Business
Further re. Placing and Open Offer
Further re. Placing and Open Offer.
About this update from Palace Capital Plc
[{"type":"text","content":"\n \nRNS Number : 1951R Palace Capital PLC 19 September 2017 \n\n \nTHIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN, IS NOT FOR PUBLICATION, RELEASE OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES OF AMERICA, CANADA, AUSTRALIA, THE REPUBLIC OF SOUTH AFRICA, JAPAN OR NEW ZEALAND OR INTO ANY OTHER JURISDICTION WHERE TO DO SO WOULD BREACH ANY APPLICABLE LAW OR REGULATION.\n \nTHIS ANNOUNCEMENT, IS FOR INFORMATION PURPOSES ONLY AND DOES NOT ITSELF CONSTITUTE AN OFFER FOR SALE OR SUBSCRIPTION OF ANY SECURITIES IN THE COMPANY. THIS ANNOUNCEMENT DOES NOT CONSTITUTE OR CONTAIN ANY INVITATION, SOLICITATION, RECOMMENDATION, OFFER OR ADVICE TO ANY PERSON TO SUBSCRIBE FOR, OTHERWISE ACQUIRE OR DISPOSE OF ANY SECURITIES OF PALACE CAPITAL PLC OR INTO ANY OTHER JURISDICTION WHERE TO DO SO WOULD BREACH ANY APPLICABLE LAW OR REGULATION.\n \nPalace Capital plc\n(\"Palace Capital\" or the \"Company\") \n \nFurther re. Placing and Open Offer to raise £70 million\n \nNotice of General Meeting\n \nFurther to the announcement made earlier today, Palace Capital, the property investment company that focuses on commercial property outside London, is pleased to announce a conditional placing (the \"Placing\") of 20,588,236 new ordinary shares (the \"Placing Shares\") to raise a total of £70 million (before expenses). 1,257,534 of the Placing Shares have been subscribed for subject to clawback under an open offer to raise £4.3 million (the \"Open Offer\"). The Placing has been conducted at a price of 340 pence per Placing Share (the \"Placing Price\"). The Placing Price represents an approximate 12 per cent. discount to the closing middle market price of 385 pence per Existing Ordinary Share on 18 September 2017, the last business day before the announcement of the Placing and Open Offer. \n \nCertain of the Directors of the Company have participated in the Placing, details of which are included in the table below. \n \nIn addition, the Company will today allocate the LTIP Shares for awards made under the LTIP in 2014, following the Sequel acquisition in 2013. Today's grants will total 66,352 Ordinary Shares. To make the allocations of the LTIP Shares, the Company will transfer 100,000 Ordinary Shares out of treasury to The Palace Capital Employ...