|
Palace Capital PLC - London-based property investor - Executive Chair Steven Owen and Senior Independent Director Mark Davies, the only two members of the board, resign on Friday, after Palace Capital shareholders indicate support for the demand by Lakestreet Capital Partners AG that Owen be removed. To replace them, Palace names Lakestreet Chief Executive Officer Christian Kappelhoff-Wulff as its new non-executive chair and Lakestreet Chair Valentin Pierburg as a non-executive director. Earlier this month Lakestreet, the largest shareholder in Palace Capital with just under a 23% stake, requisitioned a general meeting to remove Owen, saying it ‘demands change’ at Palace Capital and claiming that Owen was overpaid. ‘Lakestreet is deeply troubled by the excessive amount of remuneration that Steven Owen continues to extract for himself and the value destruction that shareholders suffer as a result,’ Lakestreet said at the time. Palace Capital has been in wind down since mid-2022, selling £160 million in assets since then, repaying all £95.4 million in bank debt, and returning £64 million in cash to shareholders. The company has five investment properties remaining, two of which are under offer and a third expected to go under offer in coming weeks, the company says. ‘Having consulted with shareholders, the board determined that the resolutions which would have been proposed at the requisitioned general meeting would have passed and that it is not in the company’s best interest to continue with that process in light of the expectation that the company will shortly only have two remaining investment properties,’ it says. Davies says he now will concentrate on his role as CEO of Primary Health Properties PLC, a FTSE 250 listing that Owen chaired until 2024. Current stock price: 213.00 pence, up 2.9% in London on Monday 12-month change: down 2.3% Copyright 2026 Alliance News Ltd. All Rights Reserved.
|
