Palace Capital (PCA)

Sector:

Real Estate

Index:

FTSE Small Cap

229.50p
   
  • Change Today:
    -1.50p
  • 52 Week High: 260.00
  • 52 Week Low: 200.00
  • Currency: UK Pounds
  • Shares Issued: 37.56m
  • Volume: 11,965
  • Market Cap: £86.20m

Palace Capital agrees new ?40m facility with NatWest

By Josh White

Date: Wednesday 07 Aug 2019

LONDON (ShareCast) - (Sharecast News) - Commercial real estate investor Palace Capital has signed a new secured £40m revolving credit facility with NatWest with a maturity of five years, it announced on Wednesday, to replace the current £29.4m NatWest facility.
The AIM-traded real estate investment trust said the facility would provide it with "additional firepower" over current drawings, in a bid to to support operational flexibility, deliver further portfolio initiatives and have wider scope for new investments that met its investment criteria.

It said it was currently £106.2m drawn on its existing facilities, with a 34% loan-to-value ratio using the 31 March values, explaining that the facility was increasing its total debt facilities to £154.6m.

The board said that, with the benefit of the new facility, the initial weighted average cost of debt prior to amortisation of fees at current rates would be 3.2%, reducing to 3.1% if fully drawn, which compared to a weighted average cost of debt for the 12 months ended 31 March of 3.3%.

At current drawings, the group was 65% fixed or hedged, with the possibility of additional hedging said to be under review.

"We are pleased to build on our long-term relationship with NatWest," said Palace Capital finance director Stephen Silvester.

"This new facility further strengthens our financial platform, takes our average debt maturity out to 4.7 years and provides us with greater flexibility to implement our active programme of portfolio management, refurbishment and development at a highly competitive cost of debt whilst remaining within our targeted loan-to-value range of 30% to 40%."

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Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

 

Palace Capital Market Data

Currency UK Pounds
Share Price 229.50p
Change Today -1.50p
% Change -0.65 %
52 Week High 260.00
52 Week Low 200.00
Volume 11,965
Shares Issued 37.56m
Market Cap £86.20m

Palace Capital Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
27.65% below the market average27.65% below the market average27.65% below the market average27.65% below the market average27.65% below the market average
48.72% below the sector average48.72% below the sector average48.72% below the sector average48.72% below the sector average48.72% below the sector average
Price Trend
4.11% above the market average4.11% above the market average4.11% above the market average4.11% above the market average4.11% above the market average
2.33% above the sector average2.33% above the sector average2.33% above the sector average2.33% above the sector average2.33% above the sector average
Income
59.39% above the market average59.39% above the market average59.39% above the market average59.39% above the market average59.39% above the market average
35.48% above the sector average35.48% above the sector average35.48% above the sector average35.48% above the sector average35.48% above the sector average
Growth
26.15% below the market average26.15% below the market average26.15% below the market average26.15% below the market average26.15% below the market average
12.82% below the sector average12.82% below the sector average12.82% below the sector average12.82% below the sector average12.82% below the sector average

What The Brokers Say

Strong Buy 0
Buy 0
Neutral 1
Sell 0
Strong Sell 0
Total 1
neutral
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

Palace Capital Dividends

  Latest Previous
  3rd Interim 2nd Interim
Ex-Div 21-Mar-24 23-Nov-23
Paid 19-Apr-24 29-Dec-23
Amount 3.75p 3.75p

Trades for 28-Mar-2024

Time Volume / Share Price
15:55 500 @ 229.80p
14:26 1,756 @ 228.48p
12:55 2,063 @ 228.48p
09:41 1,000 @ 228.64p
08:30 191 @ 227.00p

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