Last checked at 7 Jan 2011 12:04
Date: 07 January 2011
On behalf of: First Property Group plc ("First Property" or the "Group")
Embargoed: Immediate Release
First Property Group plc ("FPO" or the "Company")
Director's Shareholding and Ordinary Shares in Issue
The Board of First Property Group plc (AIM:FPO), the AIM-listed commercial property fund management group, announces that it has sold from Treasury 25,974 Ordinary Shares of 1 pence each in the Company ("Ordinary Shares") to Peter Moon, a non-executive Director, in satisfaction of part of his emoluments for the six months ended 31 October 2010.
Under the terms of his appointment letter Peter Moon will receive 40% of his emoluments (£10,000 is the relevant annual value) in Ordinary Shares based on the average closing price of FPO Ordinary Shares for the 5 day period following the announcement of interim and annual results. In this case the average of closing prices on the five business days between 1 and 7 December following the interim results was 19.25 pence. A similar announcement is likely in June 2011 following the annual results announcement.
As a result of this acquisition, Peter Moon's shareholding in FPO is 175,974 Ordinary Shares (0.16 % of the now enlarged issued ordinary share capital).
Following the sale from Treasury, FPO has in issue 109,796,501 Ordinary Shares. The figure of 109,796,501 Ordinary Shares may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FSA's Disclosure and Transparency Rules. 3,804,614 Ordinary Shares remain in Treasury.
For further information please contact:
First Property Group plc | Tel: 020 7340 0270 |
Ben Habib (Chief Executive) Jeremy Barkes (Director, FJB Capital Advisers) | www.fprop.com
|
Arden Partners | Tel: 020 7614 5917 |
Chris Hardie (Director Corporate Finance ) | |
Redleaf Communications | Tel: 020 7566 6711 |
Michael Ward/Adam Leviton | firstproperty@redleafpr.com |
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 performance of its funds under management ranked No.1 versus the IPD benchmarks for CEE and Poland for the 4 year period to 31 December 2009.
·; The business model of First Property Group is:
o To raise third party funds to invest in income producing commercial property;
o To co-invest in these funds;
o To 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;
o To earn a return on its own capital invested in these funds.
·; It also has a 60% shareholding in a mechanical & electrical (M&E) installation and maintenance contractor, First Property Services Limited.
·; Further information about the Company and its products can be found at: www.fprop.com.