Palace Capital PLC Share Buyback and Total Voting Rights (5538I)
08 Agosto 2023 - 8:00AM
UK Regulatory
TIDMPCA
RNS Number : 5538I
Palace Capital PLC
08 August 2023
8 August 2023
Palace Capital plc
("Palace Capital" or the "Company")
Share Buyback and Total Voting Rights
Following the announcements on 15 June and 3 July 2023 in
relation to the ongoing share buyback programme (the "Programme"),
Palace Capital is today announcing a further extension. Since 4
July 2022, Palace Capital has purchased 4,488,633 ordinary shares
of 10 pence each ("Shares").
As at 7 August 2023, including Shares which have been purchased
but not yet settled, the Company holds 4,548,220 Shares in
Treasury. The total number of Shares in issue is 41,840,295
(excluding Shares held in Treasury). This number represents the
total voting rights in the Company and may be used by shareholders
as the denominator for the calculations by which they can determine
if they are required to notify their interest in, or a change to
their interest in the Company under the Financial Conduct
Authority's Disclosure Guidance and Transparency Rules.
Following approval of the resolution relating to the market
purchase of own shares at the Annual General Meeting held on 26
July 2023, the Company intends to purchase up to a further
4,284,029 Shares representing approximately 10% of the Company's
Shares in issue with voting rights. The aggregate purchase price of
all Shares acquired under the Programme will be no more than GBP11
million (excluding stamp duty and expenses) under the resolution
passed at the 2023 AGM.
The Company has appointed Numis Securities Limited ("Numis") to
manage the Programme.
Share purchases will take place in open market transactions and
may be made from time to time depending on market conditions, share
price and trading volume. Purchases of the Company's shares under
the Programme will commence from today. The Programme is in
accordance with the Company's general authority to purchase a
maximum of 4,284,029 Shares, granted by its shareholders at the
Annual General Meeting held on 26 July 2023. The Programme will be
effected within the parameters of the Market Abuse Regulation
596/2014/EU and the Commission Delegated Regulation 2016/1052/EU
(as in force in the UK from time to time, including where relevant
pursuant to the Market Abuse (Amendment) (EU Exit) Regulations
2019). The Company confirms that it currently has no other
unpublished price sensitive information.
Share repurchases will be made on the Company's behalf and in
accordance with the arrangement with Numis in open market
transactions, depending on market conditions, share price and
trading volume. The maximum price paid per Share will be limited to
be no more than the higher of (i) 105 per cent of the average
middle market closing price of the Company's Shares for the five
business days before the purchase is made, and (ii) the higher of
the price of the last independent trade and the highest current
independent bid on the trading venue where the purchase is carried
out. It is intended that repurchased shares will be held in
treasury. Such treasury shares are not entitled to dividends and
have no voting rights at the Company's general meetings.
Due to the limited liquidity in the Shares, a buyback of Shares
pursuant to the Programme on any given trading day may represent a
significant proportion of the daily trading volume in the Shares on
the London Stock Exchange and may exceed 25 per cent of the average
daily trading volume and, accordingly, the Company may not benefit
from the exemption contained in Article 5(1) of Regulation (EU) No.
596/2014.
Palace Capital plc
Steven Owen, Executive Chairman / Matthew Simpson, Chief
Financial Officer
info@palacecapitalplc.com or via FTI
Financial PR
FTI Consulting
Dido Laurimore / Giles Barrie
Tel: +44 (0)20 3727 1000
palacecapital@fticonsulting.com
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END
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August 08, 2023 02:00 ET (06:00 GMT)
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