Business
Redemption of pref shares and repayment of loan
Redemption of pref shares and repayment of loan.
About this update from Palace Capital Plc
[{"type":"text","content":"\n \nRNS Number : 0302Z Palace Capital PLC 31 January 2014 \n \n\n31 January 2014\n \nPALACE CAPITAL PLC\n(\"Palace Capital\" or the \"Company\")\n \nRedemption of preference shares and repayment of loan notes\n \nPalace 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.\n \nFurther, 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:\n \n\n\n\n\nLoan Note holder\n\n\nAmount\n\n\n\n\nStanley Davis, Chairman\n\n\n£31,500\n\n\n\n\nNeil Sinclair, CEO\n\n\n£2,000\n\n\n\n\nLondon Active (owned by Neil Sinclair and his wife)\n\n\n£2,000\n\n\n\n\nAndrew Perloff\n\n\n£24,500\n\n\n\n\n \nFollowing 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.\n \nSave as disclosed above, the Directors' interests in the Company's issued voting share capital remains unchanged and as previously announced.\n \nFor further information contact:\n \n\n\n\n\nPalace Capital Plc \n\n\nTel. +44 (0)20 7722 7603\n\n\n\n\nStanley Davis, Non-executive Chairman \n\n\n \n\n\n\n\nNeil Sinclair, Managing Director\n\n\n \n\n\n\n\n \n\n\n \n\n\n\n\nAllenby Capital Limited\n\n\nTel. +44 (0) 20 3328 5656\n\n\n\n\nNick Naylor, Corporate Finance\n\n\n \n\n\n\n\nMark Connelly, Corporate Finance\n\n\n \n\n\n\n\nArden Partners plc\n\n\nTel: +44 (0) 20 7614 5917\n\n\n\n\nChristopher Hardie, Corporate Finance\n\n\n \n\n\n\n\n \n\n\n \n\n\n\n\nBroker Profile (Financial PR) \n\n\nTel. +44(0) 20 7448 324...