REG - First Property Group - AGM Statement

First PropertyAnnouncement

24/09/2024 07:00

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RNS Number : 3267F  First Property Group PLC  24 September 2024

 Date:          24 September 2024
 On behalf of:  First Property Group plc ("First Property", the "Company" or the "Group")
 Embargoed:     07.00am

 

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.

 

At the meeting Alasdair Locke, Chairman of the board, will make the following
statement:

 

"With the interest rate cycle having seemingly peaked, the outlook for
commercial property is beginning to improve. Likewise, the outlook for the
Group's properties would also appear to be improving, evidenced by the post
financial year-end leasing of 3,100 sqm in Blue Tower, the Group's directly
owned office building in Warsaw. This should contribute some £800,000 per
annum to the Group's profit before tax.

 

"In order to fund the associated tenant fit-out and to meet deferred
consideration payments in respect of the Group's purchase of its additional
32% of Blue Tower in 2022, the Group recently raised £2.96 million by way of
an open offer to all qualifying shareholders. The board were delighted that
over 83% of shares were taken up by qualifying shareholders. The Group's cash
balance following the open offer and after the deferred consideration payments
amounts to £6.2 million (31 March 2024: £4.6 million).

 

"Total funds under management as at 31 August 2024, including properties owned
directly by the Group, amounted to £233 million (31 March 2024: £274
million).

 

"Third party funds under management as at 31 August 2024 amounted to £181.4
million (31 March 2024: £221.8 million), of which some 42% was invested in
the United Kingdom.

 

"The Group remains vigilant for market opportunities which will advance its
strategy of focusing on higher yielding commercial property with sustainable
cash flows."

 

-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 (Nominated Adviser & Broker)               Tel: + 44 (20) 3328 5656
 Nick Naylor / Daniel Dearden-Williams (Corporate Finance)

 Amrit Nahal / Tony Quirke (Equity Sales)

 

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. Its 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 comprise six directly held properties in Poland, one in Romania,
and non-controlling interests in nine of the twelve funds managed by FPAM.

 

Quoted on AIM, the Company has offices in London and Warsaw. Further
information about the Company and its properties can be found at:
www.fprop.com (http://www.fprop.com) . To receive RNS alerts by email please
subscribe here
(https://sirius.brighterir.com/public/fprop/news_alerts/email_alerts/register)
.

 

 

 

 

 

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