Activist increases stake in Palace Capital
An activist investor has increased its stake in London-listed Palace Capital, rising up the REIT’s shareholder register.
Peter Gyllenhammar’s eponymous Stockholm-based investment firm has lifted its holding in Palace to just shy of 7.6%, according to regulatory filings.
That means the firm has replaced JO Hambro as the investor with the third-largest stake in Palace, according to analysis of the company’s shareholder register.
An activist investor has increased its stake in London-listed Palace Capital, rising up the REIT’s shareholder register.
Peter Gyllenhammar’s eponymous Stockholm-based investment firm has lifted its holding in Palace to just shy of 7.6%, according to regulatory filings.
That means the firm has replaced JO Hambro as the investor with the third-largest stake in Palace, according to analysis of the company’s shareholder register.
Palace’s shares ended last week at 244p, a discount of a third on its net tangible assets per share at the time of its interim results last November.
Gyllenhammar told EG when he first took a stake in the company in 2020 that he had encouraged the company to launch a share buyback. At the time the shares were trading at a discount of some 50%.
In its interim results, Palace said it was focused on reducing the discount.
“While it is not our favoured route, we have not disregarded a share buyback programme and may consider it further, particularly if we continue to have a surplus of capital without the right accretive investment opportunities into which we can redeploy the capital,” Palace said at the time. “However, we are well aware of the necessity for consolidation in the sector and this is an avenue we have under constant review.”
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