Circle Property is set to return £30m to shareholders as it continues its disposal programme.
The AIM-listed real estate investor plans to create new B shares that it will offer through “successive bonus issues” and then redeem. The initiative will be put forward at an extraordinary general meeting on 15 February, with the capital return then expected in March.
Circle announced a disposal strategy last February, saying at the time: “Since admission to AIM, the company has suffered from limited liquidity in its shares and the share price has remained at a significant discount to the company’s NAV… The board has therefore determined to continue to make targeted asset sales in an orderly manner over an extended period of two to three years, if not sooner.”
The company has most recently exchanged on the £3.66m sale of 36 Great Charles Street in Birmingham and the £2.3m sale of 710 Aztec West in Bristol.
It said in today’s update that it expects all its assets to be liquidated by the end of its current financial year.
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