AGM Statement

More Acquisitions PLC

03 May 2024

 

3 May 2024

More Acquisitions Plc

("More Acquisitions" or the "Company")

AGM Statement

More Acquisitions (LSE: TMOR) will be holding its annual general meeting (the "AGM") at 10:00 a.m. today at the offices of Edwin Coe LLP, Lincolns Inn, 2 Stone Buildings, London WC2A 3TH.

At the AGM, Neil Sinclair, Executive Chairman, will make the following statement:

"On 22 January 2024, Stanley Davis, Andrew Perloff and I made a significant investment into the Company at a considerable premium to the prevailing market price and Stanley and I were appointed to the Board. I wish to pay tribute to Rod McIllree, who stepped down from the Board at the time of our appointment, for his efforts to initiate a reverse takeover for the Company. He still remains the largest individual shareholder in the Company, whilst Charles Goodfellow remains on the Board.

"The Board's view is that market conditions in the commercial real estate sector mirror those in 2010, when Stanley and I, together with Andrew, made a similar investment to launch Palace Capital plc, a property investment company that not only went on to build a £280m property portfolio but also successfully developed the award-winning Hudson Quarter, close to York Station, comprising 127 apartments and 39,000 sq ft of offices.

"With consolidation taking place in the real estate sector, the Board believes that there is a particular opportunity in the small-cap sector to build a valuable property investment company, notwithstanding that the sector might be out of favour at this time. Stanley, Andrew and I have always been counter-cyclical in this regard and have largely been proved to be correct.

"As a first step, we intend to acquire either a distressed commercial property portfolio or one which is part of a much larger holding, preferably corporately, and where the vendors will accept part of the consideration by way of the issue of new ordinary shares in the Company.

"We are also seeking shareholder approval today to change the Company's name to Pristine Capital Plc to reflect the change in management and acquisition strategy. We will now be embarking on an investor relations campaign to increase market awareness of the Company's new strategy and generate more interest in the Company's ordinary shares. We are also working to identify a suitable property portfolio. The Board looks forward to keeping shareholders updated in due course."

For more information, please contact the following:

More Acquisitions Plc	[phone]
Neil Sinclair Executive Chairman
Allenby Capital Limited	[phone]
Nick Naylor/James Reeve/Lauren Wright (Corporate Finance) Guy McDougall (Sales and Corporate Broking)
RMS Partners (Investor Relations) Simon Courtenay	[phone]

Notes to Editors - Directors' Biographies

Neil Sinclair - Executive Chairman

Neil Sinclair has over 60 years' experience in the real estate sector. He was a co-founder of Sinclair Goldsmith, Chartered Surveyors, which was admitted to the Official List in 1987. It subsequently merged with Conrad Ritblat in 1993, when he became Executive Deputy Chairman. Neil was appointed Chairman of Baker Lorenz, surveyors in 1999, which was sold to Hercules Property Services plc in 2001. He was appointed a non-executive director of Tops Estates plc in 2003 and remained so until it was sold to Land Securities plc in 2005. He co-founded Palace Capital plc with Stanley Davis in July 2010 and helped build a £280m property portfolio. He served as Chief Executive Officer until June 2022.

 Stanley Davis - Non-Executive Director

Stanley Davis is a successful entrepreneur who has been involved in the City of London since 1977. He founded a company registration agent, Stanley Davis Company Services Limited, which he sold in 1988. In 1990 he became Chief Executive of a small share registration company which became known as IRG plc. It acquired several businesses including Barclays Bank Registrars and was sold in April 2000 for a substantial sum to the Capita Group plc. He was Chairman of Stanley Davis Group Limited specialising in company formations, property & company searches. It was sold in June 2020 to Dye & Durham listed on the Toronto Stock Exchange. He co-founded Palace Capital plc with Neil Sinclair in July 2010 and helped build a £280m property portfolio. He served as Chairman until December 2021.

 

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