31st Jan 2014 15:03
LONDON (Alliance News) - Palace Capital PLC Friday said it has repaid GBP60,000 of convertible notes, as well as giving notice to redeem 65,000 preference shares held by Chairman Stanley Davis and Andrew Perloff.
There will be no outstanding preference shares after redemption, according to Palace Capital.
The GBP60,000 of loan notes were held by Davis, who held GBP31,500 and Chief Executive Neil Sinclair, who owned GBP2,000.
London Active, which is owned by Neil Sinclair and his wife, which owned GBP2,000, while Andrew Percloff owned GBP24,500.
There are still GBP300,000 of outstanding convertible loan notes carrying a 4% coupon, according to the company. They are redeemable on October 3, 2015.
Palace Capital shares were Friday quoted at 255.00 pence, up 5.00 pence, or 2.00%.
By Samuel Agini; [email protected]; @samuelagini
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