First Property Group PLC AGM Statement (3574R)
September 21 2017 - 2:00AM
UK Regulatory
TIDMFPO
RNS Number : 3574R
First Property Group PLC
21 September 2017
Date: 21 September 2017
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 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 the Company continues to trade well and
in accordance with management's expectations.
"Our aggregate funds under management, including those held by
the Group, currently stand at GBP564 million, compared to GBP477
million at our financial year end on 31 March 2017. Of this, GBP387
million is managed on behalf of third party clients, an increase of
24% from our financial year end.
"The majority of this increase in assets under management
results from GBP51 million of new investments made on behalf of
Fprop Offices LP, which was established on 14 July 2017. That fund
has additional equity commitments of GBP131 million to be invested,
which will result in our assets under management increasing further
in the coming months.
"I am also pleased to report that Fprop Romanian Supermarkets
Ltd, in which the Group has a shareholding interest of 24%, has
sold three of the nine Lidl supermarkets it acquired in December
2015 for a total consideration of EUR5.8 million (GBP5.3 million).
The Group's share of profits resulting from the sale amounted to
some GBP400,000.
"We plan to report interim results for the six months ended 30
September 2017 on Thursday 23 November 2017."
-Ends-
For further information please contact:
First Property Group plc Tel: +44 (20)
7340 0270
Ben Habib (Chief Executive www.fprop.com
Officer) investor.relations@fprop.com
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 4747
Robin Tozer / Elisabeth Cowell firstproperty@redleafpr.com
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.
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 eleven 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 company news service from the London Stock Exchange
END
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