Business
Notice of general meeting
Notice of general meeting.
About this update from Palace Capital Plc
[{"type":"text","content":"\n \nRNS Number : 0799Q Palace Capital PLC 25 February 2016 \n\nPalace Capital plc\n(\"Palace Capital\" or the \"Company\")\n \nNotice of general meeting\n \nPalace Capital, the property investment company that focuses on commercial property outside London, has today posted to shareholders a notice convening a general meeting of the Company to be held at the offices of Hamlins LLP, Roxburghe House, 273-287 Regent Street, London W1B 2AD at 10.00 a.m. on 24 March 2016 (\"General Meeting\").\n \nThe General Meeting is being convened for the purpose of seeking general authority for the Company to make market purchases of its own ordinary shares (\"Ordinary Shares\"), limited to up to 10 per cent of the Company's issued ordinary share capital (the \"Share Buyback Authority\"). The Share Buyback Authority, if approved, would take effect at the end of the General Meeting, and expire 15 months from the passing of the resolution.\n \nIn its half yearly report for the six months ended 30 September 2015, the Company announced a European Public Real Estate Association net asset value (\"EPRA NAV\") per Ordinary Share of 404 pence. As at the date of this announcement, the Company's share price is 327.5 pence per Ordinary Share, representing a 19 per cent. discount to the reported EPRA NAV per Ordinary Share. In light of the size of this discount, and in line with normal corporate practice, the Directors consider the Company should seek the Share Buyback Authority to allow the Company to purchase its Ordinary Shares at a point in the future when it would be appropriate to use the Company's financial resources to provide shareholders, who wish to realise part or all of their investment in the Company, with an opportunity to access liquidity which might not otherwise be available in the market. The Directors would only propose to use the Share Buyback Authority in circumstances where to do so would enhance the EPRA NAV per Ordinary Share. The Directors' report in the Company's next Annual Report and Consolidated Financial Statements will contain details in relation to any Ordinary Shares bought back by the Company during the financial year.\n \nThe Share Buyback Authority is for up to 10 per cent. of the Company's issued ordinary share capital. The minimum price of any purchases made under the under the Share Buyb...