‘Done it before, doing it again’: Sinclair outlines post-Palace plans
Former Palace Capital chief executive Neil Sinclair has reiterated his desire to build another regional real estate investment firm, as he makes the first annual results announcement from the cash shell he backed earlier this year.
Sinclair and Palace Capital co-founder Stanley Davis bought into London-listed More Acquisitions via a £312,240 placing of shares at 1p each in January. The company will now have to make a reverse takeover.
Sinclair told EG last month that the real estate market today mirrors that of 2013, when Palace Capital was transformed by buying a £40m portfolio from Quintain.
Former Palace Capital chief executive Neil Sinclair has reiterated his desire to build another regional real estate investment firm, as he makes the first annual results announcement from the cash shell he backed earlier this year.
Sinclair and Palace Capital co-founder Stanley Davis bought into London-listed More Acquisitions via a £312,240 placing of shares at 1p each in January. The company will now have to make a reverse takeover.
Sinclair told EG last month that the real estate market today mirrors that of 2013, when Palace Capital was transformed by buying a £40m portfolio from Quintain.
Today (29 February), More Acquisitions issued an annual report in which it posted cash and cash equivalents of £649,265, net assets of £672,466 and a loss of £463,897.
“We have extensive experience in the real estate sector, particularly with listed companies,” Sinclair said in the report. “It is our intention to seek a suitable reverse takeover in this sector, which is beginning to show the first signs of recovery as interest rates fall. We have done it before and intend to make every effort to do it again. We will of course keep shareholders updated.”
He added: “We intend to acquire a portfolio of properties or a significant single asset where we have the opportunity to add value and create attractive returns for shareholders.”
