Palace Capital (PCA): Portfolio disposal and capital return

This situation live

PCA Palace Capital

£30m · 191.0p · −4% since the first step

27 Nov 2025 · Halifax under offer; Leamington Spa, Exeter being marketed · +4% until the next step Assuming that the properties currently under offer are sold, it is anticipated that the Company will return further cash to shareholders through another tender offer in the first quarter of 2026.

5 Jan 2026 · Lakestreet says it can speed sales and add buybacks · −1% until the next step Lakestreet is confident it can accelerate the sale of the remaining assets while removing all unnecessary costs from the business to deliver greater returns for shareholders.

8 Jan 2026 · Two assets under offer, Exeter being marketed · +0% until the next step Two of these assets (Halifax and Leamington Spa) are under offer, and a third asset (Exeter) is being marketed for sale and is also expected to go under offer in the coming weeks.

23 Jan 2026 · Halifax and Leamington under offer; Exeter marketed · −16% until the next step A third asset, The Forum, an office in Exeter is currently being marketed for sale and is expected to go under offer in the coming weeks.

16 Apr 2026 · Exeter under offer; York apartments selling · −1% until the next step The Forum, Exeter is currently under offer and the valuation of that asset reflects the under-offer price, net of costs required to create vacant possession (necessary to complete the sale).

17 Apr 2026 · Buyback started; wider capital return planned · −3% until the next step as the initial step of a wider capital return programme it is progressing with its advisers.

11 Jun 2026 · Buyback under way; wider return depends on GM · −1% until the next step Separately today, we have published a circular convening a General Meeting to be held on 29 June 2026 to approve the resolution required to authorise the use of the Company's share buyback authority.

24 Jun 2026 · Buyback waiver vote pending; Lakestreet caps votes · +16% since a general meeting of the Company was called for the purpose of considering and, if thought fit, passing a resolution to waive any obligation that would arise on the Concert Party (as defined in the Ci

Disposal of a part (break-up)

Portfolio disposal and capital return

Buyback waiver vote pending; Lakestreet caps votes

Every step · 8

27 Nov 2025 Halifax under offer; Leamington Spa, Exeter being marketed – Assuming that the properties currently under offer are sold, it is anticipated that the Company will return further cash to shareholders through another... ↗
5 Jan 2026 Lakestreet says it can speed sales and add buybacks – Lakestreet is confident it can accelerate the sale of the remaining assets while removing all unnecessary costs from the business to deliver greater returns... ↗
8 Jan 2026 Two assets under offer, Exeter being marketed – Two of these assets (Halifax and Leamington Spa) are under offer, and a third asset (Exeter) is being marketed for sale and is also expected to go under... ↗
23 Jan 2026 Halifax and Leamington under offer; Exeter marketed – A third asset, The Forum, an office in Exeter is currently being marketed for sale and is expected to go under offer in the coming weeks. ↗
16 Apr 2026 Exeter under offer; York apartments selling – The Forum, Exeter is currently under offer and the valuation of that asset reflects the under-offer price, net of costs required to create vacant possession... ↗
17 Apr 2026 Buyback started; wider capital return planned – as the initial step of a wider capital return programme it is progressing with its advisers. ↗
11 Jun 2026 Buyback under way; wider return depends on GM – Separately today, we have published a circular convening a General Meeting to be held on 29 June 2026 to approve the resolution required to authorise the... ↗
24 Jun 2026 Buyback waiver vote pending; Lakestreet caps votes – a general meeting of the Company was called for the purpose of considering and, if thought fit, passing a resolution to waive any obligation that would... ↗

What is happening

Palace Capital: Portfolio disposal and capital return – Buyback waiver vote pending; Lakestreet caps votes. ['Buyback waiver vote pending; Lakestreet caps votes']

In short: 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.
Announced: 27 Nov 2025 · Halifax under offer; Leamington Spa, Exeter being marketed
Latest: 24 Jun 2026 · Buyback waiver vote pending; Lakestreet caps votes
Buybacks done: 700,000 shares for c.£1.2m, announced 21 and 24 April 2026
Distributable reserves: £6.9m, which limits cash returns; no dividend declared
Buyback authority: 3,633,880 shares; GM on 29 June 2026 needed to approve use
Leamington Spa: Sale paused after higher unsolicited offer; Williams Street land being explored
Exeter: Under offer since February 2026; vacant possession and planning risk
Rule 9 waiver: GM resolution to waive Concert Party's obligation to make an offer, from buyback (circular 11 June 2026)
Voting cap: Lakestreet entities will not exercise votes above 29.99% of votes on a poll with Concert Party, stated 24 June 2026
Leamington and Exeter: Leamington Spa sale paused after higher offer; Exeter under offer since February 2026, planning risk

From the company's own announcements. Not investment advice.

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Activist campaignLakestreet Capital Partners AG campaign – campaign Insider conviction1 director buying – £492k in 1 buy Takeover targetPossible offer – approach OverhangPeter Gyllenhammar AB selling down – 13.011% → 0.112% in 1 notice · closed OverhangPeter Gyllenhammar AB selling down – 19.698% → 5.99% in 2 notices · closed Palace Capital – company page →