Investment accounts
Adult accounts
Child accounts
Choosing Fidelity
Choosing Fidelity
Why invest with us Current offers Fees and charges Open an account Transfer investments
Financial advice & support
Fidelity’s Services
Fidelity’s Services
Financial advice Retirement Wealth Management Investor Centre (London) Bereavement
Guidance and tools
Guidance and tools
Choosing investments Choosing accounts ISA calculator Retirement calculators
Share dealing
Choose your shares
Tools and information
Tools and information
Share prices and markets Chart and compare shares Stock market news Shareholder perks
Pensions & retirement
Pensions, tax & tools
Saving for retirement
Approaching / In retirement
Approaching / In retirement
Speak to a specialist Creating a retirement plan Taking tax-free cash Pension drawdown Annuities Investing in retirement Investment Pathways
Palace Capital announces £22m tender offer
(Sharecast News) - Palace Capital announced a proposed return of capital to shareholders on Thursday, by way of a tender offer. The London-listed company said the offer would see qualifying shareholders invited to tender some or all of their ordinary shares, with up to 8,667,760 shares eligible for purchase for a total cash consideration of up to £21.67m.
It said the initiative followed the share buyback authority granted by shareholders on 4 December.
Under the terms of the offer, qualifying shareholders would have a guaranteed entitlement to tender three shares for every 13 held, representing 23% of their holdings as of the record date.
The tender offer would be conducted at a price of 250p per share - an 11.1% premium to its share price as of 11 June.
A circular outlining the background, reasons, and terms of the tender offer, along with the board's recommendation, would be published shortly and made available on the company's website.
The board said the offer remained conditional on shareholder approval at an upcoming general meeting.
It said the tender offer would open on 14 June and close at 1300 BST on 9 July.
Successful tenders would result in the cancellation of the shares, reducing the issued share capital to 28,892,535 shares.
The board said it unanimously supported the offer, considering it in the best interest of all shareholders.
"The tender offer announced today represents a further milestone in the board's strategy of returning cash to shareholders, following the £21.9m cash returned through buybacks since July 2022," said executive chairman Steven Owen.
"The format of the tender offer provides good flexibility, enabling those qualifying shareholders who wish to reduce their holdings an opportunity to do so at a market-driven price with a premium, whilst permitting those who wish to retain their current investment in the company to do so.
"With further property sales due to complete later in the year, we anticipate making further capital returns through an additional tender offer as we continue to deliver on our strategy for shareholders."
At 0941 BST, shares in Palace Capital were up 4.73% at 232.65p.
Reporting by Josh White for Sharecast.com.
Share this article
Related Sharecast Articles
Important information: This information is not a personal recommendation for any particular investment. If you are unsure about the suitability of an investment you should speak to one of Fidelity’s advisers or an authorised financial adviser of your choice. When you are thinking about investing in shares, it’s generally a good idea to consider holding them alongside other investments in a diversified portfolio of assets. Past performance is not a reliable indicator of future returns.
Award-winning online share dealing
Search, compare and select from thousands of shares.
Expert insights into investing your money
Our team of experts explore the world of share dealing.
Policies and important information
Accessibility | Conflicts of interest statement | Consumer Duty Target Market | Consumer Duty Value Assessment Statement | Cookie policy | Diversity, Equity & Inclusion | Doing Business with Fidelity | Diversity, Equity & Inclusion Reports | Investing in Fidelity funds | Legal information | Modern slavery | Mutual respect policy | Privacy statement | Remuneration policy | Security | Statutory and Regulatory disclosures | Whistleblowing policy
Please remember that past performance is not necessarily a guide to future performance, the performance of investments is not guaranteed, and the value of your investments can go down as well as up, so you may get back less than you invest. When investments have particular tax features, these will depend on your personal circumstances and tax rules may change in the future. This website does not contain any personal recommendations for a particular course of action, service or product. You should regularly review your investment objectives and choices and, if you are unsure whether an investment is suitable for you, you should contact an authorised financial adviser. Before opening an account, please read the ‘Doing Business with Fidelity’ document which incorporates our client terms. Prior to investing into a fund, please read the relevant key information document which contains important information about the fund.
This website is issued by Financial Administration Services Limited, which is authorised and regulated by the Financial Conduct Authority (FCA) (FCA Register number 122169) and registered in England and Wales under company number 1629709 whose registered address is Beech Gate, Millfield Lane, Lower Kingswood, Tadworth, Surrey, KT20 6RP.
