Circle Property Plc Brokership Company BUY Sector leading total - - PDF document

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Circle Property Plc

Sector leading total returns since flotation

The flotation of Circle Property Plc in February 2016 has provided investors with the opportunity to invest in a small, nimble and well- regarded property investment and development company which specialises in opportunistically buying and actively managing provincial

• ffices in undersupplied towns and cities. Circle Property is not a REIT,

however as the company’s business model requires capital to be retained for value-enhancing refurbishment and development projects – and its success can be illustrated by an outstanding 85% increase in NAV per share in the past 2.5 years.

 Business Model – Circle Property buys and actively manages well-located provincial

• ffice buildings in towns/cities which have limited supply of space, a relatively strong

letting market and the prospect of superior rental growth. The company targets a minimum geared total return of 12% on acquisitions and 20% on development

• projects. Its business model is predicated on identifying and buying typically under-

managed buildings on low rental and capital values and maximising value through the letting of voids, lease renegotiations, capturing reversionary potential or undertaking refurbishment or development works.  Investment Case – The investment case is predicated on the continued recovery in selective provincial office markets and the prospect of generating high returns from under-utilised secondary properties through the cycle. The company has a good pipeline of investment opportunities which would be significantly accretive to EPS and NAV whilst boosting share liquidity.  Finances – Portfolio LTV has fallen to 40% following the strong valuation increase in H1 (to September 2018), compliant with the company’s 35-40% medium term target. The main loan facility expires this June with a 2-year extension option at 185bp over

• LIBOR. ICR is very strong at over 4 times.

 Share Valuation – The share price has risen 28% since its IPO compared to the sector- leading 85% NAV per share increase, and the shares trade at a 30%+ discount to the September 2018 NAV. The existing portfolio has performed strongly but continues to offer considerable latent income and capital growth potential. We believe that

• ur NAV forecasts are conservative and the shares are significantly under-valued

given the company’s track record and growth prospects.

Forecast & Ratios Year to March (£m) 2017A 2018A 2019E 2020E PBT Adjusted 1.1 2.1 3.1 3.8 EPS Adjusted (p) 3.9 9.2 9.6 12.1 DPS (p) 5 5.6 6.3 7 EPRA NAV (p) 183 230 290 315 Dividend Yield (%) 2.6 2.9 3.3 3.7 Discount to EPRA NAV (%)

• 5

17 33 39

Source: Cenkos Securities estimates, Company data

Real Estate

21 January 2019

Initiation

Brokership Company

BUY

Price at COB 18 Jan 19 192.5p 52-week range 156-230p Ticker CRC LN Share Price Performance Source: Morningstar Performance 1m 3m 12m Absolute (1.3) (3.3) 14.9 Stock Data Market cap (£m) 55.0 Shares outstanding (m) 28.6 Activities Circle Property Plc engages in the investment in commercial property. Its portfolio includes regional offices, and retail and industrial assets. Directors Ian Henderson Chairman John Arnold CEO Edward Olins COO Damian Jepson NED James Hambro NED Duke of Roxburghe NED Michael Farrow NED Significant Shareholders Directors 24% Contacts Selwyn Jones - Analyst +44 (0)207 397 1929 sjones@cenkos.com Michael Johnson - Sales +44 (0)207 397 1933 mfjohnson@cenkos.com

www.cenkos.com

140 160 180 200 220 240 Jan Apr Jul Oct

Circle Property Plc 21 January 2019 2 www.cenkos.com

Contents

Company History 3 Investment Strategy 4 Investment Portfolio 5

94% of gross assets invested in provincial offices 5 Largest properties 5 Kent Hills Business Park, Milton Keynes (40% of gross assets) 5 Somerset House, 37 Temple Street, Birmingham (15% of gross assets) 6 36 Great Charles Street, Birmingham (4% of gross assets) 6 Other Office Assets 7

