Palace Capital (GB:PCA) has released an update.
Palace Capital PLC has successfully sold five investment properties, generating £15.3 million, slightly below previous valuations, and has reduced its floating rate debt significantly, transitioning to a net cash position. The company is preparing to return substantial capital to shareholders, potentially through a tender offer, after having already returned £21.9 million via a share buyback program. This strategic financial maneuvering has placed Palace Capital in a strong position despite a challenging market.
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