REG - First Property Group - Results of Open Offer and Total voting rights

First PropertyAnnouncement

19/09/2024 07:00

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RNS Number : 7768E  First Property Group PLC  19 September 2024

 Date:          19 September 2024
 On behalf of:  First Property Group plc ("First Property", the "Company" or the "Group")
 Embargoed:     07.00am

 

THIS ANNOUNCEMENT (INCLUDING THE APPENDICES) AND THE INFORMATION CONTAINED
HEREIN IS RESTRICTED AND FOR INFORMATION PURPOSES ONLY AND IS NOT FOR RELEASE,
PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, AND
DOES NOT CONSTITUTE AN OFFER OF SECURITIES FOR SALE IN, INTO OR FROM THE
UNITED STATES OF AMERICA, AUSTRALIA, CANADA, JAPAN, THE REPUBLIC OF SOUTH
AFRICA OR ANY OTHER JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION,
DISTRIBUTION, OFFER OR SALE WOULD BE UNLAWFUL.

 

THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND DOES NOT CONSTITUTE OR
CONTAIN ANY INVITATION, SOLICITATION, RECOMMENDATION, OFFER OR ADVICE TO ANY
PERSON TO PURCHASE AND/OR SUBSCRIBE FOR, OTHERWISE ACQUIRE OR DISPOSE OF ANY
SECURITIES IN FIRST PROPERTY GROUP PLC OR ANY OTHER ENTITY IN ANY
JURISDICTION. NEITHER THIS ANNOUNCEMENT NOR THE FACT OF ITS DISTRIBUTION,
SHALL FORM THE BASIS OF, OR BE RELIED ON IN CONNECTION WITH ANY INVESTMENT
DECISION IN RESPECT OF FIRST PROPERTY GROUP PLC.

 

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION.

 

First Property Group plc

 

Results of Open Offer

 

and

 

Total voting rights

 

First Property Group plc (AIM: FPO), the property fund manager and investor,
announces the results of its Open Offer to Qualifying Shareholders which was
announced on 3 September 2024 and closed for acceptances, in accordance with
its terms, at 11.00 a.m. on 18 September 2024.

 

The Company is pleased to announce that valid acceptances have been received
from Qualifying Shareholders for a total of 30,912,064 Open Offer Shares under
the Open Offer, representing approximately 83.63 per cent. of the 36,960,777
Open Offer Shares available under the Open Offer.

 

The Open Offer Shares not taken up by Qualifying Shareholders, being 6,048,713
Open Offer Shares, will be subscribed for by the underwriters (being Ben Habib
and Alasdair Locke (the "Underwriters")), as described in the circular and in
the announcement of 3 September 2024. 3,024,357 Open Offer Shares will be
subscribed for by Ben Habib and 3,024,356 Open Offer Shares will be subscribed
for by Alasdair Locke.  These are in addition to Open Offer Shares subscribed
for by the Underwriters pursuant to their entitlements under the Open Offer.

 

As a result, and subject to Admission becoming effective, 36,960,777 Open
Offer Shares will be issued in connection with the Open Offer, raising
approximately £2.96 million (before expenses) for the Company at an Issue
Price of 8 pence per Open Offer Share.

 

Capitalised terms used but not otherwise defined in this announcement bear the
meanings ascribed to them in the circular posted to shareholders on 3
September 2024.

 

Director and PDMR participation in the Open Offer

 

The following directors and persons discharging managerial responsibilities
("PDMRs") of the Company have participated in the Open Offer, as follows:

 

 

 

 

 Director/PDMR   Number of Existing Ordinary Shares  Number of Open Offer Shares subscribed for*  Number of Ordinary Shares held on Admission  % of the Enlarged Share Capital on Admission
 Alasdair Locke  8,771,990                           5,948,352                                    14,720,342                                   9.96%
 Ben Habib       15,030,000                          8,034,357                                    23,064,357                                   15.60%
 Peter Moon      496,805                             165,601                                      662,406                                      0.45%
 Jeremy Barkes   1,487,806                           527,862                                      2,015,668                                    1.36%
 Martin Pryce    1,813,975                           604,161                                      2,418,136                                    1.64%
 Przemek Kiszka  1,172,058                           390,686                                      1,562,744                                    1.06%

 

*inclusive of any shares subscribed for pursuant to the Underwriting
Agreement.

 

Admission and dealings

 

The Open Offer Shares will, when issued, be credited as fully paid and will
rank pari passu in all respects with each other and with the Existing
Ordinary Shares, including the right to receive all dividends and other
distributions declared, made or paid after the date of Admission. Application
has been made to the London Stock Exchange for the Open Offer Shares to be
admitted to trading on AIM ("Admission"). Settlement and dealings for the
Open Offer Shares and Admission are expected to take place on or around 8.00
a.m. on 23 September 2024.

 

Total voting rights

 

Following Admission, the Company will have a total of 153,561,892 Ordinary
Shares in issue, with 5,718,783 Ordinary Shares held in treasury. Therefore,
following Admission, 147,843,109 may be used by shareholders of the Company as
the denominator for the calculations by which they determine if they are
required to notify their interest in, or a change in their interest in, the
Company under the Disclosure Guidance and Transparency Rules of the Financial
Conduct Authority.

 

Commenting on the results, Alasdair Locke, Chairman of First Property, said:

 

"On behalf of the Board, I would like to thank shareholders for their support
in raising these funds and investing in the Company.

 

The proceeds raised will assist us in:

 

·      settling the deferred consideration payment of 5 million PLN
(circa £985,000), which was due in August 2024, for the Blue Tower property,
located in Warsaw;

·      providing funding for the fit-out of the space leased to TV
Republica (as announced on 25 July 2024), in Blue Tower; and

·      providing funding for capital expenditure incentives for tenants
as the Group continues to lease the remaining vacant space in its portfolio.

 

Times remain challenging but we expect the Group's fortunes to improve as
these funds are invested and markets improve."

 

For further information please contact:

 

 First Property Group plc                                      Tel: +44 (20) 7340 0270
 Ben Habib (Chief Executive Officer)                           investor.relations@fprop.com (mailto:investor.relations@fprop.com)

 Laura James (Group Finance Director)

 Jeremy Barkes (Director, Business Development)

 Jill Aubrey (Director, Compliance & Company Secretary)

 Allenby Capital (Nominated Adviser & Broker)                  Tel: + 44 (20) 3328 5656
 Nick Naylor/Daniel Dearden-Williams (Corporate Finance)

 Amrit Nahal/Tony Quirke (Sales and Corporate Broking)

 

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