Palace Capital

PCA · Main Market · Real Estate · mcap £30m · 191.0p 4 open situations →

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2026 Lakestreet Capital Partners AG campaign 1 director buying Possible offer Portfolio disposal and capital return Peter Gyllenhammar AB selling down Peter Gyllenhammar AB selling down Lakestreet Capital Partners AG selling down Tender offer and return of capital

Open · 4

Activist campaign

Lakestreet Capital Partners AG campaign

campaign

Includes 1 director buying – £492k in 1 buy Includes Lakestreet Capital Partners AG selling down – 20.986% → 14.7838% in 2 notices, closed 4 Dec 2025

23 Sep 2026 18.8158%
23 Jul 2026 18.8158%
23 Jan 2026 campaign
8 Jan 2026 campaign

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Insider conviction

1 director buying

£492k in 1 buy

Part of Lakestreet Capital Partners AG campaign – campaign

23 Sep 2026 Lakestreet Trading AG £492k

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Takeover target

Possible offer

approach

Part of Portfolio disposal and capital return – Buyback waiver vote pending; Lakestreet caps votes

24 Jun 2026 approach

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Disposal of a part (break-up)

Portfolio disposal and capital return

Buyback waiver vote pending; Lakestreet caps votes

Includes Possible offer – approach

Wind-down began in July 2022, with over £160m of assets sold and over £64m returned. Halifax sold for £9.9m in February 2026. Portfolio valued at £31.3m at 31 March 2026, down 16%. Two April buybacks bought 700,000 shares for c.£1.2m. A General Meeting on 29 June 2026 is to consider the Rule 9 waiver for the buyback. On 24 June 2026, Lakestreet undertook to cap its votes at 29.99% at any general meeting, after consulting the largest shareholders.

Buybacks done: 700,000 shares for c.£1.2m, announced 21 and 24 April 2026 24 Jun 2026 ↗
Distributable reserves: £6.9m, which limits cash returns; no dividend declared 24 Jun 2026 ↗
Buyback authority: 3,633,880 shares; GM on 29 June 2026 needed to approve use 24 Jun 2026 ↗
Leamington Spa: Sale paused after higher unsolicited offer; Williams Street land being explored 11 Jun 2026 ↗
Exeter: Under offer since February 2026; vacant possession and planning risk 11 Jun 2026 ↗
Rule 9 waiver: GM resolution to waive Concert Party's obligation to make an offer, from buyback (circular 11 June 2026) 24 Jun 2026 ↗

24 Jun 2026 Buyback waiver vote pending; Lakestreet caps votes
11 Jun 2026 Buyback under way; wider return depends on GM
17 Apr 2026 Buyback started; wider capital return planned
16 Apr 2026 Exeter under offer; York apartments selling

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Closed · 4

OverhangPeter Gyllenhammar AB selling down holder sold out · 17 Jul 2026 – 17 Jul 2026 +6% OverhangPeter Gyllenhammar AB selling down selling stopped · 5 Nov 2025 – 4 Mar 2026 −22% OverhangLakestreet Capital Partners AG selling down selling stopped · 1 Dec 2025 – 4 Dec 2025 −17% Capital returnTender offer and return of capital paid out · 5 Jun 2025 – 27 Nov 2025 −5%

Company filings. Not investment advice.