Share Register Transfer

Palace Capital are a property investment company that has a diversified portfolio of UK regional commercial real estate outside of London. They are a Real Estate Investment Trust (REIT) listed on the London Stock Exchange Main Market. Palace Capital’s strategy is to focus on maximising cash returns to shareholders, whilst continuing to remain mindful of consolidation in the Real Estate sector.

The Company Secretary at Palace Capital, Phil Higgins, had noted some historic and ongoing service issues with their incumbent share registrar and contacted EQ Relationship Manager, Martin Cooper, in September 2023. Phil had concerns regarding the numerous changes to his relationship contact and queries from shareholders regarding their AGM voting management and support which resulted in a loss of trust. The Board were therefore supportive of a possible change in provider. Phil and Martin had enjoyed an excellent working relationship in the past (when Phil was Company Secretary at another EQ client). Phil had also worked with EQ previously whilst at various other FTSE100 and FTSE250 clients over many years.

Palace Capital accepted EQ’s proposal and regular migration project calls over 5 months were arranged which resulted in the share register successfully going live with EQ on 19 February 2024. 

To date, EQ has successfully supported Palace Capital with the following tasks:

• Shareholder electronic communications consultation which reduced the number of shareholders requiring hard copy communications to less than 5%
  
  
• Successful payment of the first dividend payment by EQ in April 2024 and subsequent quarterly payments
  
  
• Support for an in person Annual General Meeting, with regular analysis of voting and no service issues throughout
  
  
• Delivery of a successful Tender Offer and General Meeting which returned £21.67 million cash to shareholders, in line with the strategy

It is always easier to maintain the status quo but there comes a point where doing the ‘easy’ option is not the ‘best’ option for the company and its shareholders. Once the decision was made to move, the implementation was as smooth as expected. As always though, underneath the surface, lots of activity was going on between the two sets of registrars and the company. Most importantly, shareholders did not see any issues and we soon moved in to a more positive working relationship with EQ. 

I trust and believe that Martin Cooper as RM and the wider EQ team will continue to work with us to deliver for shareholders in line with our strategy. Such collaboration to find pragmatic solutions to issues benefits everyone. It’s been reassuring to note that I don’t think I’ve had any complaints from shareholders since the move, despite implementing ecomms, dividends, an AGM and Tender Offer. Whilst we continue to progress and improve our delivery for shareholders, I’m confident we can do this together.

Phil Higgins – Company Secretary - Palace Capital plc