Company Structure 8 Valuation and Forecasts 10 Financials 12

Circle Property Plc 21 January 2019 www.cenkos.com 3

Company History

Circle Property was founded in 2002 by current CEO, John Arnold and Non-Executive Director, James Hambro. The assets were transferred into a closed ended property unit trust registered in Jersey pre-the financial crisis in 2006 (Circle Property Unit Trust or CPUT) and the company subsequently raised £10.5m of equity growth capital from a range of approximately 20 investors. Based on its property unit trust price CPUT significantly outperformed during the 2008-09 economic and property market downturn. CPUT had de-geared prior to the sharp valuation falls and as a result its Unit price fell “just” 35% to 65p in this period. The IPD and CBRE property indices recorded average property valuation falls of over 45% which, with leverage, led to huge NAV per share falls for all listed property companies and REITs. Nine of the largest 10 REITs by market capitalisation were forced to raise additional equity capital from shareholders to support ailing balance sheets and protect banking covenants, the sole exception being Derwent London. Circle Property’s good stock selection and active portfolio management allowed its trust price (NAV) to recover significantly post the global financial crisis – from 100p in 2011 to over 150p at the time of its IPO in February 2016. The executive team has remained small. Property director, Edward Olins joined CEO, John Arnold in 2006 as COO and the Board was supplemented prior to the IPO by the appointment

• f Executive Chairman Ian Henderson, formerly CEO of the largest REIT share Land Securities.

Other NEDs are James Hambro, The Duke of Roxburghe, Michael Farrow and the recently appointed Damian Jepson. Since IPO the EPRA NAV has increased from £43.2m to £77.9m as at September 2018 without raising any additional equity capital. Being a relatively small, but a highly nimble company has undoubtedly helped as generating income and capital growth from a small number of properties can significantly boost total returns - and Circle Property has added substantial value to a number of its previously under-utilised regional office buildings as detailed later in this report.

Circle Property Plc 21 January 2019 4 www.cenkos.com

Investment Strategy

Circle Property’s strategy is to opportunistically identify, acquire and add value to under-utilised regional office buildings located in or around major conurbations. There is a lack of competition for small to medium sized regional offices which are typically too small for institutional funds and too large for private investors – Circle’s sweet spot for individual property acquisitions is between £5m and £15m. Regional offices are currently the second best performing property sub-sector after light industrial and warehouses. Capital value growth in 2018 was over 5% giving a total return of

• ver 11%, according to the CBRE Monthly Index and 94% of Circle’s portfolio comprises this
• sector. The company targets a minimum geared total return of 12% on acquisitions and 20% on

development projects. Property investment acquisition requirements as set out on the company’s website are as follows: For individual assets:  Well located provincial offices in city centres or business parks located throughout the UK.  Short dated leases, vacant or part vacant properties.  Rent reviews within the next 2 years or outstanding reviews.  Imminent break options or future break options within the next 2 years.  Tenants out of occupation.  Weak/non-bankable covenants as tenants in good quality buildings.  Office development opportunities – either sites, options or partly completed schemes where the property’s location justifies the risk. For Portfolios:  Well located provincial office buildings.  Part secure income/part vacant or short let income. In addition, the company will consider joint ventures with land owners, occupiers or agents. It is important to note that Circle Property is a property investment and development company but not a REIT. Its business model, which focuses on generating total returns from a combination

• f income and capital, requires capital to be retained for value-enhancing refurbishment and

development projects. REITs are required to distribute at least 90% of their rental profit to shareholders – a ratio which would currently inhibit the company’s strategy of acquiring properties which require meaningful amounts of capital to undertake refurbishment, extension

• r development works.

Circle Property Plc 21 January 2019 www.cenkos.com 5

Investment Portfolio

94% of gross assets invested in provincial offices

At the time of the IPO the investment portfolio comprised 15 regional properties (and 1 City of London office building) leased to 48 tenants – and valued, based on the December 2015 external valuation by Savills at £73.4m. The net initial yield was 7.4% and reversionary yield was 10.2% with an occupancy rate of 84%. Since the IPO the company has spent a total of £8m on refurbishment and development capex, mainly in respect of three significant risk-controlled schemes. Unrealised valuation growth during the period has totalled over £31m which, combined with portfolio maintenance and development capex, has increased the portfolio value to c£116m at September 2018. Based on Savills’ September 2018 valuation, 94% of the portfolio was invested in regional offices with 4% in warehouses and 1% each in retail and retail warehouses. Geographically 82% was invested in Milton Keynes (40%), Birmingham (22%) and Bristol (20%) with 7% in Northampton and the remaining 11% in Staines, London and other locations. The net initial yield was 5.6% with a relatively high reversionary yield of 7.4% - these yields exclude rent free periods and post period end lettings. The portfolio occupancy rate at September 2018 was c90%, rising to c97% when completed refurbishments are leased, and the weighted average lease to expiry has risen to just over 11 years (or 10.1 years to the tenant’s first break option). The provincial office portfolio totals 375,741 sq ft and has an average passing rent of £14.80 per sq ft and capital value of £192 per sq ft. The office portfolio is 21% under-rented according to Savills which, with some voids of the recently refurbishment assets, explains the gap between the net initial yield of 4.6% and reversionary yield of 7.3%. Following completion of the three refurbishment properties in the past 18-months, the company is currently seeking additional opportunities to replenish its development pipeline.

