PALACE CAPITAL PLC

AGM Information • Jul 29, 2021

National Storage Mechanism | Additional information

RNS Number : 9693G

Palace Capital PLC

29 July 2021

29 July 2021

Palace Capital plc

("Palace Capital" or the "Company")

Result of AGM

Palace Capital (LSE: PCA), the Main Market REIT that has a UK regional commercial real estate portfolio focused on the office and industrial sectors in carefully selected locations outside of London, announces that at the Company's Annual General Meeting held earlier today, all resolutions were duly passed.

The resolutions were as set out in the Notice of Meeting, as filed with the National Storage Mechanism (https://data.fca.org.uk/#/nsm/nationalstoragemechanism) and are also available on the Company's website, www.palacecapitalplc.com.

There are a total of 46,288,928 ordinary shares in issue, excluding shares held in Treasury.

All resolutions were passed with resolutions 1 to 14 passed as ordinary resolutions and resolutions 15 to 18 passed as special resolutions.

The total votes cast were as follows:

Resolution	In Favour Votes			Against Votes		Withheld Votes
	No.	%	No.		%
1 Receive and approve the Accounts	31,086,643	100%	0		0%	2,314,495
2 Receive and approve the Directors' Remuneration report	30,812,882	92.83%	2,380,320		7.17%	207,936
3 Receive and approve the Directors' Remuneration policy	28,048,824	84.50%	5,144,377		15.50%	207,937
4 Declare a final dividend of 3p	33,400,365	99.99%	773		0.01%	0
5 Re-appoint BDO LLP	33,398,115	99.99%	3,023		0.01%	0
6 Authorise the Audit & Risk Committee to determine the auditors' remuneration	33,398,115	99.99%	3,023		0.01%	0
7 Re-elect Mickola Wilson	27,930,574	83.63%	5,465,564		16.37%	5,000
8 Re-elect Stanley Davis	22,376,127	79.75%	5,681,547		20.25%	5,343,464
9 Re-elect Neil Sinclair	31,077,322	93.06%	2,318,816		6.94%	5,000
10 Re-elect Richard Starr	31,078,822	93.06%	2,317,316		6.94%	5,000
11 Re-elect Stephen Silvester	33,393,317	99.99%	2,821		0.01%	5,000
12 Re-elect Kim Taylor-Smith	24,583,514	81.84%	5,454,991		18.16%	3,362,633
13 Re-elect Paula Dillon	29,940,147	96.33%	1,141,496		3.67%	2,319,495
14 The Directors be authorised to allot shares in the Company	29,026,119	93.37%	2,059,853		6.63%	2,315,166
15 General disapplication of pre-emption rights	29,048,135	93.46%	2,034,149		6.54%	2,318,854
16 Additional authority to disapply pre-emption rights	29,057,274	93.47%	2,028,698		6.53%	2,315,166
17 Market purchase of own shares	33,390,551	99.97%	10,587		0.03%	0
18 Calling general meetings on 14 days' notice	31,028,693	99.81%	57,950		0.19%	2,314,495

A vote withheld is not a vote in law and is not counted in the calculation of the number or % of votes "For" or "Against" a resolution.

The Board would like to thank shareholders for their engagement and support ahead of the AGM. While most of the resolutions were passed with significant majorities, the Board notes that resolution 8 (re-election of Stanley Davis) was passed with the necessary majority but with less than 80% of support.

The Company extensively engaged with its major shareholders in the lead up to the AGM to better understand their concerns. It is the Board's understanding that the votes against the re-election of the Chairman were primarily driven by his having been in office for over nine years. While the Board were of the view that retaining the Chairman's knowledge and expertise would be in the best interests of shareholders, in advance of the AGM, on 27 July 2021, the Chairman announced his retirement from the Board in recognition of the concerns of some shareholders. 

The Company will continue to engage with its shareholders and in accordance with the provisions of the 2018 UK Corporate Governance Code, the Board will provide an update on this engagement within six months of the AGM.

For further information please contact:

PALACE CAPITAL PLC

Neil Sinclair, Chief Executive

Stephen Silvester, Chief Financial Officer

Tel. +44 (0)20 3301 8331

Broker

Numis Securities

Heraclis Economides / George Fry

Tel: +44 (0)20 7260 1000

Broker

Arden Partners plc

Corporate Finance: Paul Shackleton / Elliot Mustoe

Corporate Broking: James Reed-Daunter

Tel: +44 (0)207 614 5900

Financial PR

FTI Consulting

Claire Turvey / Katie Hughes

Tel: +44 (0)20 3727 1000

palacecapital@fticonsulting.com

About Palace Capital plc

Palace Capital plc (LSE: PCA) is a UK REIT that has a £274 million diversified portfolio of UK regional commercial property. The Company maintains a disciplined investment strategy focused on towns and cities outside of London that are characterised by thriving local economies and strengthening fundamentals. Within those locations the highly experienced management team select assets that provide opportunities to drive both capital value and long-term rental income through tailored active asset management programmes ultimately delivering attractive shareholder returns.

www.palacecapitalplc.com

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