31st Jan 2014 14:30
31 January 2014
PALACE CAPITAL PLC
("Palace Capital" or the "Company")
Redemption of preference shares and repayment of loan notes
Palace Capital, the property company focussed on investing in the UK's secondary property market outside London, has given notice for the redemption of 65,000 redeemable preference shares (the "Preference Shares"), in accordance with the Company's Articles of Association. The Preference Shares will be redeemed at par value of £1 each and were held by Stanley Davis, Chairman of Palace Capital (£32,500) and Andrew Perloff (£32,500). Following the redemption, there will be no preference shares outstanding.
Further, the Company has today repaid £60,000 of convertible loan notes (the "Loan Notes") which expired today. The Loan Notes, which have been repaid at par and carried no interest charge, were held as follows:
Loan Note holder | Amount |
Stanley Davis, Chairman | £31,500 |
Neil Sinclair, CEO | £2,000 |
London Active (owned by Neil Sinclair and his wife) | £2,000 |
Andrew Perloff | £24,500 |
Following the repayment of these Loan Notes there remains £300,000 of outstanding convertible loan notes, which carry a 4% coupon and are redeemable on 3 October 2015.
Save as disclosed above, the Directors' interests in the Company's issued voting share capital remains unchanged and as previously announced.
For further information contact:
Palace Capital Plc | Tel. +44 (0)20 7722 7603 |
Stanley Davis, Non-executive Chairman |
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Neil Sinclair, Managing Director |
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Allenby Capital Limited | Tel. +44 (0) 20 3328 5656 |
Nick Naylor, Corporate Finance |
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Mark Connelly, Corporate Finance |
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Arden Partners plc | Tel: +44 (0) 20 7614 5917 |
Christopher Hardie, Corporate Finance |
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Broker Profile (Financial PR) | Tel. +44(0) 20 7448 3244 |
Simon Courtenay Tamsin Shephard |
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Related Shares:
Palace Capital