Charles Russell Speechlys advises Circle Property on its first Return of Capital of £46 million

Charles Russell Speechlys has advised long-standing AIM-listed client Circle Property plc on its first Return of Capital of £46.16 million by way of issue and redemption of B shares.

This is the first Return of Capital planned for 2023. Circle Property plc is a specialist regional office investment company focused on adding value to under-utilised offices throughout the UK that is now completing a divestment programme and a related application to delist from AIM.

Corporate Partner Andrew Collins commented:“We acted for the Company on its flotation on AIM in 2016.  It is always a pleasure working with Circle Property and we are excited to have been able to support the team on its first Return of Capital by way of a B share issue and redemption.”

Michael Farrow, Circle Property’s Executive Director, commented: “Andrew, his fellow partners and team at Charles Russell Speechlys have guided and advised Circle throughout its entire life cycle, from its days as a UK limited partnership, then as a Jersey property unit trust, its IPO on AIM and now its winding down.  Their advice has covered all aspects of the business and has always been delivered in a comprehensive and timely way.  Often coming up with innovative solutions, such as this multiple return of capital enabling shareholders to receive capital yet avoiding an excessive cash drag on the Company. We have truly valued their input both while leading ideas or playing a team role.”  

The team was led by Corporate Partner Andrew Collins. The wider team included Victoria Younghusband and James Scott (Corporate), Anne-Marie Balfour (Employment), and Robert Birchall (Tax).