Palace Capital founders back cash shell
The co-founders of real estate investor Palace Capital have backed a cash shell that they say will set out with the “same ambitions” as their former firm.
Neil Sinclair and Stanley Davis, who co-founded Palace in 2010 and have since exited the business, have bought into More Acquisitions via a £312,240 placing of shares at 1p each.
Both will join the company’s board, with Neil Sinclair as executive chairman and Stanley Davis as non-executive director. Current director Charles Goodfellow will remain on the board, with Roderick McIllree retiring.
The co-founders of real estate investor Palace Capital have backed a cash shell that they say will set out with the “same ambitions” as their former firm.
Neil Sinclair and Stanley Davis, who co-founded Palace in 2010 and have since exited the business, have bought into More Acquisitions via a £312,240 placing of shares at 1p each.
Both will join the company’s board, with Neil Sinclair as executive chairman and Stanley Davis as non-executive director. Current director Charles Goodfellow will remain on the board, with Roderick McIllree retiring.
In a social media post, Sinclair said: “In our view, 2024 closely mirrors conditions in the real estate market in 2013: there is great opportunity. At that time we acquired a £40m portfolio from Quintain and subsequently created a portfolio of £280m within a decade. We have the same ambitions for our new venture.
“I would be very pleased to hear from property owners both offshore and onshore, family offices, wealth managers, agents, restructuring consultants and insolvency practitioners amongst others, as we seek to acquire companies/portfolios by means of a reverse takeover.”
McIllree said: “The appointment of Neil and Stanley to the board of the company marks an exciting step towards the execution of a reverse takeover which is expected to be value enhancing for all stakeholders. They begin their tenure on a positive note by investing in the company at a significant premium to the market thereby confirming their faith in their stated objective of value creation.”
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