Announcement • May 18
Circle Property Plc Announces 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 announced 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 totaling 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 significant management time, legal and regulatory obligations and comes with material financial 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 bene?ts 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 totaling £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. Expected last day of dealings in Ordinary Shares on AIM is 31 May 2023. Expected time and date of Cancellation is 7.00 a.m. on 1 June 2023. Announcement • May 05
Portman Finance Limited acquired 300 Pavilion Drive, Northampton from Circle Property Plc (AIM:CRC) for £2.85 million. Portman Finance Limited acquired 300 Pavilion Drive, Northampton from Circle Property Plc (AIM:CRC) for £2.85 million on May 4, 2023. Katy Birkin of Cenkos Securities plc (AIM:CNKS), Radnor Capital Partners Limited and Camarco acted as financial advisor to Circle Property Plc.
Portman Finance Limited completed the acquisition of 300 Pavilion Drive, Northampton from Circle Property Plc (AIM:CRC) on May 4, 2023. Board Change • May 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 6 experienced directors. No highly experienced directors. Independent Non-Executive Director Anthony Le Brun was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Jan 26
HILLA GROUP NORTHAMPTON LIMITED agreed to acquire Victory House from Circle Property Plc (AIM:CRC) for £2.75 million. HILLA GROUP NORTHAMPTON LIMITED agreed to acquire Victory House from Circle Property Plc (AIM:CRC) for £2.75 million on January 24, 2023. As of March 31, 2022, Profit before tax attributable to Victory House was £0.270 million. The acquisition is expected to be completed by mid-March 2023. Reported Earnings • Dec 08
First half 2023 earnings released: UK£0.05 loss per share (vs UK£0.042 profit in 1H 2022) First half 2023 results: UK£0.05 loss per share (down from UK£0.042 profit in 1H 2022). Revenue: UK£2.83m (down 31% from 1H 2022). Net loss: UK£1.50m (down 227% from profit in 1H 2022). Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Announcement • Nov 24
Somerset Properties Limited agreed to acquire Somerset House Trust from Circle Property Plc (AIM:CRC) for £15.2 million. Somerset Properties Limited agreed to acquire Somerset House Trust from Circle Property Plc (AIM:CRC) for £15.2 million on November 23, 2022. The transaction is expected to close by the end of February 2023. Circle Property repaid the amount outstanding under its debt facility in full and is debt free. Announcement • Aug 18
Circle Property Plc Announces Final Dividend, Payable on August 22, 2022 Circle Property Plc announced final dividend of 3.5 pence per share will be paid on 22 August 2022 to shareholders on the register on 5 August 2022, at the AGM held on August 17, 2022. Upcoming Dividend • Jul 28
Upcoming dividend of UK£0.035 per share Eligible shareholders must have bought the stock before 04 August 2022. Payment date: 22 August 2022. Payout ratio is a comfortable 45% but the company is paying out more than the cash it is generating. Trailing yield: 2.8%. Lower than top quartile of British dividend payers (5.3%). Lower than average of industry peers (3.5%). Announcement • Jul 27
Circle Property plc Declares Final Dividend, Payable on August 22, 2022 Circle Property Plc announced confirmation of final dividend of 3.5 pence per share shall be paid on August 22, 2022 subject to the approval of shareholders at the AGM. The ex-dividend date is August 4, 2022 and the associated record date for the final dividend will be 5 August 2022. Reported Earnings • Jul 19
