Empiric Student Property PLC

AGM Information • May 2, 2019

National Storage Mechanism | Additional information

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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 £10m.

·      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 CAST*	VOTES	% OF 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® 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.

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