Business
Restoration of trading
Restoration of trading.
About this update from Palace Capital Plc
[{"type":"text","content":"\n \nRNS Number : 6460P Palace Capital PLC 03 October 2013 \n \n\nPalace Capital plc ( \"Palace Capital\" or \"Company\")\nRestoration of trading\nFurther to the announcements made on 2 October by the Company concerning a proposed £23.5 million placing (\"the Placing\") to part fund the £39.25 million acquisition of the Sequel Portfolio from Quintain Estates & Development PLC (the \"Acquisition\") and the announcement of the Company's interim results for the six months ended 31 July 2013, the Company has received confirmation that the admission document issued pursuant to the Placing and the Acquisition has been posted to Palace Capital shareholders. The Company has therefore requested restoration to trading on AIM of its existing issued ordinary share capital of 31,593,733 ordinary shares of 1p each (\"Existing Ordinary Shares\") (\"Restoration\"). It is expected that Restoration will become effective at 11.30 a.m. this morning.\nBoth the Placing and the Acquisition are conditional, inter alia, on the approval of Palace Capital shareholders (\"Shareholders\") at the General Meeting to be held at 10.00 a.m. on 18 October 2013 (the \"General Meeting\").\nAs also announced yesterday, the Company is proposing to effect a share capital reorganisation, which incorporates a 1 for 100 consolidation and a re-designation of nominal value through a deferred share issue (the \"Reorganisation\"). The net effect of the Reorganisation is that every 100 existing ordinary shares of 1p each will become 1 ordinary share of 10p each (\"New Ordinary Shares\"). The Reorganisation is subject to Shareholder approval at the General Meeting.\nThe Company has received irrevocable undertakings to vote in favour of the resolutions to be proposed at the General Meeting in respect of, in aggregate, 22,729,792 Existing Ordinary Shares representing approximately 71.9 per cent. of the existing issued ordinary share capital.\nApplication will be made for the 12,440,937 New Ordinary Shares to be issued pursuant to the Reorganisation, the Placing and the Acquisition to be admitted to AIM. Such admission is expected to become effective on 21 October 2013.\nFurther details of the Placing, the Acquisition and the Reorganisation are contained in the admission document issued yesterday which is available on the Company's website, www.palacecapitalplc.com.\n-e...