First Property Group (LSE:FPO) — Annual General Meeting

0:01 Good afternoon, ladies and gentlemen. Welcome to the FIRST PROPERTY GROUP PLC Annual General Meeting. Throughout this recorded meeting, attendees online will be in listen only mode. Questions are encouraged. They can be submitted at any time using the Q and A tab just situated on the right hand side of your screen. Simply type in your questions at any time and press send. I'd now like to hand over the chairman for today's meeting, Alastair Locke. Good morning. Good afternoon. Good. Thank you very much, and welcome to everybody who's here and also anybody who is listening via the presentation online. My name is Alice Lock. I'm the group's chairman, and I'll be chairing this meeting. And I'm joined today by my colleagues, Peter Moon, for those of the room on my right, and my my fellow non executive director, Ben Habib on my left, the chief executive officer, and Laura James, who's our finance director.

0:50 We also have sitting in the room, Jill Aubrey, our company secretary, and Jeremy Baucus, our business development director. So with the consent of all those shareholders who are present, I'd like to take the notice of the meeting as set out on pages 73 to 75 of the annual report and accounts as read. Is everybody happy with that? Thank you. Everybody's been able to submit questions in advance, and you also have the opportunity to submit or ask questions during the meeting, via the investor meet company platform or in person for those who are here. What I intend to do is to conduct the formal business of the meeting first, and then we will deal with question and answers at the end of that once the formal business is being concluded.

1:39 Right. I declare that the quorum required by the articles of association of the company is present in the article. The meeting is therefore properly constituted. For those joining the meeting by the live presentation, you will apparently see on your screens the ordinary resolutions being proposed. And after there's been a show of hands on each resolution, I will advise you of the proxy count. So the first resolution, I now propose that the report of the directors and the audited accounts for the year ended 03/31/2024, now submitted to this meeting, be approved and adopted. And I'll ask mister Peter Moon to second the proposal. Mister chairman, I have much pleasure in seconding the proposal. I put it to the meeting. Those in favor? Those against?

2:31 The proxy vote was 34,085,930 shares in favor, 28,747,852 shares against, no abstentions, so I declare the resolution carried. Resolution two. I now propose resolution number two whereby the directors are authorized to reappoint Cooper Perry as auditors of the company to hold office from the conclusion of the meeting until the conclusion of the next general meeting of the company at which accounts are laid. And I will again ask mister Peter Moon to second the proposal. Mister chairman, I have much pleasure in seconding the proposal. I put it to the meeting. Those in favor? Those against?

3:19 I declare the resolution carried. The proxy vote was 34,000,125 5,930 shares in favor. 28,707,852 shares against. No sanctions. Resolution number three. I now propose resolution number three whereby the directors are authorized to fix the remuneration of the auditors. I will ask mister Peter Moon to second the proposal. Mister chairman, I have much pleasure in seconding the proposal. I put it to the meeting. Those in favor? Those against? I declare the resolution carried. The proxy vote again was 34,125,930 in favor, 28,707,852 against. No abstentions.

4:10 I now propose resolution number four as set out in full on page 73, which is an ordinary resolution and requires authority to authorize the directors to allot shares and or grant rights to subscribe for or to convert any security into shares. I now propose that the directors be authorized to allot shares and or grant rights to subscribe for or to convert securities in accordance with the terms of the resolution number four, and I would ask mister Peter Moon to second the proposal. Mister chairman, I have much pleasure in seconding the proposal. I put it to the meeting. Those in favor? Those against? I declare the resolution carried. And, the proxy vote was 33,848,883 shares in favor, 28,983,065 against, and 1,834 abstentions.

5:10 Ladies and gentlemen, that concludes the formal part of the business. The I've made a statement, which is on the r and s at the moment, which, is also available for anybody to read. I can read it out if you wish, or are you all happy for me to take it as read? Good. Because it's fairly tedious to have to read all that out when it's on the screen. So, we have no questions online as far as I can see, but I'm happy now to take any questions. We haven't had any submitted in advance. So does anybody in the meeting want to ask any particular questions? All online.

5:59 There are no questions online, sir. Right. I have some questions. The related party transaction with the Phoenix. Is it called the Phoenix? Why didn't FIRST PROPERTY GROUP acquired it?

6:13 Or it seems to be a good investment since the CEO acquired it. So just to answer that. Yeah. So Phoenix is held in our books at nil value. Some of the shareholders in Phoenix wish to exit. Actually, the assessment that was made from a commercial perspective was that it had net negative liabilities. Mhmm. The shareholders who wish to exit are important to the group. I was prepared to pay a meaningful a small but meaningful sum, which would've

6:48 would've been written off to nil if the group had bought the shares. So I bought the shares to keep the shareholders content. Okay. And didn't FIRST PROPERTY couldn't couldn't FIRST PROPERTY have done the same thing? It would have had to write shareholders have The the the company was valueless. I think as directors, we felt that it was inappropriate for us to invest our shareholders' funds in something that we would immediately have to write off as a loss. Okay. Any further questions? Well, if that's it, if there are no further questions and nothing online, thank you all very much for attending, and see you again next year. That's great. To the board of FIRST PROPERTY, thank you very much indeed for updating attendees today. Could I please ask attendees not to close the session as we'll automatically redirect you for the opportunity to provide your feedback in order the board can really better understand your views and expectations?

7:49 This may take a few moments to complete, but I'm sure it'll be greatly valued by the company. On behalf of the board of FIRST PROPERTY GROUP PLC, we'd like to thank you very much for attending today's annual general meeting, and good afternoon to you all.