REG - Empiric Student Prop - Result of AGM and Trading Update

Empiric Student PropertyAnnouncement

02/05/2019 13:30

RNS Number : 9224X
Empiric Student Property PLC
02 May 2019
 


2 May 2019
Empiric Student Property plc
("Empiric" or the "Company" or, together with its subsidiaries, the "Group")
RESULT OF AGM AND TRADING UPDATE
The board of Empiric Student Property plc (ticker: ESP) (the "Board"), the owner and operator of student accommodation across the UK, announces that all resolutions proposed were duly passed at the Company's Annual General Meeting held earlier today, further details set out below.
 
The Board is also pleased to provide the following trading update:
·      Bookings: For the 2019/20 academic year, bookings are currently 54%, up from 44% as previously announced by the Company on 20 March 2019.
·      Operating margin: Progress made on improving the operating margin in FY2019 to above 67%, as a result of the successful in-housing of the final 57 properties at the end of March 2019.  
·      Administration expenses: First quarter run rate in line with 2019 full year target of around £10m.
·      Dividend cover: Continue to expect that the total dividend for 2019 will be approximately 85% covered by adjusted earnings and the performance in the first quarter supports this.
·      Dividend target: Remains 5.0 pence per share for the year ending 31 December 2019.
 
Tim Attlee, Chief Executive Officer of Empiric Student Property plc, commented:
"We are encouraged with the Company's continued progress. The Group remains on track to deliver the financial and operational improvements and targets that we set out at our full year 2018 results announcement on 20 March 2019, specifically the delivery of both an improved operating margin and a further increase, to approximately 85%, in dividend cover for the full year 2019."
 
In accordance with Listing Rule 9.6.2(R), a copy of the resolutions passed at the Annual General Meeting will be submitted to the National Storage Mechanism and will be available for inspection at www.morningstar.co.uk/uk/NSM.
 
As at the date of the meeting, there were 602,887,740 ordinary shares with voting rights in issue. Proxies were received by the Company from shareholders before the meeting, as follows:
 



RESOLUTION


FOR


AGAINST


WITHHELD
VOTES








VOTES


% OF VOTES CAST*


VOTES


% OF VOTES CAST*








1.     To receive the Company's Annual Report and Accounts for the financial period ended 31 December 2018


337,632,810


99.84


533,244


0.16


335,971




2.     To approve the Directors' Remuneration Report


302,890,934


99.83


511,026


0.17


35,100,065




3.     To approve the Directors Remuneration Policy


302,888,863


89.49


35,572,071


10.51


41,091




4.     To re-appoint BDO LLP as Auditors of the Company


338,128,358


99.90


326,576


0.10


46,020




5.     To authorise the Directors to determine the remuneration of the Auditors


338,186,490


99.91


313,444


0.09


1,020




6.     To authorise the Directors to declare and pay all dividends as interim dividends


338,075,019


99.87


425,986


0.13


1,020




7.     To elect Mark Pain as a Director of the Company who, having been appointed as a Director by the Board since the last AGM


331,793,116


99.53


1,555,716


0.47


5,151,359




8.     To elect Alice Avis as a Director of the Company who, having been appointed as a Director by the Board since the last AGM


338,157,494


99.91


316,338


0.09


26,359




9.     To re-elect Timothy Attlee as a Director of the Company


325,481,456


96.15


13,014,210


3.84


6,359




10.  To re-elect Lynne Fennah as a Director of the Company


335,262,306


99.04


3,233,360


0.96


6,359




11.  To re-elect Jim Prower as a Director of the Company


336,844,683


99.51


1,649,149


0.49


6,359




12.  To re-elect Stuart Beevor as a Director of the Company


337,223,435


99.62


1,270,397


0.38


6,359




13.  To authorise the Directors to allot shares under (section 551 of the Companies Act 2006)


329,070,400


97.21


9,428,771


2.79


1,020




14.  Special Resolution - subject to the passing of Resolution 13, the Directors shall have the power to allot equity securities (pursuant to sections 570 and 573 of the Companies Act 2006) for cash


338,110,668


99.88


388,503


0.11


1,020




15.  Special Resolution - subject to the passing of Resolution 13, the Directors shall have the power to allot equity securities (pursuant to sections 570 and 573 of the Companies Act 2006) for cash for the purpose of financing an acquisition or other capital investment


302,949,469


89.50


35,548,271


10.50


4,285




16.  Special Resolution - authorise the Company to make market purchases of own shares in the Company


302,974,428


89.53


35,420,854


10.47


101,644




17.  Special resolution - that a general meeting may be called on not less than 14 clear days' notice


329,505,795


97.34


8,995,210


2.66


1,020




18.  Special resolution - to approve the cancellation of the share premium account


338,150,111


99.90


318,642


0.09


31,438




19.  Special resolution - to approve the transfer to Chapter 6, Commercial Company


338,139,521


99.90


326,559


0.10


34,111



 
* Excludes votes withheld
 
FOR FURTHER INFORMATION ON THE COMPANY, PLEASE CONTACT:



Empiric Student Property plc


(via Maitland/AMO below)




Tim Attlee (Chief Executive Officer)








Lynne Fennah (Chief Financial & Operating Officer)


















Jefferies International Limited


Tel: 020 7029 8000




Gary Gould








Stuart Klein


















Maitland/AMO (Communications Adviser)


Tel: 020 7379 5151




James Benjamin


Email: empiric-maitland@maitland.co.uk



 
The Company's LEI is 213800FPF38IBPRFPU87.
 
Further information on Empiric can be found on the Company's website at www.empiric.co.uk.
 
Notes:
Empiric Student Property plc is a leading provider and operator of modern, direct-let, nominated or leased student accommodation across the UK. Investing in both operating and development assets, Empiric is a multi-niche student property company focused on, (i) providing good quality first year accommodation managed through its Hello Student® operating platform in partnership with universities, (ii) offering a variety of second and third year purpose-built accommodation options for individual students and those wanting a group living environment, and (iii) continuing to expand the Group's existing premium, studio-led accommodation portfolio which is attractive to international and postgraduate students.
 
The Company, an internally managed real estate investment trust ("REIT") incorporated in England and Wales, listed on the premium listing segment of the Official List of the Financial Conduct Authority and was admitted to trading on the main market for listed securities of the London Stock Exchange in June 2014.




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