The latest Investing Matters Podcast episode featuring financial educator and author Jared Dillian has been released. Listen here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksCRC.L Regulatory News (CRC)

  • There is currently no data for CRC

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

AIM Cancellation

17 May 2023 07:00

RNS Number : 6347Z
Circle Property PLC
17 May 2023
 

17 May 2023

Circle Property plc

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

 

Cancellation of admission of Ordinary Shares to trading on AIM

 

Further to the announcement dated 24 February 2023 and the passing of the resolutions at the Extraordinary General Meeting held on 22 March 2023, Circle Property plc (AIM: CRC), announces that in accordance with Rule 41 of the AIM Rules, the last day of dealings of the Company's Ordinary Shares on AIM will be 31 May 2023. Cancellation of the admission of the Ordinary Shares to trading on AIM will become effective following the issue of a Dealing Notice at 7.00 a.m. on 1 June 2023 ("Cancellation").

 

The Company has completed two returns of capital via B share issues to shareholders totalling approximately £62.23 million (213 pence per Ordinary Share), comprising approximately £46.16 million (158 pence per Ordinary Share) in March 2023 and approximately £16.07 million (55 pence per Ordinary Share) in April 2023.

 

As announced on 24 February 2023, it was the Board's intention to have sold the Company's final remaining asset, 300 Pavilion Drive, Northampton, prior to Cancellation occurring, in order for the disposal proceeds to be returned to shareholders by way of a return of capital whilst the Company was admitted to trading on AIM. However, the Board stated at that time that it would keep this under review noting the costs associated with maintaining a quotation on AIM. On 4 May 2023, the Company announced the exchange and completion of the disposal of its final remaining asset, 300 Pavilion Drive, Northampton for £2.85 million.

 

Maintaining the Company's admission to trading on AIM requires signicant management time, legal and regulatory obligations and comes with material nancial costs (such as professional fees, London Stock Exchange fees and other costs associated with being an AIM-traded company) that the Directors believe are disproportionate to the benets to the Company.

 

The Company's cash position as at the date of this announcement is £3.2 million. In order to minimise ongoing costs, the Board is proceeding with the Cancellation and confirms that a modest final return of capital (expected to be no more than £1.1 million (4 pence per Ordinary Share)) will be made to shareholders following Cancellation. It is expected that the final return of capital by way of a B share issue will be made in September 2023, subject to the timing of receipt of an HMRC VAT refund and after accounting for the Group's termination costs including, inter alia, final completion audits, the contracted incentive payments totalling £1.2 million to be paid to the Executives (as detailed and defined in the announcement dated 17 March 2023) and additional employee termination costs.

 

As soon as possible following the Cancellation and the final return of capital, it is the Board's intention to liquidate the Group solvently and therefore no matched bargain facility will be implemented and there will be no formal market for shareholders to effect transactions in the Ordinary Shares following Cancellation. The principal effects of the Cancellation were detailed in the Company's announcement dated 24 February 2023.

 

Shareholders should be aware that when the Cancellation takes effect, they will at that time cease to hold shares in a quoted company and will become shareholders in an unquoted company which will be likely significantly to reduce the marketability and liquidity of the Ordinary Shares and the principal effects referred to above will automatically apply to the Company from the date of the Cancellation.

 

The expected timetable of principal events in relation to the Cancellation is as follows:

 

Notice provided to the London Stock Exchange to notify it of the proposed Cancellation

 

24 February 2023

Expected last day of dealings in Ordinary Shares on AIM

31 May 2023

 

 

Expected time and date of Cancellation

 

7.00 a.m. on 1 June 2023

Notes:

Each of the times and dates in the above timetable is subject to change. If any of the above times and/or dates change, the revised times and dates will be notified to Shareholders by an announcement through a Regulatory Information Service.

 

 

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the UK version of the EU Market Abuse Regulation (2014/596) which is part of UK law by virtue of the European Union (Withdrawal) Act 2018, as amended and supplemented from time to time.

