Palace Capital plc
(“Palace Capital” or the “Company”)
Board change
Palace Capital (LSE: PCA), the Main Market property investment company that has a diversified portfolio of UK commercial real estate in carefully selected locations outside of London with a focus on the office and industrial sectors, announces that after 12 years of service, Neil Sinclair, CEO and co-founder, will be stepping down from the Board with immediate effect. He considers this the right time, following the strong Trading Update announced on 6 April 2022 and the material increase in NAV and dividend announced today.
Neil Sinclair co-founded Palace Capital with Stanley Davis and Andrew Perloff in 2010 and has been instrumental in growing the business through a combination of corporate and property acquisitions with the Company moving up from AIM to the Main Market in 2018 and converting to a REIT in 2019.
Steven Owen, non-executive Chairman, commented: “On behalf of the Board, I would like to thank Neil for his dedication, commitment and contribution to Palace Capital since 2010. The Board and staff of Palace Capital wish him well.”
Steven Owen, currently non-executive Chairman, will assume the role of Interim Executive Chairman with immediate effect.
The Board announced in the Trading Update on 6 April that, in consultation with shareholders, it was considering a range of strategic options, including a return of capital, to unlock further value in the business. Further information is provided in the Company's results announcement for the year ended 31 March 2022 which are also released this morning.