TIDMCRC

RNS Number : 1598W

Circle Property PLC

13 April 2023

THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN (TOGETHER, THIS "ANNOUNCEMENT") IS RESTRICTED AND IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL.

THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND DOES NOT CONSTITUTE OR FORM ANY PART OF AN OFFER TO SELL OR ISSUE, OR A SOLICITATION OF AN OFFER TO BUY, SUBSCRIBE FOR OR OTHERWISE ACQUIRE ANY SECURITIES IN THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, THE REPUBLIC OF SOUTH AFRICA OR IN ANY OTHER JURISDICTION IN WHICH SUCH OFFER OR SOLICITATION WOULD BE UNLAWFUL OR TO ANY PERSON TO WHOM IT IS UNLAWFUL TO MAKE SUCH OFFER OR SOLICITATION. NO PUBLIC OFFERING OF THE B SHARES IS BEING MADE IN ANY SUCH JURISDICTION. ANY FAILURE TO COMPLY WITH THESE RESTRICTIONS MAY CONSTITUTE A VIOLATION OF THE SECURITIES LAWS OF SUCH JURISDICTIONS.

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF EU REGULATION 596/2014 (AS AMENDED) (WHICH FORMS PART OF DOMESTIC UK LAW PURSUANT TO THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 (AS AMENDED)). UPON THE PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.

13 April 2023

Circle Property plc

("Circle", the "Company" or the "Group")

Second Return of Capital of approximately GBP16.07 million

Circle Property plc (AIM: CRC), is pleased to announce that following completion of the disposals of Concorde Park, Maidenhead and 400 Pavilion Drive, Northampton for an aggregate consideration of GBP15 million, the allotment and issue to holders of Ordinary Shares of 29,215,555 unlisted B Shares pursuant to the B Share Issue, on the basis of one B Share for each Ordinary Share held at 6.00 pm on 17 April 2023 (the "Record Date"), with an ex-entitlement date of 14 April 2023, will occur on 18 April 2023 (the "Second Return of Capital").

The Company notifies Shareholders that 14 April 2023, being the ex-entitlement date for the Second Return of Capital, is the last date by which Shareholders are required to hold Ordinary Shares in the Company in order to participate in the Second Return of Capital.

As the B Shares will be redeemed shortly after issue, no application has been, or will be made to the London Stock Exchange for any of the B Shares to be admitted to trading on AIM, nor will the B Shares be listed or admitted to trading on any other recognised investment exchange. No share certificates will be issued in respect of the B Shares and no CREST accounts will be credited with the B Shares.

The Company intends that the B Shares will be redeemed on 18 April 2023, for 55 pence per B Share amounting to a second Return of Capital to Shareholders of approximately GBP16.07 million. For those Shareholders as at the Record Date, CREST accounts are expected to be credited with the redemption proceeds on 24 April 2023 and cheques in relation to Shareholders who hold Ordinary Shares in certificated form will be posted on or before 1 May 2023.

The timetable for the Second Return of Capital is as follows:

 
Ex-entitlement date:                14 April 2023 
Record Date:                        6.00 pm on 17 April 2023 
                                    ------------------------ 
Redemption of B Shares:             18 April 2023 
                                    ------------------------ 
Payment to CREST Shareholders:      24 April 2023 
                                    ------------------------ 
Payment to Shareholders via cheque  1 May 2023 
 by: 
                                    ------------------------

Terms used in this announcement, but which are otherwise undefined, shall have the same meaning as set out in the circular published by the Company on 20 January 2023 (the "Circular"). The Circular is available on the Company's website at https://www.circleproperty.co.uk/investors/reports-and-presentations/2023 .

On admission of the Company's Ordinary Shares to trading on AIM in February 2016 ("Admission"), the units held in Circle Property Unit Trust were converted to Ordinary Shares on a 1 for 1 basis. The Company has prepared statements for each of the investors who held units in Circle Property Unit Trust prior to Admission, detailing the base cost of the Ordinary Shares issued on Admission. The statements are available on request from the Company Secretary by email at circleproperty@oak.group .

Future Return of Capital and Cancellation

Once the Company's final remaining property at 300 Pavilion Drive, Northampton has been sold, a final modest Return of Capital will be made to Shareholders. In addition, a definitive timetable for cancellation of the Company's Ordinary Shares from trading on AIM will be notified to Shareholders as soon as practicable. Further announcements will be made, as appropriate.

Enquiries:

 
                             +44 (0)20 7930 
 Circle Property Plc          8503 
 John Arnold, CEO 
  Edward Olins, COO 
 
                            +44 (0)20 7397 
   Cenkos Securities plc     8900 
 Katy Birkin 
  George Lawson 
 
  Radnor Capital 
  Joshua Cryer                +44 (0)20 3897 
  Iain Daly                   1830 
                            +44 (0)20 3757 
 Camarco                     4992 
 Ginny Pulbrook 
  Toby Strong

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April 13, 2023 11:30 ET (15:30 GMT)

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