Tenant Analysis

The top five tenants account for almost 50% of the rent roll with Compass Contract Services the largest at c25% followed by BE Offices 10%, Which? Financial Services 5%, Grant Thornton 4% and New World Trading 4%. Much of the rest of the office portfolio comprises smaller suites typically ranging between 1,500-5,000 sq ft.

Largest properties

Kent Hills Business Park, Milton Keynes (40% of gross assets)

The business park comprises a total of eight self-contained buildings totalling approximately 244,000 sq ft of office, hotel, health centre and conference facilities located close to the M1 motorway. The park was acquired in December 2013 for £11m and Circle Property has extracted significant value in its five years of ownership from several initiatives.

Circle Property Plc 21 January 2019 6 www.cenkos.com

Most recently, the company has renegotiated with its largest individual tenant Compass Contract Services to increase the passing rent on its 173,372 sq ft of conference and hotel accommodation from £1.54m to £1.59m and remove the two tenant break options in years 15 and 20. The lease expires in 2041 and now has annual RPI uplifts, capped at 5%, having previously been fixed at 3% per annum. Two of the buildings totalling 67,000 sq ft have been refurbished with the smaller building K1 (27,000 sq ft) fully let and the larger building K2 (40,000 sq ft) has 20,700 sq ft available to let with part of the ground floor leased in December 2017 and the balance of 13,500 sq ft leased last November to a Deutsche Telecom subsidiary company T Systems. When K2 is fully leased, the company proposes to refurbish K3 which is a 13,500 sq ft building currently leased to Compass on a rolling 6-month contract. Circle Property has invested a total of £10m at Kent Hills. Its valuation at September 2018 had increased significantly to £46.75m reflecting an average capital value of just over £190 per sq ft. The ERV of c£3.3m gives a reversionary yield of around 7% - and the asset continues to offer further valuation upside as new lettings are secured, K3 is refurbished and the prospect of ERV growth.

Somerset House, 37 Temple Street, Birmingham (15% of gross assets)

The 49,761 sq ft office and retail building is located in the centre of the city – comprising 38,805 sq ft offices and 10,956 sq ft of leisure. It was purchased just prior to the IPO in January 2016 for £7.75m on a short-term lease (4 months unexpired income) at a rental of £0.765m, an average rent just over £16 per sq ft and capital value of just £165 per sq ft. The standing tenant vacated the building in 2016 as expected and paid £0.45m in dilapidations, allowing Circle Property to start its planned refurbishment programme in December 2016 at a cost of c£4m with completion in January 2018. Planning permission was secured for a change of use on the ground floor to provide two A3 restaurants – which have been leased to Las Iguanas and Camerons Brewery for a combined rent roll of almost £0.4m. The 6-floor office refurbishment space was fully leased in summer 2018 to BE Group on a 15-year lease for £0.795m, and the tenant is due to complete its fit-out this Spring. This letting has increased the rent roll on the building to £1.23m. Based on a September 2018 valuation of £17.5m, the running yield is around 7%. Therefore, less than 3 years after its purchase, Circle Property has transformed an under-utilised short let property in the centre of Birmingham – generating an unrealised profit of over £5.5m and an impressive return on equity of over 100%.

36 Great Charles Street, Birmingham (4% of gross assets)

The 25,787 sq ft office building is located in the centre of Birmingham. It was purchased 6- months before the IPO for £2.5m (in August 2015) from Real Estate Investors reflecting a very low capital value of just under £100 per sq ft – the building was largely vacant at that time. Circle Property undertook an extensive refurbishment at a cost of £2.45m which was completed in mid-2017. Almost half the office space has been leased with 12,638 sq ft still available to let. The building has an estimated rental value (ERV) of almost £0.5m (c£18.50 per sq ft) which, if/when realised, would lead to a further material uplift in value of the building. The September 2018 valuation of £5.05m reflects a reversionary yield of almost 10%. Over 30% of the space has

Circle Property Plc 21 January 2019 www.cenkos.com 7

been multi-leased and securing tenants for the remaining 17,485 sq ft of space at around ERV should lead to around £2m of capital growth – and generate a 25%+ return on cost.

