FIRST PROPERTY GROUP PLC (FPO)

FIRST PROPERTY GROUP PLC (FPO)

AGM Reports

First Property (FPO) AGM Report 2012

I have been a shareholder of First Property (AIM:FPO) since 2010 and attended their AGM on 14th September. Background First Property is a peculiar beast, being primarily an asset manager of institutional property funds, but also owning stakes in some properties directly and stakes in its own funds, as “seed capital”. That leads to two alternatives methods of valuing the business: on earnings or NAV. Earnings comprise: Fund management fees Rental and capital returns from directly owned property stakes  Income and capital gains from investments in ...
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