TIDMESP
RNS Number : 9224X
Empiric Student Property PLC
02 May 2019
2 May 2019
Empiric Student Property plc
("Empiric" or the "Company" or, together with its subsidiaries,
the "Group")
RESULT OF AGM AND TRADING UPDATE
The board of Empiric Student Property plc (ticker: ESP) (the
"Board"), the owner and operator of student accommodation across
the UK, announces that all resolutions proposed were duly passed at
the Company's Annual General Meeting held earlier today, further
details set out below.
The Board is also pleased to provide the following trading
update:
-- Bookings: For the 2019/20 academic year, bookings are
currently 54%, up from 44% as previously announced by the Company
on 20 March 2019.
-- Operating margin: Progress made on improving the operating
margin in FY2019 to above 67%, as a result of the successful
in-housing of the final 57 properties at the end of March 2019.
-- Administration expenses: First quarter run rate in line with
2019 full year target of around GBP10m.
-- Dividend cover: Continue to expect that the total dividend
for 2019 will be approximately 85% covered by adjusted earnings and
the performance in the first quarter supports this.
-- Dividend target: Remains 5.0 pence per share for the year ending 31 December 2019.
Tim Attlee, Chief Executive Officer of Empiric Student Property
plc, commented:
"We are encouraged with the Company's continued progress. The
Group remains on track to deliver the financial and operational
improvements and targets that we set out at our full year 2018
results announcement on 20 March 2019, specifically the delivery of
both an improved operating margin and a further increase, to
approximately 85%, in dividend cover for the full year 2019."
In accordance with Listing Rule 9.6.2(R), a copy of the
resolutions passed at the Annual General Meeting will be submitted
to the National Storage Mechanism and will be available for
inspection at www.morningstar.co.uk/uk/NSM.
As at the date of the meeting, there were 602,887,740 ordinary
shares with voting rights in issue. Proxies were received by the
Company from shareholders before the meeting, as follows:
RESOLUTION FOR AGAINST WITHHELD
VOTES
VOTES % OF VOTES VOTES % OF
CAST* VOTES
CAST*
------------ ----------- ----------- ------- -----------
1. To receive the Company's
Annual Report and Accounts
for the financial period
ended 31 December 2018 337,632,810 99.84 533,244 0.16 335,971
------------ ----------- ----------- ------- -----------
2. To approve the Directors'
Remuneration Report 302,890,934 99.83 511,026 0.17 35,100,065
------------ ----------- ----------- ------- -----------
3. To approve the Directors
Remuneration Policy 302,888,863 89.49 35,572,071 10.51 41,091
------------ ----------- ----------- ------- -----------
4. To re-appoint BDO LLP
as Auditors of the Company 338,128,358 99.90 326,576 0.10 46,020
------------ ----------- ----------- ------- -----------
5. To authorise the Directors
to determine the remuneration
of the Auditors 338,186,490 99.91 313,444 0.09 1,020
------------ ----------- ----------- ------- -----------
6. To authorise the Directors
to declare and pay all
dividends as interim dividends 338,075,019 99.87 425,986 0.13 1,020
------------ ----------- ----------- ------- -----------
7. To elect Mark Pain
as a Director of the Company
who, having been appointed
as a Director by the Board
since the last AGM 331,793,116 99.53 1,555,716 0.47 5,151,359
------------ ----------- ----------- ------- -----------
8. To elect Alice Avis
as a Director of the Company
who, having been appointed
as a Director by the Board
since the last AGM 338,157,494 99.91 316,338 0.09 26,359
------------ ----------- ----------- ------- -----------
9. To re-elect Timothy
Attlee as a Director of
the Company 325,481,456 96.15 13,014,210 3.84 6,359
------------ ----------- ----------- ------- -----------
10. To re-elect Lynne
Fennah as a Director of
the Company 335,262,306 99.04 3,233,360 0.96 6,359
------------ ----------- ----------- ------- -----------
11. To re-elect Jim Prower
as a Director of the Company 336,844,683 99.51 1,649,149 0.49 6,359
------------ ----------- ----------- ------- -----------
12. To re-elect Stuart
Beevor as a Director of
the Company 337,223,435 99.62 1,270,397 0.38 6,359
------------ ----------- ----------- ------- -----------
13. To authorise the Directors
to allot shares under
(section 551 of the Companies
Act 2006) 329,070,400 97.21 9,428,771 2.79 1,020
------------ ----------- ----------- ------- -----------
14. Special Resolution
- subject to the passing
of Resolution 13, the
Directors shall have the
power to allot equity
securities (pursuant to
sections 570 and 573 of
the Companies Act 2006)
for cash 338,110,668 99.88 388,503 0.11 1,020
------------ ----------- ----------- ------- -----------
15. Special Resolution
- subject to the passing
of Resolution 13, the
Directors shall have the
power to allot equity
securities (pursuant to
sections 570 and 573 of
the Companies Act 2006)
for cash for the purpose
of financing an acquisition
or other capital investment 302,949,469 89.50 35,548,271 10.50 4,285
------------ ----------- ----------- ------- -----------
16. Special Resolution
- authorise the Company
to make market purchases
of own shares in the Company 302,974,428 89.53 35,420,854 10.47 101,644
------------ ----------- ----------- ------- -----------
17. Special resolution
- that a general meeting
may be called on not less
than 14 clear days' notice 329,505,795 97.34 8,995,210 2.66 1,020
------------ ----------- ----------- ------- -----------
18. Special resolution
- to approve the cancellation
of the share premium account 338,150,111 99.90 318,642 0.09 31,438
------------ ----------- ----------- ------- -----------
19. Special resolution
- to approve the transfer
to Chapter 6, Commercial
Company 338,139,521 99.90 326,559 0.10 34,111
------------ ----------- ----------- ------- -----------
* Excludes votes withheld
FOR FURTHER INFORMATION ON THE COMPANY, PLEASE CONTACT:
Empiric Student Property plc (via Maitland/AMO below)
Tim Attlee (Chief Executive Officer)
Lynne Fennah (Chief Financial &
Operating Officer)
Jefferies International Limited Tel: 020 7029 8000
Gary Gould
Stuart Klein
Maitland/AMO (Communications Adviser) Tel: 020 7379 5151
James Benjamin Email: empiric-maitland@maitland.co.uk
The Company's LEI is 213800FPF38IBPRFPU87.
Further information on Empiric can be found on the Company's
website at www.empiric.co.uk.
Notes:
Empiric Student Property plc is a leading provider and operator
of modern, direct-let, nominated or leased student accommodation
across the UK. Investing in both operating and development assets,
Empiric is a multi-niche student property company focused on, (i)
providing good quality first year accommodation managed through its
Hello Student(R) operating platform in partnership with
universities, (ii) offering a variety of second and third year
purpose-built accommodation options for individual students and
those wanting a group living environment, and (iii) continuing to
expand the Group's existing premium, studio-led accommodation
portfolio which is attractive to international and postgraduate
students.
The Company, an internally managed real estate investment trust
("REIT") incorporated in England and Wales, listed on the premium
listing segment of the Official List of the Financial Conduct
Authority and was admitted to trading on the main market for listed
securities of the London Stock Exchange in June 2014.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
MSCCKBDBBBKDNPK
(END) Dow Jones Newswires
May 02, 2019 08:26 ET (12:26 GMT)
Empiric Student Property (LSE:ESP)
Historical Stock Chart
From Jul 2024 to Jul 2024
Empiric Student Property (LSE:ESP)
Historical Stock Chart
From Jul 2023 to Jul 2024
