First Property Group plc (FPO.L) Earnings Call Transcript & Summary

Good afternoon, ladies and gentlemen. Welcome to the First Property Group plc AGM 2021 proceedings. [Operator Instructions] Company may not be in a position to answer every question received during the meeting itself. The company will review all questions submitted today and publish responses where it's appropriate to do so. These will be available on your Investor Meet dashboard. And you'll be notified once they're available for your review. I'd also like to remind you that this presentation is being recorded. I'd now like to hand you over to Alasdair Locke, Chairman of First Property Group plc. Good afternoon.

Thank you. Ladies and gentlemen, welcome to this AGM, which is largely remote although we do have a number of colleagues here, which I will introduce if you could see at least some of them. Peter Moon, who's my fellow Non-Executive Director, is here. Ben Habib is our Chief Executive. He's joining us remotely. Laura James, our Finance Director; Jill Aubrey, our Company Secretary, Jeremy Barkes, Business Development; and Martin Pryce, Director of Fund Manager. So the -- we will conduct the formal meeting of the business first and then we will proceed to the Q&A session. So the formal matters of this meeting relate to the report and accounts for the year to the 31st of March 2021. I think you will see well, no, not yet, but you will have actually seen the resolutions. Yes, you can see the resolutions now. And with the consent of those shareholders present, I would like to take the notice of the meeting as set out on Pages 67 to 68 of the report and accounts as read. Yes. Thank you. I will now ask that I take the report of Haines Watts, our accountants as set out on Pages 29 to 33 of the report and accounts as read. Yes. Thank you. The company's shareholders have been able to submit questions in advance of this meeting. Will also have the opportunity to submit questions during the meeting via the live presentation. And we'll deal with all of those at the end of the formal -- the conducting of formal business. So I declare that the quorum required by the articles of association of the company is present, and that the meeting is, therefore, properly constituted. And on your screens, you will now see the ordinary and special resolutions being proposed and after there's been a show of hands on each resolution, which is actually only in this room so of no real significance. I will advise you of the proxy count. So resolution 1, I propose that the report of the directors and the audited accounts for the year ended 31st of March '21, now submitted to this meeting be approved and adopted. I'll ask now, Mr. Jeremy Barkes as a shareholder to second the proposal.

Mr. Chairman, I have much pleasure in seconding this proposal.

Those in favor, those against. So the resolution is carried. The proxy vote was 32,44,781 in favor, 17,890 against, and 11,114 abstentions. I now propose Resolution 2, whereby the directors be authorized to reappoint Haines Watts as auditors of the company to hold office from the conclusion of this meeting until the conclusion of the next general meeting of the company at which accounts are laid. And I will ask Mr. Martin Pryce, a shareholder to second the proposal.

Mr. Chairman, I have much pleasure in seconding the proposal. Those in favor, those against. The resolution has been carried. Proxy vote, 32,20,850 in favor. 35,980 against, 16,955 abstentions. Resolution 3. I now propose resolution #3, whereby the directors be authorized to fix the remuneration of the auditors. Seconded?

Mr. Chairman, I have much pleasure in seconding the proposal.

I put it to the meeting. Those in favor, those against. Proxy vote was 32,62,671 in favor, no shares against, 11,114 abstentions. So the resolution is carried. I now propose resolution #4, which is set out in full on Page 67 and it's an ordinary resolution requires authority to authorize the directors to allot shares and/or grant rights to subscribe for or to convert any security into shares. And our proposal of directors be authorized to allot shares and/or grant rights to subscribe for or to convert securities in accordance with the terms of resolution #4, and I'll ask Mr. Martin Pryce to second the proposal.

Mr. Chairman, I have much pleasure in seconding the proposal.

Those in favor, those against. The resolution has been carried with 31,914,578 favor, 148,093 against and 11,114 abstentions. I now propose resolution #5, which is again set out in full on Page 67. It's a special resolution requires authority to authorize the directors to disapply statutory preemption rights in respect of new allotment of shares and the sale of treasury shares. So I now propose that the directors be authorized in accordance with the terms of the resolution #5. I'll ask Mr. Jeremy Barkes a shareholder to second the proposal.

Mr. Chairman, I have much pleasure in seconding the proposal.

Those in favor, those against. The resolution is carried, 31,697,019 in favor. 298,298 against and 78,468 abstentions. Resolution #6 is a special resolution, requires authority to authorize the directors to purchase on behalf of the company its own shares. And in accordance with the terms of resolution #6, I'd asked Mr. Martin Pryce to second the proposal.

Mr. Chairman, I have much pleasure in seconding the proposal.

Those in favor, those against. I declare the resolution carried, 32,07,334 in favor. 55,337 against, 11,114 abstentions. Resolution #7 is a special resolution amending the company's articles of association by the addition of a new Article 95A, which is set out in full on Page 71 of our report. I would ask Mr. Jeremy Barkes to second the proposal.

Mr. Chairman, I have much pleasure in seconding the proposal.

Those in favor, those against. 31,858,696 in favor, 83,54,000 against, 132,035 abstentions. And that, ladies and gentlemen, is the formal business of the meeting now concluded. We have released of the RNS statement. Yes, it is -- we have released our AGM statement. So I don't intend to read it all. I'm not supposed to read it? Would you like me to read it? Right, I will, therefore, read it. First Property Group, the property fund manager and investor with operations in the U.K. and Central Europe is holding its annual meeting today now. It's being held online via an Investor Meet company and the company's headquarters is in London. I am the Chairman of the meeting, and I'm pleased to report that the group continues to perform in accordance with management's expectations. Group cash at 17th of September '21 amounted to GBP 12.36 million, down from GBP 16.24 million 31st of March '21. This equates to 11.2p per share as opposed to 14.71p per share at year-end. Third-party funds under management stood at GBP 530 million as opposed to GBP 527 million at year-end of March '21. Uninvested cash commitments to funds managed by First Property Asset Management amount to some GBP 4.4 million as at 17th of September. Total funds under management, including group properties amounted to GBP 572 million at the 31st of August as opposed to GBP 569 million at the 31st of March this year. Interim results for the 6 months ended 30 September scheduled to be announced on the 24th of November 2021. So that is the statement. So -- and we will now answer any questions that have been submitted in advance or during the meeting, but I would like to direct you to our preliminary results presentation, which is available via the Investor Meet company platform or on our website. So we will now answer any questions. I don't think any have been submitted. But I don't know whether there are any questions on the Q&A.

We have no questions submitted so far, sir.

Well, I think that if nobody has any further questions, then I think we'd say that the meeting is concluded, and thank you all for attending.

Thank you very much indeed, Alasdair, and thank you very much for attendees for attending today's AGM proceedings. Can I please ask attendees not to close the session, you should be automatically redirected for the opportunity to provide your feedback in order the management team can understand your views and expectations. This is only going to take a few moments to do so and is greatly valued by the company. On behalf of the management team of First Property Group plc, we'd like to thank you for attending today's AGM proceedings. Thank you very much and good afternoon.