Other Office Assets

 One Castlepark, Tower Hill, Bristol – c78,800 sq ft offices.  Cheltenham House, temple Street, Birmingham – 16,578 sq ft offices and restaurant.  300 Pavilion Drive, Northampton Business Park – 43,577 sq ft offices.  400 Pavilion Drive, Northampton Business Park – 22,327 sq ft offices.  Powerhouse, Davy Avenue, Milton Keynes – 21,401 sq ft offices.  Elizabeth House, London Road, Staines – 14,829 sq ft offices.  141 Moorgate, London, EC2 – 11,412 sq ft offices (adjacent to Moorgate station and Crossrail site).  135, 710 and 720 Aztec West, Bristol – Three stand-alone office buildings totalling c34,800 sq ft offices. All the office assets are regionally located except for 141 Moorgate which was opportunistically acquired due to its close proximity to Crossrail. The passing rent is £0.21m from a number of

• ffice suite occupiers on short leases – at reversionary rents of less than £20 per sq ft.

Circle Property Plc 21 January 2019 8 www.cenkos.com

Company Structure

Circle Property is an internally managed property investment and development company but is not a REIT. In 2002 it was founded as a limited partnership then converted into a Jersey registered property unit trust in 2006. It subsequently floated on AIM in February 2016.

Management Team

John Arnold – CEO

John worked for St Quintin (now CBRE) from 1979-1986 and was then appointed a Director of Hambros’ property company Berkeley Hambro in 1991. He joined Investec Property as Managing Director in 1998 and co-founded Circle Property in 2002.

Edward Olins – COO

Edward started work at DE and J Levy in 1995 and joined London & County Estates as Investment Director in 2003. He then joined Circle Property in 2006 as Property Director of the newly formed property trust.

Ian Henderson – Executive Chairman

Ian was CEO of Land Securities, the largest property company/REIT and is a consultant to quoted Central London investor/developer Capital & Counties.

The Duke of Roxburghe – Non-Executive Director

The Duke was previously NED of Townhouse Hotel Investments and the Sport Entertainment and Media Group. He is currently involved in the running of the Roxburghe Estates.

James Hambro – Non-Executive Director

James was previously Chairman of listed industrial property Hansteen and Director of listed property healthcare investor Primary Health Properties. He co-founded Circle Property with John Arnold.

Michael Farrow – Non-Executive Director

Michael is a Founding Director of Consortia Partnership, a Jersey trust and fund services

• company. He is on the Board of RDI REIT and RedT Energy, and Chairman of Bellzone Mining.

Damian Jepson – Non-Executive Director

Damian is a Chartered Accountant who has worked for Moore Stephens and then JP Morgan Trust Company.

Management Incentivisation

There is an annual bonus scheme and also a Long-term Incentive Plan (LTIP). The bonus scheme is capped at 100% of salary and is awarded based on KPIs consisting of NAV, EBITDA and maintaining a progressive dividend policy – evenly weighted. The LTIP scheme takes the form of a conditional right or nil cost option to acquire shares in the

• company. There is a 3-year vesting period during which the company performance must satisfy

certain targets. There are two equally weighted targets – TSR and a fixed hurdle rate for NAV. TSR is share price return plus dividends compared to a peer group of REITs and property companies. The fixed rate

Circle Property Plc 21 January 2019 www.cenkos.com 9

hurdle for NAV is set at 8% and shares will vest based on a total return between 8% and 14% to be calculated on straight line basis, between 30% and 100%. Less than the hurdle rate of 8% does not allow for any vesting. In total, the Board owns over 33% of the issued share capital of the company.

