Last checked at 4 Jun 2020 07:00
4 June 2020
THE PROPERTY FRANCHISE GROUP PLC
("TPFG", the "Company" or the "Group")
Operational Update, Notice of AGM and Posting of Annual Report and Accounts
Operational Update
Following the statement made by the Housing Secretary on 13 May regarding the re-opening of the housing market, the Group is pleased to announce that its franchisees have successfully resumed all sales and lettings activity, working within the Government guidelines.
The health and safety of its staff, customers and communities remains the Group's top priority. All physical viewings are being carried out in line with Government advice, including the observation of hygiene measures and social distancing. Franchisees have adapted well to the change in the operating model, embracing the use of technology to support continued customer service.
The Group's property management activity, which accounts for c.49% of all management service fees (MSF) revenue, has continued throughout the last three months with some new lettings activity being completed utilising virtual viewings.
The earlier easing of restrictions than expected in the UK housing market, allowing renters and buyers to transact more freely, was very welcome. The Group will provide an update on trading for the first five months of the year as part of the AGM statement.
The Group continues to give ongoing support to all franchisees, providing them with practical information in relation to Government initiatives on offer. Recent focus has been with regard to PPE and risk assessments which has been well received and will remain at the top of the Group's agenda. This is in order to protect its office footprint, franchisees and their customers.
Notice of AGM
The Group's Annual General Meeting will be held at 11:00am on 25 June 2020 at 2 St Stephen's Court, St Stephen's Road, Bournemouth, Dorset BH2 6LA. The notice of the AGM has been posted to shareholders.
The health of the Group's shareholders and its employees is of paramount importance. Due to the Covid-19 crisis shareholders are required to comply with current Government guidelines and, accordingly, may not attend the AGM in person. All shareholders are instead requested to complete Forms of Proxy indicating how they wish to vote on each of the resolutions.
A quorum of two shareholders is required to attend in person in order for the AGM to be quorate, which will be satisfied by the Chairman and one other director being present at the meeting.
Shareholders wishing to ask a question to be considered at that meeting are invited to send their questions by email to company.secretary@propertyfranchise.co.uk. The answers to questions submitted, together with the voting results, will be published on the Group's website: www.propertyfranchise.co.uk/investor-relations after the meeting has finished.
Posting of Annual Report and Accounts
The Group's Annual Report and Accounts for the financial year ended 31 December 2019 was also posted to shareholders on 29 May 2020 and is also available to view on The Property Franchise Group's website.
For further information, please contact:
The Property Franchise Group PLC Gareth Samples, Chief Executive Officer David Raggett, Chief Financial Officer | 01202 405549
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Cenkos Securities plc Max Hartley, Callum Davidson (Nominated Adviser) Julian Morse (Sales)
| 0207 397 8900
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Alma PR Susie Hudson Justine James Harriet Jackson
| 0203 405 0205 |
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About The Property Franchise Group PLC:
The Property Franchise Group PLC (AIM: TPFG) is one of the largest property franchises in the UK. The Company was founded in 1986 and has since grown to a diverse portfolio of six brands operating throughout the UK, comprising longstanding high-street brands and a hybrid, no sale no fee agency.
The Property Franchise Group's brands include:
· Martin & Co: a national lettings focused brand
· EweMove: a national, digitally enabled, hybrid sales and lettings brand
· CJ Hole: a full-service estate agency serving the West Country for 151 years
· Ellis & Co: a full-service estate agency serving London for 168 years
· Parkers: a full-service estate agency serving the M4 corridor for 70 years
· Whitegates: a full-service estate agency serving the Midlands and North of England for 40 years
Headquartered in Bournemouth, UK, the Company was listed on AIM on the London Stock Exchange in 2013. More information is available at www.propertyfranchise.co.uk