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RNS Number : 7919Z

First Property Group PLC

23 September 2020

 
 Date:           23 September 2020 
 On behalf of:   First Property Group plc ("First Property", 
                  "the Company" or the "Group") 
 Embargoed:      0700 hours

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.

The meeting will be a closed meeting and will be chaired by Ben Habib, Chief Executive. He will make the following statement:

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

"Group cash as at 21 September 2020, calculated post deduction of the final dividend of GBP1.35 million, amounted to GBP21.4 million. This equates to 19.4 pence per share.

"Third party funds under management stood at GBP564 million as at 31 August 2020 (31 March 2020: GBP567 million). Uninvested cash commitments to these funds amount to some GBP80 million.

"Total funds under management, including Group Properties, amounted to GBP620 million as at 31 August 2020 (31 March 2019: GBP623 million).

"Average rent collection rates for the five months from the end of March 2020, after adjusting for concessions made to tenants which requested to pay rent monthly and for deferrals agreed, are as follows:

 
                                      UK    Poland   Romania 
 8 directly owned Group Properties    n/a   96%      93% 
                                     ----  -------  -------- 
 Properties held in funds managed 
  by FPAM                             94%   96%      95% 
                                     ----  -------  --------

"These collection rates bear testimony not just to our proactive approach to asset management but also our property selection.

"Interim results for the six months ended 30 September 2020 are scheduled to be announced on 26 November 2020."

-Ends-

For further information please contact:

 
 First Property Group plc                     Tel: +44 (20) 7340 0270 
 Ben Habib (Chief Executive Officer)          www.fprop.com 
  George Digby (Director)                      investor.relations@fprop.com 
  Laura James (Interim Finance Director) 
  Jeremy Barkes (Director, Business 
  Development) 
  Jill Aubrey (Director, Company Secretary) 
 
 Arden Partners (NOMAD & Broker)              Tel: + 44 (20) 7614 5900 
 John Llewellyn-Lloyd 
  Ben Cryer 
 
 Newgate Communications (PR)                  Tel: +44 (20) 3757 6880 
 Robin Tozer / Tom Carnegie / Isabelle        firstproperty@newgatecomms.com 
  Smurfitt

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 eight wholly owned properties in Poland and Romania and non-controlling interests in eight of the twelve funds managed by FPAM.

Listed on AIM the Company has offices in London, Warsaw and Bucharest. Around one third of the shares in the Company are owned by management and their families. Further information about the Company and its products can be found at: www.fprop.com .

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END

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(END) Dow Jones Newswires

September 23, 2020 02:00 ET (06:00 GMT)

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