Circle Property Plc 21 January 2019 10 www.cenkos.com

Valuation and Forecasts

Profits

The company’s business model is to generate high total returns for shareholders – from a combination of income and capital growth. The level of revenue (or adjusted) PBT will inevitably depend on the number of properties which are undergoing refurbishment and/or development works, and the timing of lettings. In its first two years since flotation adjusted PBT has grown from £1.1m (March 2017) to £2.1m (March 2018) and our estimates show a further strong increase in the current financial year to £3.1m and to £3.8m in 2019/20. Based on the existing portfolio, the company has the potential to generate an adjusted PBT of almost £5m allowing for full occupancy at current market rents and maximum management

• bonuses. The high level of reversionary potential excluding newly refurbished development

projects provides a far more positive outlook than many REITs or property investment companies who own assets which are either over-rented or where prospects of administrations

• r CVAs are very real.

Our March 2019 adjusted PBT estimate of £3.1m, after applying a 13% corporation tax rate (reduced by capital allowances), would give an adjusted EPS of 9.6p. For the year to March 2020

• ur adjusted PBT estimate is £3.8m equating to EPS of 12.1p after a 15% tax rate. Next year’s

increase will benefit from reversions and higher occupancy. Reported PBT and EPS should continue to benefit from unrealised valuation surpluses (see our financial forecasts on the next page).

Dividends

The policy is to have a progressive dividend policy with the annual payment covered over 1.6x last year by adjusted EPS. Double-digit dividend growth looks assured in the next 2 years as income from the three completed development/refurbishment projects are received.

Leverage

The medium-term target is to maintain an LTV in the 35-40% range. As at September 2018 LTV had fallen to 40% following the significant valuation surplus in H1. The company has a £55m debt facility with RBS of which £50m was drawn down in September. The facility expires in June 2019 with an option for the company to extend to June 2021. The interest rate margin is 185bp over 3-month LIBOR on the first £50m and 235bp margin on the final £5m.

Net Asset Value

The NAV has increased from £43m at IPO in February 2016 (149p per share) to £77.9m at September 2018 (275p per share), an exceptional compound growth rate of c28% per annum. Unrealised revaluation surpluses of over £31m have been reported, almost entirely from management actions rather than yield shift or open market rental growth. The 20% increase in NAV to 275p in the first half of the current financial year was secured mainly from the lease negotiation with Compass at Kent Hills and the letting success at Somerset House.

Circle Property Plc 21 January 2019 www.cenkos.com 11

As the existing portfolio’s occupancy rises and the rent roll progresses towards ERV, further valuation upside should be secured. Our March 2019 and 2020 NAV estimates of 290p (+5.5% in H2) and 315p (+9%) respectively should prove conservative.

Investment risks

All REITs and property companies have risks related to economic, political, finance and liquidity and we would identify the following:  Circle Property may not be able to refinance its borrowings in the long-term.  Tenant defaults and/or administration could result in reduced rental income.  Rental income could decline from weaker economic conditions in the UK leading to lower

• ccupier demand and falling rents.

 Falling rental income could lead to a reduction in PBT and also the annual dividend.  Refurbishment and development properties may not secure tenants leading to no rental income and falling property values.  Rising investment yields could reduce capital values for the company’s properties and reduce NAV.  Rising interest rates would lead to higher interest payable and lead to a potential breach of loan covenants.  The company is reliant on its two key executive directors.

Circle Property Plc 21 January 2019 12 www.cenkos.com

Financials

Table 1: Income Statement Year to March (£m) FY2017 H1/18 FY2018 H1/2019 FY2019 FY2020 Gross Rents 5.4 3 6.4 3.8 8.1 9 Less: Property expenses

• 1
• 0.4
• 0.8
• 0.3
• 0.6
• 0.6

Net Rents 4.4 2.6 5.5 3.5 7.5 8.4 Less: Administration Costs

• 2.1
• 0.8
• 2.4
• 1.3
• 3
• 3.2

Operating Profit 2.3 1.8 3.2 2.2 4.5 5.2 Less: Finance Costs

• 1.2
• 0.6
• 1.1
• 0.7
• 1.4
• 1.4

Adjusted PBT 1.1 1.2 2.1 1.5 3.1 3.8 Tax 0.1 0.5

• 0.2
• 0.4
• 0.4

Adjusted PAT 1.1 1.3 2.6 1.3 2.7 3.4 Other Items 1.3 Unrealised Revaluation Surplus 7.4 7.3 12 11.7 15.5 8 Profit on Sale of properties 0.3 0.5 0.5 Reported PBT 9.9 7.3 14.5 12.2 18.7 11.4 Issued Share Capital (m) 28.296 28.296 28.296 28.296 28.296 28.296 Adjusted EPS (p) 3.9 4.6 9.2 4.6 9.6 12.1 Reported EPS (p) 35 31 51 48 66 40 Net Dividend (p) 5 2.6 5.6 3 6.3 7 Dividend cover (x) 0.78 1.64 1.52 1.73

