Result of General Meeting
Palace Capital plc announced that shareholders approved a waiver under Rule 9 of the Takeover Code at a General Meeting, with 5,516,850 votes for and 3,285,514 votes against the resolution. This approval means the obligation for Lakestreet Capital Partners AG and its concert parties to make a mandatory cash offer for shares not already owned by them will be waived, even if the company proceeds with its share buy-back authority. The waiver has now taken effect, and the board anticipates delivering a positive outcome for all investors.
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On 11 June 2026, Palace Capital plc (the "Company") published a circular (the "Circular") convening a General Meeting in connection with the proposed waiver (the "Waiver") under Rule 9 of the City Code on Takeovers and Mergers (the "Takeover Code") of the obligation that would otherwise arise on Lakestreet Capital Partners AG and its concert parties (together, the "Concert Party") to make a mandatory cash offer for the ordinary shares in the capital of the Company not already owned by the Concert Party, as a result of any purchases of Shares by the Company pursuant to its existing share buy-back authority.
The Company announces that the General Meeting to consider the Resolution relating to the Waiver was held today and the Resolution was approved by the requisite majority of shareholders (other than members of the Concert Party ("Independent Shareholders")) on a poll.
The results of the poll were as follows:
Ordinary Resolution: Approval of the Waiver under Rule 9 of the Takeover Code
| Number of Shares voted | % of votes cast | |
|---|---|---|
| FOR | 5,516,850 | 62.67% |
| AGAINST | 3,285,514 | 37.33% |
| WITHHELD | 540 | - |
Votes withheld are not counted in the calculation of the proportion of votes for or against the Resolution.
As a result of the passing of the Resolution, the Waiver has now taken effect. The Panel has waived the obligation of the Concert Party to make a mandatory cash offer for Shares not already owned by the Concert Party that would otherwise arise under Rule 9 of the Takeover Code as a result of a share buy-back.
Christian Kappelhoff-Wulff, Non-Executive Chairman of the Company commented, "I would like to thank shareholders for the support they have shown the Company at this meeting. The board looks forward to delivering a positive outcome for all investors."
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.