Share Name Share Symbol Market Type Share ISIN Share Description
Empiric Student Property Plc LSE:ESP London Ordinary Share GB00BLWDVR75 ORD GBP0.01
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.20p +0.21% 97.10p 96.80p 96.90p 97.00p 96.70p 96.90p 259,808 16:35:20
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Real Estate Investment & Services 64.2 40.3 6.7 14.5 585

Empiric Student Property PLC Result of AGM and Trading Update

02/05/2019 1:26pm

UK Regulatory (RNS & others)


Empiric Student Property (LSE:ESP)
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6 Months : From Apr 2019 to Oct 2019

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TIDMESP

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 GBP10m.

-- 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     VOTES       % OF 
                                                     CAST*                   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(R) 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.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

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May 02, 2019 08:26 ET (12:26 GMT)

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