Circle Property PLC Result of AGM (6972J)

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RNS Number : 6972J

Circle Property PLC

20 August 2019

20 August 2019

Circle Property Plc

("Circle" or the "Company")

Result of Annual General Meeting

Circle Property Plc (AIM: CRC), which invests in, develops and actively manages well-located regional office assets, is pleased to announce that all resolutions put to shareholders at the Company's Annual General Meeting held today were duly passed.

The total votes were cast as follows:

 
 Resolution            For          %       Against     %      Withheld 
 Ordinary Resolution 
                      -----------  ------  ----------  -----  --------- 
 1                     15,620,655   100     0           0      0 
                      -----------  ------  ----------  -----  --------- 
 2                     15,620,655   100     0           0      0 
                      -----------  ------  ----------  -----  --------- 
 3                     15,620,655   100     0           0      0 
                      -----------  ------  ----------  -----  --------- 
 4                     15,620,512   99.99   143         0.01   0 
                      -----------  ------  ----------  -----  --------- 
 5                     15,620,615   99.99   40          0.01   0 
                      -----------  ------  ----------  -----  --------- 
 6                     14,028,115   89.80   1,592,540   10.2   0 
                      -----------  ------  ----------  -----  --------- 
 7                     14,028,115   89.80   1,592,540   10.2   0 
                      -----------  ------  ----------  -----  --------- 
 Special Resolution 
                      -----------  ------  ----------  -----  --------- 
 8                     15,620,615   99.99   40          0.01   0 
                      -----------  ------  ----------  -----  --------- 
 

Following the passing of the resolutions, inter alia, a final dividend of 3.3p per share will be paid on 22 August 2019 to shareholders on the register on 19 July 2019.

 
                           [phone] 
 Circle Property Plc        8503 
 John Arnold, CEO 
  Edward Olins, COO 
 
 Cenkos Securities plc    [phone] 
 Azhic Basirov 
  Katy Birkin 
 
  Radnor Capital 
  Joshua Cryer 
  Iain Daly                 [phone] 
 Camarco                  [phone] 
 Ginny Pulbrook 
  Tom Huddart 
 

About Circle Property Plc

Circle is the best performing quoted UK real estate company by NAV total return (NAV growth and dividend)(1) having delivered consistent returns with 86% NAV growth since IPO in 2016 in absolute terms.

Circle focusses on acquiring assets in regional cities, many of which have significant office supply constraints, and on office assets with active management potential (refurbishment opportunities, under-rented or vacant properties or short leases), rather than just maximising initial rental yields.

Circle is not a Real Estate Investment Trust (REIT) and can actively recycle proceeds from asset sales into its refurbishment and redevelopment pipeline, as well as future investment opportunities, therefore targeting a broader range of returns for shareholders, which are primarily driven by NAV growth.

As well as already delivering substantial increases in NAV, the Company's portfolio has significant reversionary potential with total estimated rental values of GBP10.34m per annum, compared to contracted rent of GBP7.61m at 31 March 2019. The Company has a portfolio of 16 regional commercial property investment and development assets in the UK valued at GBP139.2m.

(1) Source: Radnor Capital research, 31 March 2019

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END

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August 20, 2019 13:07 ET (17:07 GMT)