Business
Completion of Aquisition and Placing
Completion of Aquisition and Placing.
About this update from Palace Capital Plc
[{"type":"text","content":"\n \nRNS Number : 9613Q Palace Capital PLC 21 October 2013 \n \n\n21 October 2013\n \nPalace Capital plc\n( \"Palace Capital\" or \"Company\")\n \n Completion of the £39.25 million acquisition of Sequel Portfolio and £23.5 million Placing,\nrevised announcement timetable, Director's appointment\nand appointment of Arden Partners as Joint Broker\n \nAdmission and completion of the Acquisition\nThe Company is pleased to confirm that Admission to AIM of the 12,440,937 New Ordinary Shares issued pursuant to the Reorganisation, the Placing and the Acquisition has become effective and that the Acquisition of the Sequel Portfolio from Quintain Estates & Development PLC is now complete.\nRevised announcement timetable\nIn the Company's Admission Document dated 2 October 2013, the Company stated its intention to change its accounting reference date from 31 January to 31 March and consequently that the next results announcement (in respect of the 14 months ending 31 March 2014) would be made by 30 June 2014. After further consideration, the Directors believe that it would be helpful to issue second interim results in respect of the six months ending 31 January 2014 (which would include the results of the Sequel Portfolio with effect from today). It is intended that this announcement will be made by 31 March 2014. This additional results announcement does not affect the policy and expected timing of dividend payments in 2014, as stated in the Admission document.\nDirector's appointment\nAs described in the Admission Document, the appointment to the Board of Richard Starr as an Executive Director became effective upon Admission. The disclosures required by Schedule 2, paragraph (g) of the AIM Rules for Companies were included in the announcement relating to the Acquisition and the Placing made by the Company on 2 October 2013 and in the Admission Document.\nAppointment of Joint Broker\nThe Company is also pleased to announce the appointment of Arden Partners plc, as Joint Broker to the Company, with immediate effect.\nNeil Sinclair, CEO of Palace Capital, commented: \"I am delighted to be able to announce that we have completed the Acquisition of the Sequel Portfolio. We believe that it represents an excellent opportunity from which we can deliver significant value for all our Shareholders. We are p...