PALACE CAPITAL PLC (PCA) — COVID-19 Update

Investor webinar replay

Replay transcript excerpt

Good morning, ladies and gentlemen, and welcome to the PALACE CAPITAL COVID-nineteen and Dividend Presentation. Before we begin, we would like to submit the following poll. This poll will close shortly. Also for your information and throughout the presentation, investors will be in listen only mode. Questions can be submitted at any time via the Q and A tab situated on the right hand corner of your screen. Please note the company may not be in a position to answer every question it receives during the meeting itself. However, the company will review all questions submitted today and publish responses where it's appropriate to do so. These will be available via your Investor Meet company dashboard. Finally, we'd like to remind you that this presentation is being recorded. I'd now like to hand over to Neil Sinclair, CEO and Stephen Silvesta, CFO of PALACE CAPITAL. Good morning, everybody. Neil Sinclair here. I trust you're all safe and well. Thank you for joining us this morning and for participating in this PALACE CAPITAL presentation. If I can just take you through it, we are experts in regional property, and we focus on unlocking value to deliver attractive total returns. Just to give you a quick one minute about PALACE CAPITAL, in case you're not aware, PALACE CAPITAL was originally another company called LEO Insurance, which was listed in 2005. We took board control in 2010. We bought 29.9%, and it was the smallest company on the London Stock Exchange with a huge market cap of 108,000. We were the smallest company on the LSC at that time, and we decided to use the vehicle in order to build up a regional portfolio. What had happened in 2010 is that London already was moving, but we took the view that there was scope in the regions which are always behind London. An...