Business
Launch of Buyback Programme
Palace Capital PLC is launching a share buyback programme to repurchase up to 3,633,880 ordinary shares, utilizing the remaining authority granted by shareholders. The programme, managed by Cavendish, will adhere to specific pricing rules and expire on October 9, 2026, or at the next annual general meeting. Shares purchased will be held in treasury and subsequently cancelled. The company notes that the buyback may exceed 25% of the average daily trading volume, meaning it will not benefit from certain regulatory exemptions. Following the buyback, the Concert Party's aggregate interest could rise to approximately 36.71% of the company's voting rights, triggering Rule 9 considerations if their interest exceeds 30% and they continue to act in concert. Disclaimer*
About this update from Palace Capital Plc
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF THAT JURISDICTION 30 June 2026 Palace Capital PLC ("Palace Capital" or the "Company") Launch of Buyback Programme The Board of Directors (the "Board") of Palace Capital announces that it is commencing a share buyback programme of up to 3,633,880 ordinary shares of 10 pence each in the capital of the Company ("Ordinary Shares") (the "Buyback Programme"), being the remaining amount of authority as granted by shareholders at the Company's annual general meeting on 9 July 2025 (the "Share Buyback Authority"). The Company has instructed Cavendish to conduct the Buyback Programme on its behalf on a broker-managed basis, with trading decisions taken independently of the Company. The Buyback Programme will be conducted in accordance with the terms of the Company's Share Buyback Authority to make market purchases of its own Ordinary Shares granted to it by shareholders on 9 July 2025, including that the price paid per Ordinary Share will not be less than the nominal value of the Company, and the maximum price paid per Ordinary Share will be no more than the higher of either 105 per cent. of the average middle market closing price of an Ordinary Share for the five business days preceding the date of any buyback; and an amount equal to the higher of the price of the last independent trade of an Ordinary Share and the highest current independent bid for an Ordinary Share. The Authority will expire on 9 October 2026 or, if earlier, at the conclusion of the Company's next annual general meeting. The Company intends to hold all Ordinary Shares so purchased in treasury during the course of the Buyback Programme, and following completion of the Buyback Programme will seek to cancel the Ordinary Shares. Due to the limited liquidity in the issued Ordinary Shares, a buyback of Ordinary Shares pursuant to the Authority on any given trading day may represent a significant proportion of the daily trading volume in the Ordinary Shares and could exceed 25 per cent. of the average daily trading volume and, accordingly, the Company will not benefit from the exemption contained in Article 5(1) of Regulation (EU) No. 596/2014 as adopted into UK law by the E...
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