First Property Group (LSE:FPO) — AGM 2021

0:02 Good afternoon, ladies and gentlemen. Welcome to the FIRST PROPERTY GROUP PLC AGM twenty twenty one Proceedings. Throughout this presentation, attendees have been in listen only mode. Questions can be submitted at any time via the Q and A tab situated on the right hand corner of the screen. Simply click Q and A, type your question and press send. Company may not be in a position to answer every question received during the meeting itself. Have the company review all questions submitted today and publish responses where it's appropriate to do so. These will be available via your Investor Meet company dashboard, and you'll be notified once they're available for your review. I'd

0:33 now like to hand you over to Alistair Locke, Chairman of FIRST PROPERTY GROUP PLC. Good afternoon. Thank you, ladies and gentlemen. Welcome to this AGM, which is largely remote, although we do have a number of colleagues here, which I will introduce if you could see at least some of them. Peter Moon is my fellow nonexecutive director is here. Ben Habib is our chief executive. He's joining us remotely. Laura James, our finance director. Jill Aubrey, our company secretary. Jeremy Barker's business development. And Martin Price, director of fund management. So the the the we will conduct a formal meeting of the business first, and then we will proceed to the Q and A session.

1:22 So the formal matters happy call. To I think we'll take to I would like to take the the questions. Notice of the meeting as set out on pages 67 to 68 of the report and accounts as read. Yep. Thank you. I will now ask that I take the report of Haynes Watts, our accountant, as set out on pages 29 to 33 of report and accounts as read. Yep. Thank you. The company shareholders have been able to submit questions in advance of this meeting. We'll also have the opportunity to submit questions during the meeting via the live presentation.

2:08 I will deal with all of those at the end of the formal the conducting of formal business. So I declare that the quorum required by the articles of association of the company is present and that the meeting is therefore properly constituted. And on your screens, you will now see the ordinary special resolutions being proposed. And after there's been a after there's been a show of hands on each resolution, which is actually only in this room, so no real significance, I will advise you of the proxy count. So resolution one, I propose that the report of the directors and the audited accounts for the year ended 03/31/2021 now submitted to this meeting be approved and adopted.

2:51 I'll ask now mister Jeremy Marcus as a shareholder to second the proposal. Mister chairman, I have much pleasure in seconding this proposal. Those in favor?

3:01 Those against? So the resolution is carried. The proxy vote was 32,044,781 in favor, 17,890 against, and 11,114 absentation abstentions. I now propose resolution two, whereby the directors be authorized to reappoint Haines Watts as auditors of the company to hold office from the conclusion of this meeting until the conclusion of the next general meeting of the company at which accounts are laid. And I will ask mister Martin Price, shareholder, to second the proposal. Mister chairman, I have much pleasure in seconding the proposal. Those in favor?

3:44 Those against? The resolution has been carried. Proxy vote, 32,020,850 in favor, 35,980 against, 16,955 abstentions. Resolution three. I now propose resolution number three whereby the directors be authorized to fix the remuneration of the auditors. Seconded?

4:15 Mister chairman, I have much pleasure in seconding the proposal. I put it to the meeting. Those in favor? Those against?

4:23 Proxy vote was 32,062,671 in favor. No shares against. 11,114 objections. So the resolution is carried. I now propose resolution number four, which is set out in full on Page 67, and it's an ordinary resolution that requires authority to authorize the directors to allot shares and or grant rights to subscribe for or to convert any security into shares.

4:54 I now propose that directors be authorized to allot shares and or grant rights to subscribe for or to convert securities in accordance with the terms of Resolution Number four, and I'll ask Mr. Martin Price to second the proposal. Mr. Chairman, I have much pleasure in seconding the proposal. Those in favor?

5:11 Those against? The resolution has been carried with 31,914,578 in favor, a 148,093 against, and 11,114 abstentions. I now propose resolution number five, which is again set out in full on page 67. It's of of Directors of Number five. I'll ask mister Jeremy Barker as shareholder of to second the proposal. Mister Jim, I have much pleasure in seconding the proposal.

5:56 Those in favor?

5:58 Those against?

6:00 The resolution is carried, 31,697,019 in favor, 298,298 against, and 78,468 abstentions.

6:16 Resolution number six is a special resolution, requires authority to authorize the directors to purchase on behalf of the company its own shares. And in accordance with the terms of resolution number six, I'd ask mister Martin Price to second the proposal. Mister chairman, I have much pleasure in seconding the proposal. Those in favor? Those against? I declare the resolution carried. 32,007,334 in favor, 55,337 against. 11,114 abstentions. Resolution number seven is a special resolution amending the company's articles of association by the addition of a new article 95 a, which is set out in full on page 71 of our report.

7:05 I would ask mister Jeremy Marcus to second the proposal. Mister Chairman, I have much pleasure in seconding the proposal. Those in favor? Those against? 31,858,696 in favor, 83,054,000 against, a 132,035 abstentions. And that, and gentlemen, is the formal business of the meeting now concluded?

7:36 We have released on the RNS our statement. Yes. It is, we have re released our AGM statement, so I don't intend to read it all. I'm not supposed to read it. I oh, would you like me to read it? Right. I will, therefore, read it. FIRST PROPERTY GROUP, the property fund manager and investor with operations in The UK and Central Europe, is holding its annual meeting today now. It's being held online by our investor meat company and the company's headquarters in London.

8:16 I am the chairman of the meeting, and I'm pleased to report that the group continues to perform in accordance with management's expectations. Group cash at seventeenth of September 'twenty one amounted to £12,360,000 down from £16,240,000 thirty first of March 'twenty one. This equates to 11.2p per share as opposed to 14.71p per share at year end. Third party funds under management stood at five thirty million pounds as opposed to £527,000,000 at year end of March 21. Uninvested cash commitments to funds managed by FIRST PROPERTY ASSET MANAGEMENT amount to some £4,400,000 as at September 17.

9:04 Total funds under management, including group properties, amounted to $572,000,000 at the August 31 as opposed to $569,000,000 at the March 31 this year. Interim results for the six months ended September 30 are scheduled to be announced on the 11/24/2021. So that is the statement. So we will now answer any questions that have been submitted in advance or during the meeting. But I would like to direct you to our preliminary results presentation, which is available via the Investor Meat Company platform or on our website. So we will now answer any questions. I don't think any have been submitted, but I don't know whether there are any questions on the q and a. We have no questions submitted so far, sir.

10:00 Well, I think that if nobody has any further questions, then I think we say that the meeting is concluded. And thank you all for attending. Thank you very much indeed, Alison. And thank you very much for attendees for attending today's AGM proceedings. Could I please ask attendees not to close the session, should be automatically redirected for the opportunity to provide your feedback in order the management team can understand your views and expectations. This will only take a few moments to do so and is greatly valued by the company. Behalf of the management team of FIRST PROPERTY GROUP PLC, we'd like to thank you for attending today's AGM proceedings. Thank you very much, and good afternoon.