AGM Statement

RNS Number : 2464M

First Property Group PLC

14 September 2012

 



Date:	14 September 2012
On behalf of:	First Property Group plc ("First Property", "the Company" or the "Group")
Embargoed for:	0700hrs

First Property Group plc

AGM Statement

First Property Group plc (AIM: FPO), the commercial property fund management group, will hold its Annual General Meeting 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 despite the difficult banking and economic conditions. Our client funds have also performed well in these difficult circumstances. The weakening Euro has resulted in some capital value reductions in Sterling terms, resulting in a decrease in our overall assets under management from £365 million at 31 March 2012 to around £350 million presently, but the underlying income generation of our client funds remains robust.

"We are working to grow the business of the Company in three main ways:

·   The raising of a new fund to invest in recessionary resilient relatively high yielding UK commercial investment property;

·    The raising of a new fund to invest in debt secured on income producing UK commercial investment property;

·     Expanding assets under management in Fprop Opportunities plc (FOP).

"We are making progress in raising new funds and hope to report further in this respect in due course. We are also working on some attractive property investment opportunities on behalf of FOP and similarly hope to report on these in due course.

"We plan to report our interim results in November 2012."

-Ends-

For further information please contact:

First Property Group plc	Tel: [phone]
Ben Habib (Group Chief Executive & FPAM Chief Investment Officer)	www.fprop.com
Jeremy Barkes (Director, Business Development)	[e-mail]
Arden Partners	Tel: [phone]
Chris Hardie (Director Corporate Finance )
Redleaf Polhill	Tel: [phone]
George Parrett	[e-mail]

Notes to investors and editors:

First Property Group plc is a commercial property fund manager with operations in the United Kingdom and Central Europe. The Group's investment performance is ranked No.1 versus Investment Property Databank's (IPD) CEE universe over the three, four, five and six years to 31 December 2008, 2009, 2010 and 2011.

The business model of First Property Group is to:

·     Raise third party funds to invest in income producing commercial property;

·     Co-invest in these funds;

·     Earn fees for the management of these funds. Fees earned are a function of the value of assets under management as well as the performance of the funds;

·     Earn a return on its own capital invested in these funds.

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

 

END

 

 

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