First Property Group PLC AGM Statement (3141B)

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RNS Number : 3141B

First Property Group PLC

20 September 2018

 
 Date:           20 September 2018 
 On behalf of:   First Property Group plc ("First 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 with operations in the United Kingdom and Central Europe, 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:

"I am pleased to report that the Group continues to trade well and in accordance with management's expectations.

"Aggregate funds under management, including those held by the Group, currently stand at GBP711 million, compared to GBP626 million at the financial year end on 31 March 2018. Of this, GBP537 million is managed on behalf of third-party clients, an increase of 18% over the same period. Over the last three years aggregate funds under management have more than doubled, driven by the growth in funds managed on behalf of third-party clients.

"We plan to report interim results for the six months ended 30 September 2018 on Thursday 22 November 2018."

-Ends-

For further information please contact:

 
 First Property Group plc                 Tel: [phone] 
                                           0270 
 Ben Habib (Chief Executive Officer)      www.fprop.com 
  George Digby (Group Finance Director)    [e-mail] 
  Jeremy Barkes (Director, Business 
  Development) 
 
 Arden Partners (NOMAD & Broker)          Tel: [phone] 
                                           5900 
 Chris Hardie (Director, Corporate 
  Finance) 
  Ben Cryer (Corporate Finance) 
 
 Redleaf Communications (PR)              Tel: [phone] 
                                           6865 
 Robin Tozer / Lizzie Cowell              [e-mail] 
 

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. It has grown its adjusted net assets, together with dividends paid, by some 26% on an annualised basis since 2006.

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 ten directly held properties in Poland and Romania (including five held by Fprop Opportunities plc [FOP], in which the Group is currently the majority shareholder), and interests in nine other funds managed by FPAM.

Listed on AIM the Company has offices in London, Warsaw and Bucharest. Further information about the Company and its products can be found at: www.fprop.com.

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 [e-mail] or visit www.rns.com.

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September 20, 2018 02:00 ET (06:00 GMT)