Last checked at 4 Sep 2008 07:00
Date: 04 September 2008
On behalf of: First Property Group plc ("First Property" or the "Company")
Embargoed until: 0700hrs
First Property Group plc
AGM Statement
First Property Group plc (AIM: FPO), the AIM-listed property services group specialising in commercial property fund management, announces that it will hold its Annual General Meeting today at 12 pm.
At the AGM, the Company's Chief Executive, Ben Habib, will make the following statement:
"The Company has continued to make good progress in all of its divisions in the current financial year.
"In view of the current global economic uncertainty, the Company has exercised a high degree of caution during the first five months of the current financial year. Consequently we have not acquired any new properties for the funds that we manage and assets under management remain at some £290 million. However, these assets are performing well and for the three months to 30 June 2008, our funds achieved a rate of return on equity of over 14 per cent on an annualised basis.
"We are continuing to work on the acquisition of some EUR 60 million of property which we hope to report on in the near future."
First Property will report its interim results to 30 September 2007 in November 2007.
- Ends -
Enquiries to:
| Ben Habib, Chief Executive | www.fprop.com |
| First Property Group plc | Tel: 020 7731 2844 |
| Chris Hardie, Corporate Finance Director | chris.hardie@arden-partners.com |
| Arden Partners | Tel: 020 7398 1639 |
| Adam Leviton / Kathryn Hurford | firstproperty@redleafpr.com |
| Redleaf Communications Ltd | Tel: 020 7822 0200 |
Notes to Editors:
First Property Group plc was established in March 2000 by Chief Executive Ben Habib, to provide a number of property services which include property asset management, property transaction underwriting and trading, and facilities management.
The Company listed its shares on the Alternative Investment Market (AIM) in December 2000 with a view to fuelling further growth.
First Property Group plc is an integrated property services group which consists of the following core services:
Property asset management - established in August 2002 and provided by a wholly owned subsidiary, First Property Asset Management Ltd (FPAM), now with operations in the UK, Central and Eastern Europe;
Property transaction underwriting and trading - established in August 2001 also provided by FPAM, now with operations in the UK, Central and Eastern Europe;
Facilities Management - acquired 60% of First Property Services Ltd in February 2006, with operations in the UK and clients including: Credit Suisse, Canary Wharf, the BBC, Coutts Bank and Exxon Mobil.
Further information about the company and its products can be found at: www.fprop.com