Restoration of trading

RNS Number : 6460P
Palace Capital PLC
03 October 2013
 



Palace Capital plc ( "Palace Capital" or "Company")

Restoration of trading

Further to the announcements made on 2 October by the Company concerning a proposed £23.5 million placing ("the Placing") to part fund the £39.25 million acquisition of the Sequel Portfolio from Quintain Estates & Development PLC (the "Acquisition") and the announcement of the Company's interim results for the six months ended 31 July 2013, the Company has received confirmation that the admission document issued pursuant to the Placing and the Acquisition has been posted to Palace Capital shareholders. The Company has therefore requested restoration to trading on AIM of its existing issued ordinary share capital of 31,593,733 ordinary shares of 1p each ("Existing Ordinary Shares") ("Restoration"). It is expected that Restoration will become effective at 11.30 a.m. this morning.

Both the Placing and the Acquisition are conditional, inter alia, on the approval of Palace Capital shareholders ("Shareholders") at the General Meeting to be held at 10.00 a.m. on 18 October 2013 (the "General Meeting").

As also announced yesterday, the Company is proposing to effect a share capital reorganisation, which incorporates a 1 for 100 consolidation and a re-designation of nominal value through a deferred share issue (the "Reorganisation"). The net effect of the Reorganisation is that every 100 existing ordinary shares of 1p each will become 1 ordinary share of 10p each ("New Ordinary Shares"). The Reorganisation is subject to Shareholder approval at the General Meeting.

The Company has received irrevocable undertakings to vote in favour of the resolutions to be proposed at the General Meeting in respect of, in aggregate, 22,729,792 Existing Ordinary Shares representing approximately 71.9 per cent. of the existing issued ordinary share capital.

Application will be made for the 12,440,937 New Ordinary Shares to be issued pursuant to the Reorganisation, the Placing and the Acquisition to be admitted to AIM. Such admission is expected to become effective on 21 October 2013.

Further details of the Placing, the Acquisition and the Reorganisation are contained in the admission document issued yesterday which is available on the Company's website, www.palacecapitalplc.com.

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For further information contact:

 

Palace Capital Plc

Tel. +44 (0)20 7722 7603

Neil Sinclair, Managing Director




Allenby Capital Limited - NOMAD/Joint Broker

Tel. +44 (0) 20 3328 5656

Nick Naylor, Chief Executive


Mark Connelly, Corporate Finance


 

Arden Partners plc - Joint Broker

Chris Hardie

Jamie Cameron

 

Tel. +44 207 614 5917

Broker Profile

Tel. +44(0) 20 7448 3244

Simon Courtenay


 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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