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RESPONSE TO LAKESTREET CAPITAL’S ANNOUNCEMENT
Palace Capital PLC has responded to an announcement from Lakestreet Capital Partners, which requisitioned a general meeting to appoint new directors and remove the current Executive Chairman. Palace Capital refutes Lakestreet's claims regarding Steven Owen's remuneration, highlighting that over 90% of shareholders have supported his remuneration report and re-election in recent AGMs, with the company having sold over £160 million in assets and returned over £64 million to shareholders since July 2022 as part of its managed wind-down strategy. Administrative expenses have been significantly reduced, with annualised costs expected to be around £0.7 million from early 2026. Disclaimer*
About this update from Palace Capital Plc
[{"type":"text","content":"\n\n \nPalace Capital PLC\n(\"Palace Capital\" or the \"Company\")\n \nRESPONSE TO LAKESTREET CAPITAL'S ANNOUNCEMENT\n \n \nPalace Capital confirms it received a valid requisition notice (the \"Notice of Requisition\") on Saturday 3rd January 2026 from Lakestreet Capital Partners (\"Lakestreet\") (via Aurora Nominees Limited), seeking to appoint Christian Kappelhoff-Wulff and Valentin Pierburg to the Board and remove the current Executive Chairman Steven Owen with immediate effect.\nAccordingly, the Board will convene a general meeting to consider Lakestreet's proposals (the \"Requisitioned General Meeting\"). A circular, including the notice of the Requisitioned General Meeting, will be posted to shareholders in due course in accordance with the requirements of the Companies Act 2006.\nOn 5 January 2026, Lakestreet published an announcement which included a number of comments about Steven Owen's remuneration, which are inaccurate and misleading and reflect clear misunderstandings about Palace Capital's recent corporate history which is summarised below.\nSince Palace Capital's managed wind down strategy was announced in July 2022, the Company has sold over £160 million of assets, repaid all bank debt (£95.4m as at 30 June 2022) and returned over £64 million in cash to shareholders. Dividends paid to shareholders since July 2022 total approximately £18.7 million, which will increase to £19.4 million at the end of January 2026.\nThe Company now has only five investment properties remaining, which were valued at £41.3 million as at 30 September 2025. ...