Full year 2022 earnings: EPS and revenues exceed analyst expectations Full year 2022 results: EPS: UK£0.15 (up from UK£0.09 loss in FY 2021). Revenue: UK£9.04m (down 7.3% from FY 2021). Net income: UK£4.37m (up UK£6.90m from FY 2021). Profit margin: 48% (up from net loss in FY 2021). Revenue exceeded analyst estimates by 10%. Earnings per share (EPS) also surpassed analyst estimates by 34%. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 92 percentage points per year, which is a significant difference in performance. Announcement • Jul 19
Circle Property Plc Proposes Final Dividend for the Year Ended March 31, 2022 Circle Property Plc proposed final dividend of 3.5 pence per share for the year ended 31 March 2022 (31 March 2021: 4 pence per share) which together with the interim dividend of 3.5 pence per share, brings the total annual dividend to 7 pence per share (31 March 2021: 6.5 pence per share). Announcement • May 13
Maybrook Properties Limited exchanged contracts to acquire 720 Aztec West from Circle Property Plc (AIM:CRC) for £2.5 million. Maybrook Properties Limited exchanged contracts to acquire 720 Aztec West from Circle Property Plc (AIM:CRC) for £2.5 million on May 12, 2022. Completion is expected to take place within the next 4 weeks. Katy Birkin and Mark Connelly of Cenkos Securities plc acted as financial advisors to Circle Property Plc. Joshua Cryer
Iain Daly of Radnor Capital and Ginny Pulbrook and Toby Strong of Camarco also acted for Circle Property Plc. Announcement • Feb 16
LXI Property Holdings 4 Limited entered into a binding conditional sale and purchase agreement to acquire Kents Hill Park Conference Centre from Circle Property Plc (AIM:CRC) for £34.5 million. LXI Property Holdings 4 Limited entered into a binding conditional sale and purchase agreement to acquire Kents Hill Park Conference Centre from Circle Property Plc (AIM:CRC) for £34.5 million on February 14, 2022. Kents Hill Park reported rent of £1.73 million per annum. The transaction is conditional on the consent of Circle Property's shareholders at the General Meeting. The Long Stop Date for receipt of Shareholder approval pursuant to the passing of Resolution 1 is March 21, 2022, with completion of the disposal expected to take place on March 25, 2022. The proceeds from the Disposal will be utilised to further reduce the Circle Property's gearing. Charles Russell Speechlys LLP acted as legal advisor while Katy Birkin and Mark Connelly of Cenkos Securities plc (AIM:CNKS) along with Joshua Cryer and Iain Daly of Radnor Capital Partners Limited acted as financial advisors to Circle Property. Announcement • Feb 14
Circle Property Plc, Annual General Meeting, Mar 09, 2022 Circle Property Plc, Annual General Meeting, Mar 09, 2022, at 10:00 Coordinated Universal Time. Location: Offices of Charles Russell Speechlys LLP, 5 Fleet Place London EC4M 7RD London United Kingdom Announcement • Dec 18
Boultbee LDN Capital Ltd completed the acquisition of One Castle Park, Bristol. Boultbee LDN Capital Ltd. agreed to acquire One Castle Park, Bristol from Circle Property Plc (AIM:CRC) for £20 million on September 1, 2021. The transaction is expected to close on December 16, 2021. The cash proceeds from the sale (subject to completion) will be utilised, in line with previous announcements, to reduce the Circle Property Plc's gearing from the current level. Ginny Pulbrook and Toby Strong of Camarco acted as consultant to Circle Property. Katy Birkin and Mark Connelly of Cenkos Securities plc acted as financial advisor to Circle Property Plc. Joshua Cryer and Iain Daly of Radnor Capital acted as advisor to Circle Property Plc.
