26th May 2023 20:57
Circle Property PLC - London-based buyer, developer and manager of regional office assets in UK - Will leave FTSE AIM All-Share Index on Thursday, FTSE Russell confirms. Company last week Wednesday confirmed delisting, saying: "Maintaining the company's admission to trading on AIM requires significant management time, legal and regulatory obligations and comes with material financial costs (such as professional fees, London Stock Exchange fees and other costs associated with being an AIM-traded company)." The directors maintained these costs are "disproportionate" to the benefits the company receives from its AIM listing. Circle currently holds around GBP3.2 million in cash, and plans to distribute a "modest" final return to shareholders of no more than GBP1.1 million, or 4p per share. The rest will be used towards costs and incentive payments to its executives.
Current stock price: 4.00 pence, closed up 14% on Friday in London
12-month change: down 98%
By Tom Budszus, Alliance News reporter
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