Results of Open Offer and Total voting rights

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:

*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."

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