Appointment of Nominated Adviser and Broker

RNS Number : 5510J

First Property Group PLC

27 April 2022

 

First Property Group plc

("First Property" or the "Company")

Appointment of Nominated Adviser and Broker

First Property Group plc (AIM: FPO), the award winning property fund manager and investor with operations in the UK and Central Europe, announces that, further to the announcements by Arden Partners plc ("Arden") on 11 and 14 April 2022 regarding the loss of its nominated adviser status upon the completion of its recommended takeover by Ince Group PLC and the announcement made by the Company on 22 April 2022 regarding Arden's resignation as the Company's nominated adviser, the Company has today appointed Allenby Capital Limited ("Allenby Capital") as its nominated adviser and broker.

Given the timing of the completion of the recommended takeover of Arden, London Stock Exchange plc has agreed that, subject to initial due diligence being undertaken, Allenby Capital has until 5pm on 27 July 2022 to complete its full new client due diligence.

There can be no guarantee on the outcome of the full due diligence and its impact on Allenby Capital's decision to continue to act as nominated adviser. Accordingly, in such circumstances there is a risk that if Allenby Capital does not continue to act as nominated adviser following completion of its full due diligence and the Company has not found an alternative nominated adviser, the Company's AIM securities may be suspended pursuant to AIM Rule 1. If within one month of that suspension, the Company has failed to appoint a replacement nominated adviser, the admission of its AIM securities will be cancelled.

Notwithstanding the extension of time provided in respect of completing full due diligence obligations at engagement, Allenby Capital will continue to be subject to all the ongoing nominated adviser responsibilities under the AIM Rules for Nominated Advisers.

With the appointment of a new Nominated Adviser, trading in the Company's shares on AIM is expected to be restored at 12.00 p.m. today.   

Ben Habib, CEO of First Property, said: "We are very delighted to appoint Allenby Capital as our new nominated adviser and broker. This appointment has been undertaken ahead of the completion of Allenby Capital's full due diligence as it would not have been possible to complete this before the loss of Arden Partners plc's nominated adviser status. This situation is the same for all AIM companies that had Arden Partners plc as their nominated adviser."

For further information please contact:

First Property Group plc	Tel: [phone]
Ben Habib (Chief Executive Officer) Laura James (Group Finance Director) Jeremy Barkes (Director, Business Development)	www.fprop.com [e-mail]
Allenby Capital Limited (Nominated Adviser and Broker)	Tel: [phone]
Nick Naylor / Freddie Wooding (Corporate Finance) Amrit Nahal (Sales and Corporate Broking)
SEC Newgate (Financial PR)	Tel: [phone]
Robin Tozer / Richard Bicknell / Max Richardson	[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.

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 thirteen 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 seven directly held properties in Poland and Romania, and interests in eleven of the thirteen 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 .

 

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