Circle Property has sold its largest remaining asset and will delist from the London Stock Exchange.
The AIM-listed company has exchanged contracts to sell Concorde Business Park in Maidenhead to Nottingham’s Skelton Developments for £12.3m in cash.
The net proceeds from the sale will be returned to shareholders as B share issues next month.
On completion of the sale, the company will be regarded as an AIM Rule 15 cash shell, as it will have ceased to own, control or conduct all or substantially all, of its existing trading business, activities or assets.
This means that shareholders will have to approve the sale, and the resulting winding up of Circle at an extraordinary general meeting in Jersey. Shareholders will also be asked to approve the sale of the company’s final remaining asset, 300 Pavilion Drive, Northampton.
It is expected that the cancellation of Circle’s AIM listing will take place in May.
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