PALACE CAPITAL PLC

PALACE CAPITAL PLC

Previous company name
LEO INSURANCE SERVICES PLC
Name change date
8/3/2010
Company Overview
Leo Insurance Services Plc is a United Kingdom-based publicly-quoted company that operates as a cash shell company. The company is formerly engaged in the non-store retail trade and later changed its activities to the provision of property insurance brokerage services. Leo Insurance Services was incorporated in January of 2005 and in March 2005, the company has entered into an agreement to invest in Grafton Insurance Services Limited to trade as a property insurance broker. In January of 2006, the company changed its name from Libra Retail Plc. Its change of name reflects the change in business.
Leo Insurance Services’ sole subsidiary company is Grafton Insurance Services Limited, a UK-based private company, incorporated in July 2005.
The company is listed in the Alternative Investments Market (AIM), a sub-market of the London Stock Exchange. Its registered main office is located in London, United Kingdom.
Business Summary
The Company principal activity is to make property related investments. The intention is to build the company by selected acquisitions using its Ordinary Shares where appropriate to fund acquisitions. It is intended that the company will take an active role in managing the investments by integrating them into the Group
Description and history
The Company principal activity is to make property related investments. The intention is to build the company by selected acquisitions using its Ordinary Shares where appropriate to fund acquisitions. It is intended that the company will take an active role in managing the investments by integrating them into the Group

History
The Company was incorporated on 14 January 2005 and listed to the Alternative Investment Market of London Stock Exchange on 6 January 2006.

The first name for the Company is Secure Ventures (No.4) plc. It was latterly changed its name to Libra Retail plc on 21 March 2005.

Suspension and restoration on trading.
The Company’s Ordinary Shares has been temporarily suspended from 31 July 2007 and the suspension is lifted from 8 August 2007.

Disposal of interest in Grafton
The Company has entered into a conditional agreement for the disposal of its principal asset, a 50 per cent. interest in Grafton, to Safeland (a company controlled by Larry Lipman and Errol Lipman, both directors of the Company) for a consideration of Ј90,000. The consideration is to be settled by way of offset of the outstanding indebtedness owed by the Company to Safeland at Completion (currently totalling approximately Ј75,000) and the balance in cash. The Disposal constitutes a fundamental change of business by the Group pursuant to Rule 15 of the AIM Rules and is also subject to the provisions of section 190 of the Act.

Change of name
Following the completion disposal of 50 per cent. interest in Grafton on 30 July 2010, the Company has changed name to Palace Capital Plc with effect on 3 August 2010.

Formerly known as Libra Retail Plc

Business Line
Provision of property insurance brokerage services
Subsidiary
EQUALGOLD LIMITED
Advisor
BAKER TILLY UK AUDIT LLP
IPO date
3/30/2005
US SIC Code
6722
Company Address
41, Chalton Street

City province or state postal code
NW1 1JD, LONDON
Phone: +44 20 7554 2227
Fax:
Country address: UNITED KINGDOM
Website url: www.palacecapitalplc.com