Palace makes slow progress with asset sell-off

Palace Capital plans to return more cash to investors with a 1m share buyback. The programme, representing approximately 2.3% of the company’s ordinary shares in issue with voting rights, follows its repurchase of 2.3m shares in July. Palace is attempting to hand cash back to investors, after shareholders voted against plans for the investor to focus on flipping tired office buildings. They demanded that the company sell off all remaining assets instead. Interim executive chair Steven Owen said: “The company continues to make progress with smaller asset disposals across the portfolio in a difficult environment while reducing our debt costs. This disciplined approach is enabling us to deliver value to shareholders via a further share buyback programme.” However, due to slow sales of assets, the aggregate purchase price will be no more than £2m. He added: “The board continues to monitor the timing of significant property disposals. In the meantime, the focus on disposal of smaller assets, active asset management and debt repayment continues.” To send feedback, e-mail piers.wehner@eg.co.uk or tweet @PiersWehner or @EGPropertyNews