Boultbee LDN Capital Ltd completed the acquisition of One Castle Park, Bristol on December 17, 2021. Reported Earnings • Dec 02
First half 2022 earnings: Revenues and EPS in line with analyst expectations First half 2022 results: EPS: UK£0.042 (up from UK£0.022 loss in 1H 2021). Revenue: UK£4.12m (down 15% from 1H 2021). Net income: UK£1.18m (up UK£1.81m from 1H 2021). Profit margin: 29% (up from net loss in 1H 2021). Revenue was in line with analyst estimates. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 115 percentage points per year, which is a significant difference in performance. Upcoming Dividend • Dec 02
Upcoming dividend of UK£0.035 per share Eligible shareholders must have bought the stock before 09 December 2021. Payment date: 14 January 2022. Trailing yield: 3.2%. Lower than top quartile of British dividend payers (4.2%). Higher than average of industry peers (2.4%). Announcement • Sep 02
Boultbee LDN Capital Ltd. agreed to acquire One Castle Park, Bristol from Circle Property Plc (AIM:CRC) for £20 million. Boultbee LDN Capital Ltd. agreed to acquire One Castle Park, Bristol from Circle Property Plc (AIM:CRC) for £20 million on September 1, 2021. The transaction is expected to close on December 16, 2021. The cash proceeds from the sale (subject to completion) will be utilised, in line with previous announcements, to reduce the Circle Property Plc's gearing from the current level. Ginny Pulbrook and Toby Strong of Camarco acted as consultant to Circle Property. Katy Birkin and Mark Connelly of Cenkos Securities plc acted as financial advisor to Circle Property Plc. Joshua Cryer and Iain Daly of Radnor Capital acted as advisor to Circle Property Plc. Reported Earnings • Jul 08
Full year 2021 earnings released: UK£0.09 loss per share (vs UK£0.12 profit in FY 2020) The company reported a soft full year result with weaker earnings and weaker control over costs, although revenues improved. Full year 2021 results: Revenue: UK£9.75m (up 3.0% from FY 2020). Net loss: UK£2.54m (down 172% from profit in FY 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 84 percentage points per year, which is a significant difference in performance. Recent Insider Transactions • May 07
CEO & Executive Director recently bought UK£50k worth of stock On the 4th of May, John Arnold bought around 25k shares on-market at roughly UK£2.00 per share. This was the largest purchase by an insider in the last 3 months. This was John's only on-market trade for the last 12 months. Announcement • Mar 10
Steven Eagell Limited exchanged contracts to acquire Power House in Milton Keynes, United Kingdom from Circle Property Plc (AIM:CRC) for £3.5 million. Steven Eagell Limited exchanged contracts to acquire Power House in Milton Keynes, United Kingdom from Circle Property Plc (AIM:CRC) for £3.5 million on March 8, 2021. The transaction is expected to complete before the financial year-end at the end of March 2021. Katy Birkin and Mark Connelly of Cenkos Securities plc (AIM:CNKS) acted as financial advisor to Circle Property Plc. Joshua Cryer and Iain Daly of Radnor Capital Partners Limited acted as financial advisor to Circle Property Plc. Is New 90 Day High Low • Feb 23
New 90-day low: UK£1.70 The company is down 3.0% from its price of UK£1.75 on 25 November 2020. The British market is up 5.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Real Estate industry, which is up 3.0% over the same period. Reported Earnings • Nov 27
First half 2021 earnings released: UK£0.022 loss per share The company reported a soft first half result with weaker earnings and control over expenses, although revenues were improved. First half 2021 results: Revenue: UK£4.78m (up 13% from 1H 2020). Net loss: UK£622.3k (down 150% from profit in 1H 2020). Over the last 3 years on average, earnings per share has fallen by 51% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Is New 90 Day High Low • Nov 19
New 90-day high: UK£1.70 The company is up 8.0% from its price of UK£1.58 on 21 August 2020. The British market is up 7.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Real Estate industry, which is up 14% over the same period. Is New 90 Day High Low • Oct 02
New 90-day high: UK£1.63 The company is up 7.0% from its price of UK£1.53 on 03 July 2020. The British market is down 3.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Real Estate industry, which is flat over the same period. Reported Earnings • Sep 27
Full year earnings released - EPS UK£0.12 Over the last 12 months the company has reported total profits of UK£3.52m, down 76% from the prior year. Total revenue was UK£9.47m over the last 12 months, up 38% from the prior year. Profit margins were 37%, which is lower than the 216% margin from last year. The decrease in margin was primarily driven by lower expenses.