 

Enquiries:

 

Circle Property Plc

 +44 (0)20 7930 8503

John Arnold, CEO

Edward Olins, COO

Cenkos Securities plc

+44 (0)20 7397 8900

Katy Birkin

George Lawson

 

Radnor Capital

Joshua Cryer

Iain Daly

 

 

 

 

+44 (0)20 3897 1830

Camarco

+44 (0)20 3757 4992

Ginny Pulbrook

Rosie Driscoll

 

 

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
MSCQQLFFXELZBBK
Date   Source Headline
16th Oct 20207:00 amRNSTrading and Valuation Update
25th Sep 202011:45 amRNSCorrection – Final Dividend Record Date
25th Sep 20207:00 amRNSFinal Results
14th Jul 20207:00 amRNSTrading Update
30th Apr 202011:11 amRNSDirectorate Changes
14th Apr 20207:00 amRNSCOVID-19 and Valuation and Trading Update
11th Mar 202010:17 amRNSHolding(s) in Company
9th Dec 20197:00 amRNSInterim Results
26th Nov 20192:34 pmRNSHolding(s) in Company
20th Nov 20197:00 amRNSLettings at Concorde Park, Maidenhead
12th Nov 20193:43 pmEQSEdison Investment Research Limited: Edison issues outlook on Circle Property (CRC)
4th Nov 20197:00 amRNSValuation and Trading Update and Notice of Results
30th Aug 20196:20 pmRNSDeath of a Director
20th Aug 20196:08 pmRNSLTIP Grant of Options
20th Aug 20196:07 pmRNSResult of AGM
20th Aug 20197:00 amRNSAnnual General Meeting
9th Aug 20197:00 amRNSAcquisition of Concorde Park, Maidenhead
29th Jul 201911:21 amRNSPosting of Annual Report and Notice of AGM
11th Jul 20192:07 pmRNSFurther re Dividend Payment Date
10th Jul 201910:31 amRNSDirector/PDMR Shareholding
10th Jul 20197:00 amRNSFinal Results
30th May 201911:30 amRNSHolding(s) in Company
16th May 20197:00 amRNSVALUATION AND TRADING UPDATE
8th Apr 20197:00 amRNSKents Hill Park Update
11th Mar 20193:46 pmRNSDirector/PDMR Shareholding
13th Feb 20193:06 pmRNSCIRCLE COMPLETES £100 MILLION BANK REFINANCING
17th Dec 20187:01 amRNSAIM Rule 17 Disclosure Schedule Two (g) Update
17th Dec 20187:00 amRNSInterim Results
12th Dec 20187:00 amRNSChange of Adviser
11th Dec 20182:24 pmRNSDirectorate Change
7th Dec 20184:15 pmRNSNotice of Results
20th Nov 201812:34 pmRNSHolding(s) in Company
11th Oct 20187:00 amRNSValuation and Trading Update and Disposal
4th Oct 201811:25 amRNSHolding(s) in Company
2nd Oct 201812:00 pmRNSSuccessful lease regear
29th Aug 20187:00 amRNSHolding(s) in Company
25th Jul 20183:47 pmRNSResult of AGM
9th Jul 201812:00 pmRNSEdison issues outlook on Circle Property (CRC)
6th Jul 20184:10 pmRNSPosting of Annual Report
28th Jun 20187:00 amRNSFinal Results and Notice of AGM
14th May 20187:00 amRNSSomerset House Letting
26th Apr 20187:00 amRNSValuation and Trading Update and Acquisition
7th Dec 20177:00 amRNSInterim Results
1st Nov 20177:00 amRNSChange of Advisers
4th Oct 20177:00 amRNSCircle delivers 11% growth in portfolio value
21st Sep 20174:10 pmRNSResults of the AGM and Change of Director
4th Sep 201710:28 amEQSEdison Investment Research Limited: Edison issues initiation on Circle Property (CRC)
1st Sep 20174:28 pmRNSNotice of AGM
16th Aug 20178:28 amRNSDividend Declaration - Confirmation of Date
10th Aug 20177:00 amRNSResults for the year ended 31 March 2017

Due to London Stock Exchange licensing terms, we stipulate that you must be a private investor. We apologise for the inconvenience.

To access our Live RNS you must confirm you are a private investor by using the button below.

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.