Palace Capital Share Discussion Threads

[david371] 19/7/2024 21:12

Has anyone an account with jarvis (XOX),I wondered what % they paid out ? Thanks

[2wild] 16/7/2024 17:15

jttowler agreed. Expected maybe 2 to 3 times the announce 2.9% over allocation. getting over 14 x or 65% of my entire holding at 250p is amazing. Well done on your 45%. Brought back a chunk at 227.22p this afternoon.

[jttowler] 16/7/2024 15:24

It's maybe been calculated at the level held by ii in aggregate for all clients. Maybe if other clients didn't tender shares, it means your share of Ii's total rights to tender will increase? I seem to have got around 45% of my holding sold with HL

[2wild] 16/7/2024 14:36

II seen to be showing i have been allocated 65% tendered. Surely that can't be right. Expecting maybe 30% following this mornings announcement by PCA, above.

[2wild] 16/7/2024 08:39

Following the purchase of 8.1 million of its own chairs, at 250p. 28,892,535 shares of 10P remain outstanding.

[solarno lopez] 15/7/2024 12:37

ah ha silly me and thanks GCO

[gco1133a] 15/7/2024 12:13

That is the tender offer shares

[solarno lopez] 15/7/2024 12:00

Chunky 8m+ buy or so it would seem.

[poacher45] 15/7/2024 08:23

There are less shares but there is less income because we are selling the properties
to generate the cash to pay for the tender offer.

[adv11] 11/7/2024 20:38

Just out of interest, now there are less shares to distribute dividends to, and with an ex-dividend date of 25th July, should we not be getting a higher dividend ?
I don't seem to be seeing any of the long awaited additional cash being distributed to shareholders (having not sold in the tender offer as I would be taking a loss to do so).

[makinbuks] 02/7/2024 10:26

I believe so but you could just double check with IG

[saj3] 02/7/2024 09:55

So if I do nothing do the I keep the shares I have ?

[makinbuks] 02/7/2024 09:05

As far as I understand it, if you take no action no shares are tendered

[saj3] 02/7/2024 06:58

What is the default option?

[saj3] 02/7/2024 06:58

Palace Capital PLC have issued a tender offer offering shareholders the right to exchange the existing shares for Cash.You may choose one of the following:Option 1. Holders may Tender 23% of their basic entitlement + Excess shares (more or less than their basic entitlement) and receive a tender price GBP 2.5 per share tendered, subject to Proration.Option 2. No Action (Default - if we don't hear from you then the default option will be applied).Your decision must be made by the IG deadline 4th July 2024 12 PM UKT.

[camerongd53] 17/6/2024 09:29

I think that the proposed buybacks is good in that it returns surplus money back to shareholders.

Very small shareholders who hold say 100 shares or less should be allowed to tender all their shares as it wwould reduce admin cost for dealing with small investors.


I would have thought share buybacks in the market would be better and more efficient and just as transparent.

[makinbuks] 16/6/2024 16:29

I agree with your first point and its at least a consideration.

I don't agree on your second point however. The distribution ,in whatever form, is surplus cash. There is no upside to that element.

I happen to agree with you that there is upside in the value of the property as rates are cut and we move away from recession. Also there is significant rental yield to drive dividends while we wait for that to happen. If you go back far enough you would see I advocated renting HQ units and selling them one or two at a time as they come vacant. In hindsight that may have been a smarter way to deal with the unfavourable market we found ourselves in and it remains valid now

[pdosullivan] 16/6/2024 07:00

That is a good post. I agree - hard to disagree with maths! - that on market buybacks would be more accretive but I guess the stock is so illiquid that you'd struggle to buy back the same amount in any reasonable timeframe whilst being open to the risk of meaningful share price appreciation too. B share scheme means less upside for those - like me - who think NAV (proforma for distributions) incorporates excessively conservative property values

[makinbuks] 15/6/2024 18:24

I'm not sure what to think of this tender. They could have continued share buy backs. They argue that the tender gives holders the opportunity to exit at a premium to the market but buying back at the market is more beneficial. Equally they could have done the classic B share issue with compulsory redemption which would return cash in a very straightforward manner for ALL holders. By opting for a tender the implication (to me) is that there is a better deal to come. Of course there is risk to hanging on as well but I'm tempted to ignore this

[solarno lopez] 15/6/2024 11:39

A very good question and a question I too face

[nickrl] 14/6/2024 12:09

Presumably you have to be registered holder before a certain date to participate?

[2wild] 13/6/2024 13:27

3 for 13 shares (23.076%) At 250p. Tender opens tomorrow for 3 weeks. Cash paid 19th July.
Another Return intimated for later this year.

[elsa7878] 13/6/2024 08:58

As predicted.

Interesting to see the level the tender is pitched at. Can’t be lower than the last one at 248. Well it could be but it shouldn't be.