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Circle Property PLC on Friday said it has exchanged contracts to sell its largest remaining asset, Concorde Business Park, for £12.3 million in cash. Circle Property is a London-based buyer, developer and manager of regional office assets in UK. The company said it has sold Concorde to Skelton Developments Nottingham Ltd. The disposal is expected to take place on March 29. Following completion, the proceeds from the disposal will be held as company cash and are expected to be returned to shareholders through the proposed issue of B shares. Further, Circle Property said it will be regarded as an AIM Rule 15 cash shell, having ceased to own, control or conduct all or substantially all, of its existing trading business, activities or assets. The disposal is therefore conditional on the consent of shareholders at its extraordinary general meeting on March 22. The company will also seek shareholder approval to cancel the admission of its shares to trading on AIM. The cancellation is expected to take place in May 2023. In January, Circle said it had exchanged contracts to sell its Victory House to Hilla Group Northampton Ltd at a sale price of £2.8 million. It will also return these proceeds to shareholders through the proposed issue of B shares. Shares in Circle Property were up 1.4% to 212.00 pence each in London on Friday morning. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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