that shareholders suffer as a result," Lakestreet said, adding that "Owen does not own a single share in Palace Capital".
Lakestreet said that Owen's remuneration this year will be triple that of the previous year's amount, amid a notice period of 12 months.
The shareholder added that it would consider rescinding the requisition if several conditions are met, including Owen waiving his 12-month notice period and the company holding an annual general meeting no later than in June. Further, it asks Owen to buy shares of Palace Capital in a personal capacity to create "alignment between himself and shareholders."
Lakestreet Chief Executive Officer Christian Kappelhoff-Wulff said: "We will not be able to benefit financially unless the share price of Palace Capital appreciates and/or Palace Capital delivers returns on its shares. In other words, the only way for Lakestreet to benefit, is if all shareholders benefit."
Palace Capital shares rose 7.0% to 207.60 pence each on Monday afternoon in London.
By Tom Budszus, Alliance News slot editor
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