Source - LSE Regulatory
RNS Number : 2042I
Circle Property PLC
10 August 2021
 

10 August 2021

Circle Property Plc

 

("Circle" or the "Company")

 

Result of Annual General Meeting

 

Circle Property Plc (AIM: CRC), which invests in, develops and actively manages well-located regional office assets, is pleased to announce that all resolutions put to shareholders at the Company's Annual General Meeting held today were duly passed.

 

 The total votes were cast as follows:

 

Resolution

For

%

Against

%

1

12,840,953

100.00

0

0.00

2

12,840,953

100.00

0

0.00

3

12,840,810

100.00

143

0.00

4

12,840,913

100.00

40

0.00

5

12,835,477

99.96

5,476

0.04

 

Following the passing of the resolutions, inter alia, a final dividend of 4p per share will be paid on 13 August 2021 to shareholders on the register on 16 July 2021.

 

Circle Property Plc         

 +44 (0)20 7930 8503

John Arnold, CEO

Edward Olins, COO




Cenkos Securities plc

+44 (0)20 7397 8900

Katy Birkin

Mark Connelly

 

Radnor Capital

Joshua Cryer

Iain Daly

 

 

 

 

+44 (0)20 3897 1830

Camarco

+44 (0)20 3757 4980

Ginny Pulbrook

Toby Strong


 

About Circle Property Plc

 

Circle is amongst the best performing quoted UK real estate companies having delivered 85% NAV growth and a 105%  total return (NAV growth and dividends) since IPO in 2016.

 

Circle focusses on acquiring assets in regional cities, many of which have significant office supply constraints, and on office assets with active management potential (refurbishment opportunities, under-rented or vacant properties or short leases), rather than just maximising initial rental yields.

 

Circle is not a Real Estate Investment Trust (REIT) and can actively recycle proceeds from asset sales into its refurbishment and redevelopment pipeline, as well as future investment opportunities, therefore targeting a broader range of returns for shareholders, which are primarily driven by NAV growth.

 

As well as already delivering substantial increases in NAV, the Company's portfolio has significant reversionary potential with current total estimated rental values of £10.92 million per annum, compared to contracted rent of £8.70 million at 31 March 2021. The Company has a portfolio of 13 regional commercial property investment and development assets in the UK valued at £132.15 million as at 31 March 2021.

 

*  valuation figures stated after deducting the value of Power House, Davy Avenue, Milton Keynes (being £3.3 million as at 31 March 2020 and £3.25 million as at 30 September 2020) which was sold by the Company for £3.55 million in March 2021.

 

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