Palace Capital Share Discussion Threads

[spectoacc] 12/8/2022 10:53

Think of the saving in business cards.

[baner] 12/8/2022 10:51

hpcg - you are absolutely right, no need at all!

[hpcg] 12/8/2022 09:31

Not sure why we need a Head of Investment either.

[baner] 12/8/2022 09:24

£4.5m of Admin costs was the run-rate last year. should come down to max £2m. saving of c 5p/share that in lieu of feeding the Sinclair entourage and some of the more expensive Mayfair wine bars, can now be paid out to the shareholders. thus dividend could be increased to nearer to 20p.

[spectoacc] 12/8/2022 09:23

Too many small REITs think they're British Land.

[nickrl] 12/8/2022 09:11

CWA1 the fact they had Starr as Executive Property Director plus a Head of Asset Management a Head of Investment shows how top heavy PCA are.

[cwa1] 12/8/2022 08:45

Certainly pleased that they have re-allocated his duties to two existing employees rather than suggesting he will be replaced:-

His duties will be allocated between Daniel Davies, Head of Asset Management and Tom Hood, Head of Investment

[baner] 12/8/2022 08:20

Starr is a clown that carried the briefcase for Sinclair. totally incompetent. a liabilitiy for the company has been removed. good to see that mr Owen is swinging the axe - more costs to take out - for example the posh Mayfair offices.....

[spectoacc] 12/8/2022 07:25

A delayed "Immediate effect"..

[cwa1] 12/8/2022 07:08

Board change

Palace Capital (LSE:PCA), the Main Market property investment company that owns a diversified portfolio of UK commercial real estate in carefully selected locations outside of London , announces the following change to its Board.

Richard Starr, Executive Property Director, has decided that now is the right time to step down from the Board with immediate effect and will leave the Company on 30 September following an orderly handover period. His duties will be allocated between Daniel Davies, Head of Asset Management and Tom Hood, Head of Investment, both of whom will report directly to Steven Owen, Interim Executive Chairman.

Steven Owen, Interim Executive Chairman, commented:

"On behalf of the Board, I would like to thank Richard for his dedication and commitment to Palace Capital over the last nine years. The Board and staff wish him well."

Nothing AT ALL to do with the fact almost 45% of the vote went against him in the recent re-election resolution...

[makinbuks] 02/8/2022 11:35

I assume that also, just seems an unnecessary gesture given the more direct points made in other votes

[andy246] 02/8/2022 11:30

Makinbuks,

I thing the votes against receiving and approving the accounts were simply rebellious votes by the shareholders. I don't think it was related to the accounts, or a specific item within them.

[makinbuks] 02/8/2022 11:14

I can understand the AGM shareholder revolts in respect of director appointment, remuneration etc and the ability to alot shares, but why vote against receiving and approving the accounts? Does it imply they believe there is something untoward in them?

[baner] 02/8/2022 09:55

it is obvious that the focus will now be 100% to liquidate the company in an orderly manner and hand over the net proceeds to shareholders. following the recent buy back the NAV should be just under 400p so still an attractive discount to the asset value here.

[hpcg] 02/8/2022 08:53

I hope that is to assist with either a trade sale or expediting the sale of individual properties. Otherwise costs should be coming down not going up.

[cwa1] 02/8/2022 07:15

Board change

Palace Capital (LSE:PCA), the Main Market property investment company that owns a diversified portfolio of UK commercial real estate in carefully selected locations outside of London , announces the following change to its Board and committee responsibilities.

Mark Davies, ACA has been appointed as an independent Non-Executive Director and joined the Board with immediate effect. A highly experienced FTSE250 executive, Mark has extensive experience of Chairman, CEO and CFO roles in listed companies and private equity. He was a Co-founder Director of New River REIT plc ("New River") and helped take the Company from IPO to the FTSE250 in seven years. He was CFO of New River for over twelve years and, working alongside his role as CFO, was also CEO/Chairman of Hawthorn Leisure Limited ("Hawthorn") for five years. Mark stood down from the Board of New River following the announcement of the sale of Hawthorn in July 2021 but remained as CEO of Hawthorn until its successful sale to Admiral Taverns in August 2021.

In addition to his role as a Non-Executive Director, Mark will chair both the Audit Committee and Remuneration Committee and will also be the Senior Independent Director.

Steven Owen will chair the Nominations Committee and Matthew Simpson, CFO, will chair the ESG Committee.

Steven Owen, Interim Executive Chairman, commented:

"Mark's track record, experience and knowledge of property and capital markets will be invaluable in enabling the Board to execute the Company's strategy of maximising cash returns to shareholders. The Board is looking forward to working with Mark in delivering this goal."

Mark Davies, Non-Executive Director, commented:

" I'm delighted to have joined the Board of Palace Capital as a Non-Executive Director. I've followed the Company since its inception and I'm looking forward to working alongside Steven and the Management Team to deliver Shareholder Value."

[nickrl] 29/7/2022 21:18

CWA1 shame some of the big shareholders didn't vote this way when Sinclair was there. They acknowledge the against votes but whether they will react to it remains to be seen.

[cwa1] 29/7/2022 17:20

The AGM Result makes for interesting reading:-

[baner] 29/7/2022 08:09

Harwood is an excellent addition to the shareholders register - Mills is paying significantly more for his shares than Gillenhammer and others, so clearly he sees good value here.

[makinbuks] 28/7/2022 18:54

I'm a Harwood supporter. Very interesting development

[konradpuss] 22/7/2022 19:14

Great news for the property world - in one of the property rags this week Neil Sinclair was quoted as saying he will not be retiring (he is 79 from memory) as he has another property venture planned.

Could he just not retire? It might mean a bit less trade for some Mayfair wine bars, however it would help returns in the quoted property sector.

I sure he is not a bad old buffer.

[nickrl] 22/7/2022 14:32

2wild email the company they came back to me over an issue i wanted clarity on a while back

[davebowler] 22/7/2022 14:18

Simon Thompson conclusion -
Palace Capital's high yielding shares have delivered a 36.6 per cent total return since I initiated coverage (Alpha Research: ‘A Reit royal value play’, 11 March 2021) and I maintain my 350p target. Buy.

[2wild] 21/7/2022 20:54

Does anyone know how many Hudson Q flats are still unsold?