Business
Proposed Tender Offer & Notice of General Meeting
Proposed Tender Offer & Notice of General Meeting.
About this update from Palace Capital Plc
[{"type":"text","content":"\n\nNOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION\n \nTHIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE UK VERSION OF THE MARKET ABUSE REGULATION (EU 596/ 2014) AS IT FORMS PART OF UK LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018, AS AMENDED\n \n31 July 2025 \nPalace Capital plc\n(\"Palace\" or the \"Company\" or the \"Group\")\n \nProposed Return of Capital to Shareholders by way of a Tender Offer\n \nNotice of General Meeting\n \nThe Company is pleased to announce an intended return of capital to Shareholders by way of a Tender Offer pursuant to which Qualifying Shareholders are invited to tender some or all of their Ordinary Shares. It is proposed that up to 8,667,761 Ordinary Shares may be purchased under the Tender Offer for a maximum aggregate cash consideration of up to approximately £20.8 million. Qualifying Shareholders who participate in the Tender Offer will have a Guaranteed Entitlement to tender 3 Ordinary Shares for every 10 Ordinary Shares held, representing up to 30 per cent. of the Ordinary Shares held by them, at the Record Date, rounded down to the nearest whole number, at a price of 240 pence per Ordinary Share.\n \nA Circular is expected to be published shortly (and will be made available on the Company's website at www.palacecapitalplc.com) which includes the background to, and reasons for, the Tender Offer and why the Board considers that the Tender Offer is in the best interests of Shareholders as a whole and why the Board unanimously recommends that Shareholders vote in favour of the Tender Offer Resolution which will be proposed at a General Meeting. The Tender Offer is conditional on the passing of the Tender Offer Resolution.\n \nKey terms of the Tender Offer:\n· The Tender Offer will be conducted at a price of 240 pence per Ordinary Share.\n· The Tender Price represents a 9.6% premium to the Company's share price as at 29 July 2025 (the \"Latest Practicable Date\") and a discount to 31 March 2025 EPRA NAV of 4.4%.\n· The Tender Offer will be open to all Qualifying Shareholders, bei...