Circle Property plans return of capital through new B shares
By Josh White
Date: Friday 20 Jan 2023
(Sharecast News) - Circle Property announced plans for a capital reduction, a proposed return of capital through the issue of B shares, and an extraordinary general meeting on Friday.
The AIM-traded firm said the creation of B shares would allow it to make successive bonus issues of redeemable B shares to shareholders, and redeem them shortly afterwards without shareholders needing to take further action.
"One of the fairest and most efficient ways of returning cash to shareholders is by creating B shares," the directors said in their statement.
If shareholders pass the proposed resolutions and the company successfully applies for reporting fund status, the board said it expected that the first return of capital of at least £30m, or £1.03 per ordinary share, would take place in March.
"The return of capital, including the capital reduction and the creation and capitalisation of the B shares, requires shareholder approval of the resolutions to be proposed at an extraordinary general meeting of the company," the board added.
It said the meeting would be held on 15 February.
At 1035 GMT, shares in Circle Property were up 1.61% at 220.5p.
Reporting by Josh White for Sharecast.com.
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