Source: Cenkos Securities estimates, Company data

Circle Property Plc 21 January 2019 www.cenkos.com 13 Table 2: Balance Sheet Year to March (£m) H1/18 FY2018 H1/2019 FY2019 FY2020 Investment property 86.1 106.4 115.8 118.5 126.5 Other non-current assets 5.2 9 8.6 8.5 8.5 Deferred tax 1.2 1.1 1.5 1.5 1.5 Total 93.7 115.4 126 128.5 136.5 Cash 4.9 2.6 3 2.5 1.5 Other current assets 1.3 3.8 1.4 1.5 1.5 Total Assets 100 119.1 130.2 132.5 139.5 Less: Loans

• 45.6
• 51.8
• 50.1
• 48.5
• 48.5

Other current liabilities

• 2.5
• 2.5
• 2.3
• 2
• 2

Net Asset Value 51.8 65 77.9 82 89 NAV per share (p) 183 230 275 290 315

Source: Cenkos Securities

Investment Risk

Investing in shares presents risks and opportunities. The past is not necessarily a guide to the future performance of an investment. The value of investments and the income derived from them may fall as well as rise and investors may not get back the amount invested. Some investments discussed in this publication may have a high level of volatility. High volatility investments may experience sudden and large falls in their value which may cause losses. The information on future performance in this communication is an illustration and is not a reliable guide to actual future performance. Non-UK stocks International investing includes risks related to political and economic uncertainties of foreign countries, as well as currency risk. Emerging market Investors should be aware of the additional and special risks associated with securities and investments in emerging markets. Consequently, it may be difficult to sell or realise such investments. Note: Cenkos considers that providing this communication constitutes a minor non-monetary benefit in accordance with rule 2.3A.19 R (5) b of the FCA’s COBS rulebook.

Circle Property Plc 21 January 2019 www.cenkos.com

Disclosures

Analyst Certification The Sales Person(s) / Research Analyst(s) responsible for preparing this investment recommendation/report or sections of this report, in whole or in part, hereby certify/ies that, with respect to any and all of the securities or issuers that the Sales Person(s) / Research Analyst(s) cover(s) in this report, the views expressed in this report accurately reflect his/her/their personal views. However, this investment recommendation / report may have been disclosed to the issuer prior to its publication and may have been subject to amendment thereafter. The proprietary models used in production of this investment recommendation are available on request. It is intended that the proprietary models used in this investment recommendation shall be updated when appropriate. In addition, no part of the Sales Person(s) / Research Analyst(s)' compensation was, is, or will be directly or indirectly, related to the specific recommendations or view expressed in this report or summary. Recommendations definitions Definition of research recommendations Expected absolute returns

• BUY is an expected return greater than 10%;
• HOLD is an expected return -10% - +10%; and
• SELL is an expected return less than -10%.

For Sales recommendation please refer to http://cenkos.com/bottom-menu/legal-and-regulatory/conflicts-of-interests-disclosures Distribution of Investment Recommendations as per 21/01/2019 Corporate No. Corporate % No. % Buy 65 94 115 72 Hold 4 6 34 21 Sell 10 6 Temporary movements by stocks across the boundaries of these categories due to share price volatility will not necessarily trigger a recommendation change. All recommendations are based on 12 month time horizon unless otherwise stated. Recommendation History Company Disclosures Date Rec Price Circle Property Plc 2,6,9,10,11 This note is initiation of coverage

Source: Cenkos Securities

A list of all the recommendations produced/issued by the relevant Sales Person / Research Analyst on any financial instrument or issuer disseminated during the preceding 12 months is available upon request free of charge. Please contact the appropriate Cenkos analyst or your Cenkos contact on 020 7397 8900. Conflicts of Interests Cenkos has detailed written policies and procedures designed to identify and manage potential conflicts of interest that arise in connection with production and issuing

• f investment recommendations. Cenkos’ Sales Persons and Research Analysts involved in issuing and disseminating investment recommendations operate

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Circle Property Plc 21 January 2019 www.cenkos.com

Disclaimer

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