Business
Result of GM and Open Offer
Result of GM and Open Offer.
About this update from Palace Capital Plc
[{"type":"text","content":"\n \nRNS Number : 9455S Palace Capital PLC 06 October 2017 \n\nPalace Capital PLC\n (\"Palace Capital\" or the \"Company\")\n \nResult of General Meeting and Open Offer \nProposed Acquisition of RT Warren and Placing to raise £70 million\n \nFurther to the announcement made on 19 September 2017 by Palace Capital, the property investment company that focuses on commercial property outside London, regarding the proposed acquisition of R.T Warren (Investments) Limited and the Placing to raise £70 million, the Directors are pleased to announce that at the General Meeting held earlier today, all the resolutions were duly passed. \n \nResult of Open Offer\n \nThe Open Offer, which closed for acceptances at 11.00 a.m. on 5 October 2017, raised gross proceeds of approximately £3.76 million. Valid acceptances were received in respect of 545,733 New Ordinary Shares pursuant to Qualifying Shareholders' Open Offer Entitlements and a further 559,984 New Ordinary Shares pursuant to the Excess Application Facility, representing a percentage take up of 87.93 per cent. of the new Ordinary Shares available under the Open Offer. All applications will be met in full. Accordingly, the aggregate amount raised pursuant to the Open Offer is approximately £3.76 million and the aggregate amount raised pursuant to the Placing is approximately £66.24 million.\n \nApplication has been made for the 20,588,236 New Ordinary Shares to be issued pursuant to the Placing and Open Offer to be admitted to trading on AIM. It is expected that Admission and dealings in the 20,588,236 New Ordinary Shares will commence at 8.00 a.m. on 9 October 2017.\n \nTotal Voting Rights\n \nFollowing Admission of the Placing Shares, the issued ordinary share capital of the Company will consist of 45,838,928 Ordinary Shares, with one voting right each. This figure excludes the 549,587 Ordinary Shares held in treasury.\n \nThe above figure of 45,838,928 Ordinary Shares may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules.\n \nNeil Sinclair, Chief Executive of Palace Capital, commented: \n \n\"We are delighted ...