Palace Capital PLC Share Buyback (8707C)
15 Junio 2023 - 5:21AM
UK Regulatory
TIDMPCA
RNS Number : 8707C
Palace Capital PLC
15 June 2023
15 June 2023
Palace Capital plc
("Palace Capital" or the "Company")
Share Buyback
As announced in the Preliminary Results announcement this
morning, Palace Capital is extending the share buyback programme
(the 'Programme') announced on 6 February 2023 following the
successful repurchase of shares under the previous Programmes.
The Company intends to repurchase up to a further 1,000,000
ordinary shares of 10 pence each in the capital of the Company
("Ordinary Shares") representing approximately 2.3% of the
Company's Ordinary Shares in issue with voting rights. The
aggregate purchase price of all Ordinary Shares acquired under the
Programme will be no more than GBP2.5 million (excluding stamp duty
and expenses) under the resolution passed at the 2022 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 4,632,892 Ordinary Shares, granted by its shareholders
at the Annual General Meeting held on 29 July 2022. 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other unpublished price sensitive information.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 ordinary 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 ordinary
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 Ordinary Shares, a buyback
of Ordinary Shares pursuant to the Programme on any given trading
day may represent a significant proportion of the daily trading
volume in the Ordinary 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, Interim 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
POSNKPBDKBKDCAD
(END) Dow Jones Newswires
June 15, 2023 06:21 ET (10:21 GMT)
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