26 July 2023
Palace Capital plc
("Palace Capital" or the "Company")
Result of AGM
Palace Capital (LSE: PCA) announces the results of the Company's Annual General Meeting held earlier today.
The resolutions were as set out in the Notice of Meeting, as filed with the National Storage Mechanism (https://data.fca.org.uk/#/nsm/nationalstoragemechanism) and are also available on the company's website, www.palacecapitalplc.com.
All resolutions were passed. Resolutions 1 to 10 were passed as ordinary resolutions and resolutions 11 and 12 were passed as special resolutions.
The total votes cast were as follows:
| Resolution | In Favour Votes | Against Votes | Votes Withheld | ||
|
| No. | % | No. | % |
|
| 1 Receive and approve the Accounts | 27,481,400 | 98.90% | 306,503 | 1.10% | 1,528 |
| 2 Receive and approve the Directors' Remuneration report | 25,106,757 | 90.38% | 2,673,815 | 9.62% | 6,811 |
| 3 Declare a final dividend of 3.75p | 27,784,213 | 99.99% | 3,690 | 0.01% | 1,528 |
| 4 Re-appoint BDO LLP as auditors | 27,475,947 | 98.88% | 311,956 | 1.12% | 1,528 |
| 5 Authorise the Audit & Risk Committee to determine the auditors' remuneration | 27,475,947 | 98.88% | 311,956 | 1.12% | 1,528 |
| 6 Re-elect Steven Owen | 20,232,998 | 77.10% | 6,010,179 | 22.90% | 1,546,254 |
| 7 Re-elect Matthew Simpson | 26,563,575 | 95.59% | 1,224,328 | 4.41% | 1,528 |
| 8 Elect Mark Davies | 27,275,409 | 98.16% | 512,494 | 1.84% | 1,528 |
| 9 New Short Term Incentive Plan | 27,096,342 | 97.52% | 689,923 | 2.48% | 3,166 |
| 10 New Remuneration Policy | 27,155,962 | 97.74% | 629,303 | 2.26% | 4,166 |
| 11 Market purchase of own shares | 27,472,090 | 98.86% | 315,813 | 1.14% | 1,528 |
| 12 Calling general meetings on 14 days' notice | 27,750,912 | 99.87% | 36,991 | 0.13% | 1,528 |
A vote withheld is not a vote in law and is not counted in the calculation of the number or % of votes "For" or "Against" a resolution.
The Board would like to thank shareholders for their engagement and support ahead of the AGM.
While most of the resolutions were passed with significant majorities, the Board notes that the resolution to Re-elect Mr Steven Owen, Executive Chairman, received less than 80% support.
The Company extensively engaged with its major shareholders in the lead up to the AGM in relation to the focus on the maximizing of cash returns to shareholders, the new Short Term Incentive Plan and Remuneration Policy which are aligned with this strategy.
The Company will continue to engage with its shareholders and in accordance with the provisions of the UK Corporate Governance Code the Board intends to provide an update on this engagement within six months of the AGM.
For further information please contact:
PALACE CAPITAL PLC
Steven Owen, Executive Chairman
Matthew Simpson, Chief Financial Officer
Tel. +44 (0)20 3301 8331
Broker
Numis Securities
Heraclis Economides / Oliver Hardy
Tel: +44 (0)20 7260 1000
Financial PR
FTI Consulting
Dido Laurimore/ Giles Barrie
Tel: +44 (0)20 3727 1000
palacecapital@fticonsulting.com
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.