Business
Withdrawal of Meeting Notice and Board Changes
Palace Capital plc has confirmed the withdrawal of a general meeting requisition notice and announced board changes, appointing Christian Kappelhoff-Wulff as Non-Executive Chairman and Valentin Pierburg as Non-Executive Director, with both joining board committees. This follows the company's managed wind-down strategy, which has seen over £160 million in assets sold, all bank debt repaid, and over £64 million returned to shareholders, with dividends paid since July 2022 totalling approximately £18.7 million. With only five investment properties remaining, two of which are under offer and a third expected to be marketed soon, the board determined it was not in the company's best interest to proceed with the general meeting. Disclaimer*
About this update from Palace Capital Plc
[{"type":"text","content":"\n\n23 January 2026\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 \n \n Palace Capital plc\n (\"Palace\" or the \"Company\")\nWithdrawal of General Meeting Requisition Notice and Board Changes\nPalace Capital plc (LSE:PCA) confirms that the general meeting requisition notice that was received by the Company, details of which are contained in the Company's announcement of 8 January 2026 titled \"Response to Lakestreet Capital's Announcement\", has been withdrawn.\nSince Palace Capital's managed wind down strategy was announced in July 2022, the Company has sold over £160 million of assets, repaid all bank debt (£95.4 million 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 on 30 January 2026.\nThe Company now has only five investment properties remaining. Two of these assets (Broad Street Plaza, a leisure property in Halifax, and Imperial Court and House, an office asset in Leamington Spa) are under offer. A third asset, The Forum, an office in Exeter is currently being marketed for sale and is expected to go under offer in the coming weeks.\nHaving consulted with shareholders, the Board determined that the resolutions which would have been proposed at the requisitioned general meeting would have passed and that it is not in the Company's best interest to continue with that process in light of the expectation that the Company will shortly only have two remaining investment properties.\nBoard Changes\nThe Company announces the appointment of Christian Kappelhoff-Wulff as Non-Executive Chairman of its board of directors (the \"Board\") and Valentin Pierburg as Non-Executive Director with immediate effect.\nChristian Kappelhoff-Wulff, Non-Executive Chairman\nMr Kappelhoff-Wulff is a founder an...