First Property Group PLC AGM Statement (4999K)

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RNS Number : 4999K

First Property Group PLC

22 September 2016

 
 Date:        22 September 2016 
 On behalf    First Property Group plc ("First 
  of:          Property", "the Company" or the "Group") 
 Embargoed:   0700hrs 
 

First Property Group plc

AGM Statement

First Property Group plc (AIM: FPO), the property fund manager and investor, will hold its Annual General Meeting (AGM) today at 12 noon.

At the AGM, the Company's Chairman, Alasdair Locke, will make the following statement:

"The Company continues to trade well and in accordance with expectations.

"Funds under management, including those held by the Group, currently stand at some GBP393 million, an increase of some GBP40 million since 31 March 2016.

"This increase results from:

   1.   New investments made in the UK amounting to some GBP26 million; and 

2. The strengthening of the Euro against Sterling which has increased the value in Sterling terms of our Euro denominated assets (in Poland and Romania) by some GBP14 million.

"We expect continued growth in assets under management, particularly in the UK, where we are working on some attractive investment opportunities.

"We plan to report interim results on Wednesday 23 November 2016."

-Ends-

For further information please contact:

 
 First Property Group plc            Tel: +44 (20) 
                                      7340 0270 
 Ben Habib (Chief Executive          www.fprop.com 
  Officer)                            [e-mail] 
  George Digby (Group Finance 
  Director) 
  Jeremy Barkes (Director, 
  Business Development) 
 
 Arden Partners (NOMAD & Broker)     Tel: + 44 (20) 
                                      7614 5900 
 Chris Hardie (Director, Corporate 
  Finance) 
  Ben Cryer (Corporate Finance) 
 
 Redleaf Communications (PR)         Tel:+ 44 (20) 
                                      7382 4734 
 Rebecca Sanders-Hewett /            [e-mail] 
  Henry Columbine / Susie Hudson 
 

Notes to Investors and Editors:

First Property Group plc is a property fund manager and investor with operations in the United Kingdom and Central Europe. 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:

o Management fees are levied by reference to the value of properties under management;

o Performance fees are levied where appropriate, usually payable upon realisation of profits above an agreed hurdle.

-- Group Properties - principal investments by the Group, to earn a return on its own capital, usually in partnership with third parties.

FPAM funds rank No.1 versus MSCI's Investment Property Databank (IPD) Central & Eastern Europe (CEE) Benchmark for the ten years from the commencement of its operations in Poland in 2005 to 31 December 2015, and for the annualised periods from 2005 to the end of each of the years between 31 December 2008 and 31 December 2015.

First Property Asset Management Limited is authorised and regulated by the Financial Conduct Authority. Further information about the Company and its products can be found at: www.fprop.com.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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September 22, 2016 02:00 ET (06:00 GMT)