| Date: | 22 April 2022 |
| On behalf of: | First Property Group plc ("First Property", "the Company" or the "Group") |
| | |
First Property Group plc
Resignation of Nominated Adviser
The Company notes the announcement issued by Arden Partners plc ("Arden") on 7 April 2022 that its application to retain its Nominated Adviser status following its merger with Ince Group plc ("Ince") had not been approved and the subsequent announcement on 11 April 2022 stating that the Board of Ince had waived the Nominated Adviser condition, thus resulting in Arden being unable to provide Nominated Adviser services following the completion of the acquisition (expected to be on 28 April 2022).
Further to these announcements, the Company today announces that it has been informed by Arden that it has resigned from the role of Nominated Adviser to the Company with immediate effect. As a result, trading in the Company's ordinary shares on AIM will be suspended from 7.30 a.m. on Monday 25 April 2022 until a new Nominated Adviser is appointed by the Company. Should the Company fail to appoint a new Nominated Adviser within 30 days then trading in the Company's ordinary shares on AIM would be cancelled.
The Company is in discussions with a new Nominated Adviser and a further announcement will be made in due course.
-Ends-
For further information please contact:
| First Property Group plc | Tel: +44 (20) 7340 0270 |
| Ben Habib (Chief Executive Officer) Laura James (Group Finance Director) Jeremy Barkes (Director, Business Development) | |
| | |
| SEC Newgate (Financial PR) | Tel: +44 (0)7540106366 |
| Robin Tozer |
Notes to Investors and Editors:
First Property Group plc is an award-winning property fund manager and investor with operations in the United Kingdom and Central Europe. Around one third of the shares in the Company are owned by management and their families.
Its focus is on higher yielding commercial property with sustainable cash flows. The company is flexible and takes an active approach to asset management. Its earnings are derived from:
· Fund management - via its FCA regulated and AIFMD approved subsidiary, First Property Asset Management Ltd (FPAM), which earns fees from investing for third parties in property. FPAM currently manages thirteen funds which are invested across the United Kingdom, Poland and Romania.
· Group Properties - principal investments by the Group, to earn a return on its own capital, usually in partnership with third parties. Investments include seven directly held properties in Poland and Romania, and interests in eleven of the thirteen funds managed by FPAM.
Listed on AIM the Company has offices in London, Warsaw and Bucharest. Further information about the Company and its products can be found at: www.fprop.com.
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