Like Remark if its a text object in the linetype you can play with the X & Y offset of the text and lift up the "O"
*ELECTRICITY_UCONDUIT2,Electricity conduit ----E----E----E----E----E----E--
A,20,-5.08,["E",STANDARD,S=1.8,R=180.0,X=0.0,Y=.9],-3
v's
*FENCELINE1,Fenceline circle ----0-----0-----0-----0-----0-----0--
A,6.35,-2.54,[CIRC1,Custom.shx,x=-2.54,s=2.54],-2.54,25.4