REG - First Property Group - AGM Statement

First PropertyAnnouncement

27/09/2022 07:01

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RNS Number : 6954A  First Property Group PLC  27 September 2022

 Date:          27 September 2022
 On behalf of:  First Property Group plc ("First Property", the "Company" or the "Group")

 

First Property Group plc

AGM Statement

 

First Property Group plc (AIM: FPO), the property fund manager and investor
with operations in the United Kingdom and Central Europe, will hold its Annual
General Meeting (the "AGM") today at 12 noon. The AGM is being held online via
Investor Meet Company
(https://www.investormeetcompany.com/first-property-group-plc/register-investor
(https://www.investormeetcompany.com/first-property-group-plc/register-investor)
) and at the Company's head office in London.

 

The meeting will be chaired by Alasdair Locke, Chairman of the board. At the
meeting Alasdair will make the following statement:

 

"Since its financial year-end on 31 March 2022 the Group has leased additional
space at its office building in Gdynia, Poland, increased its share in Blue
Tower, Warsaw, by 32% to 80% and sold a property owned directly by the Group
in Tureni, Romania.

 

"Total funds under management as at 31 August 2022, including properties owned
directly by the Group, amounted to £547.5 million (31 March 2022: £558.7
million). The reduction of £11.2 million from the financial year end is due
to the sale of three properties in the United Kingdom for £21.1 million by
funds managed by First Property Asset Management Ltd and the sale of the
Group's directly owned warehouse in Tureni, Romania for £3.05 million. These
sales were offset by, inter alia, the purchase by the Group of a further 32%
of Blue Tower, Warsaw for £7.2 million.

 

"Third party funds under management as at 31 August 2022 amounted to £499.4
million (31 March 2022: £516.5 million).

 

"Group cash as at 21 September 2022 amounted to £6.34 million (31 March 2022:
£6.42 million). This equates to 5.75 pence per share (31 March 2022: 5.81
pence per share)."

 

 

-Ends-

 

For further information please contact:

 

 First Property Group plc                           Tel: +44 (20) 7340 0270
 Ben Habib (Chief Executive Officer)                www.fprop.com (http://www.fprop.com)

 Laura James (Finance Director)                     investor.relations@fprop.com (mailto:investor.relations@fprop.com)

 Jeremy Barkes (Director, Business Development)

 Jill Aubrey (Director, Company Secretary)

 Allenby Capital (NOMAD & Broker)                   Tel: + 44 (20) 3328 5656
 Nick Naylor / Freddie Wooding (Corporate Finance)

 Amrit Nahal (Equity Sales)

 SEC Newgate (PR)                                   Tel: +44 (20) 3757 6880
 Robin Tozer / Richard Bicknell / Max Richardson    firstproperty@secnewgate.co.uk (mailto:firstproperty@secnewgate.co.uk)

 

Notes to Investors and Editors:

 

First Property Group plc is an award-winning property fund manager and
investor with operations in the United Kingdom and Central Europe. Around one
third of the shares in the Company are owned by management and their families.

 

The Group's focus is on higher yielding commercial property with sustainable
cash flows. The Company is flexible and takes an active approach to asset
management. Its earnings are derived from:

 

·      Fund management - via its FCA regulated and AIFMD approved
subsidiary, First Property Asset Management Ltd ("FPAM"), which earns fees
from investing for third parties in property. FPAM currently manages twelve
funds which are invested across the United Kingdom, Poland and Romania.

·      Group Properties - principal investments by the Group, to earn a
return on its own capital, usually in partnership with third parties.
Investments include six directly held properties in Poland and Romania, and
interests in ten of the twelve funds managed by FPAM.

 

Quoted on AIM the Company has offices in London and Warsaw. Further
information about the Company can be found at: www.fprop.com
(http://www.fprop.com) .

 

 

 

 

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