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Description of business:
Palace Capital plc (the "Company") is the owner of a portfolio of nine commercial properties located in Crewe and Nantwich, Cheshire. The Company is proposing to acquire the Sequel Portfolio from Quintain Estates & Development PLC (the "Acquisition") via a reverse takeover and the 23.5 million placing of new ordinary shares (the "Placing"). The Sequel Portfolio consists of 24 mixed use commercial properties in England and Wales. Total consideration of 39.25 million being financed by the placing of New Ordinary Shares to raise 23.5 million (before expenses) and a 20.0 million debt facility from Nationwide. The Directors and Proposed Director are committing to subscribe for, in aggregate, circa 3 million of Placing Shares in the Placing. Current net rent receivable from the Sequel Portfolio is circa 5.2 million, which based on the consideration payable, equates to a yield of approximately 13.2 per cent. The individual properties in Sequel Portfolio have been valued by Cushman & Wakefield at an aggregate sum of 44.2 million and at 39.7 million on a portfolio basis. Following the Acquisition the Company will continue as an owner and operator of commercial property, focussing on the UK secondary property market outside London.

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Palace Capital plc

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