FRP Advisory Group (LSE:FRP) — Annual General Meeting

0:00 Good morning, and welcome to the FRP ADVISORY GROUP PLC Annual General Meeting. Throughout this recorded meeting, attendees will be in a snowy mode. Questions are encouraged and can be submitted at any time via the q and a tab situated on the right hand corner of your screen. Simply type in your questions and press end. I'd now like to hand you over to non executive chair, Penny Judd. Good morning. Thank you, and welcome to those joining us online. I confirm that we are Chorus, and accordingly, I'm pleased to be able to open the twenty twenty four Annual General Meeting of FRP ADVISORY GROUP PLC. Joining me are my fellow board members, Geoff Rowley, Jeremy French, Gavin Jones, Louise Jackson, David Chubb and Catherine Fleming. Before turning to the formal business of the meeting, I'd like to draw the meeting's attention to the trading update released at 07:00 this morning, which read as follows.

0:55 During the last financial year, the 04/30/2024, the group made excellent progress. We delivered a further year of revenue and profit growth demonstrating the strength of our proven strategy focused on strong organic growth supplemented by selective acquisitions. As noted in our full year results announcement on 07/24/2024, activity levels across the group in the current financial year to date have been encouraging. Earlier this month, the group announced the acquisition of Williams Alley CF Limited, our eleventh acquisition since our IPO in March 2020, in line with our strategy. In line with the company's quarterly dividend policy, the Board is pleased to declare an interim dividend of 95p per eligible ordinary share for the first quarter of financial year twenty twenty five.

1:47 First quarter twenty twenty four was 90. The dividend will be paid sorry, on 11/22/2024, with the ex dividend date being 11/21/2024. Trading in year to date continues to be in line with the Board expectations and the integration of our recently acquired businesses is progressing as planned. The short and medium term outlook for our business remains positive and we're confident of continued progress. The company expects to announce a trading update for six months to 10/30/2024 in mid November twenty twenty four.

2:38 A copy of that update is available on our website and on the company's London Stock Exchange page. We've provided an opportunity for shareholders to submit questions in advance, and there will be a general Q and A session held later in the meeting. I propose that we now proceed to the formal business of the meeting. The notice convening today's AGM setting out the resolutions to be proposed was posted to shareholders on 08/23/2024. Accordingly, the requisite notice of meeting has been given. I propose therefore that the notice of the meeting is taken as read. Is that agreed? For this meeting, in accordance with best practice, all resolutions will be voted on a poll.

3:23 I'm directing that the votes conducted on a poll in accordance with my right to do so under Article 50.1 of the company's Articles Association. I will cast the proxy votes held by me in the poll as I've been directed to in each mandate. I'm appointing the company secretary as scrutineer. Resolutions one to 13 are proposed as ordinary resolutions and resolutions 14 to 16 are special resolutions. Ordinary resolutions require a simple majority of votes to pass. Special resolutions require 75 or more of votes to pass. The full terms of the resolutions are set out in full in the notice. Voting will be on the full wording of each resolution. I should also note that I'm holding proxy votes in favor of each resolution in excess of 97 except resolution 15 for which I hold votes in favor in excess of 84%.

4:17 I will run through the resolutions briefly before formally proposing them as a group. Resolutions one and two are to receive the 2024 annual report on accounts and the remuneration report respectively. Resolutions three to nine address the appointment or reappointment of each of the directors of FRP. Resolutions ten and eleven seek approval for the reappointment of FRP as the company's auditor and authority for the directors to fix the auditor's remuneration. Resolution 12 seeks your approval of a final dividend of 2.3 p per share. Resolutions 13 to 16 concern share authorities.

5:07 Resolution 13 will authorize the directors to allot shares. Resolutions fourteen and fifteen will enable the allotment of shares free of statutory preemption rights. Resolution 16 permits the company to buy back its shares in the market. All of these resolutions are limited as to the amount and duration of authority set out in detail in the notice. That is all of the resolutions that are to be considered today. Therefore, I now propose each of resolutions one to 16 set out in the notice. Having proposed all the resolutions, I now declare the poll open. Please complete your poll cards by ticking the appropriate box against each resolution, completing your details and signing the form. Company Secretary will collect the completed poll class. Please note that a vote withheld is not a vote in law and will not be counted in the portion of votes for or against resolution.

6:08 All the polls ongoing, we'll move on to the q and a session. We've had no q and a come through. Thank you. We've not received any other questions. All the poll cards have been submitted, and I know they can have the poll closed. I'm pleased to confirm that all the resolutions put to the meeting today have been passed by the requisite majority.

7:00 The results of the poll including the exact figures and percentages will be announced by RNS as soon as reasonably practical after the meeting. This concludes the formal business of the meeting. There being no further business, I declare the meeting closed, and thank you for your attendance and hand back to our organizers. Penny, that's great. And thank you to the board for updating attendees today. Now please ask attendees not to close the session as you'll now be automatically redirected to provide your feedback in order that the team can better understand your views and expectations. This will only take a few moments to complete, and I'm sure will be greatly valued by the company. On behalf of the board of FRP ADVISORY GROUP PLC, we'd like to thank you for attending today's annual general meeting, and good morning to you all.