07 Dec 2020
Mike Ashley criticised by First Property Group for refusing to pay store rents but offering £50m lifeline to Arcadia
Mr Habib told The Telegraph: “I was interested to read that Mr Ashley has offered [Sir] Philip Green a £50m loan. Especially interested, in fact, as Mr Ashley’s Frasers Group currently owes a pension fund, on whose behalf I manage property, hundreds of thousands of pounds in unpaid rent.
“Buying distressed assets and saving jobs is a positive thing. But if you are simultaneously refusing to honour your debts, you are in effect buying them with other people’s capital. In this case, that of vulnerable pensioners. In the midst of a pandemic, this is inexcusable.”
Mike Ashley criticised by landlord for refusing to pay store rents but offering £50m lifeline to Arcadia, First Property Group warns of legal action next year if the bill is not paid https://t.co/b8Y9026Wpi#HighStreet #Arcadia #retailnews #BusinessNews
— Retail Gazette (@retailgazette) December 2, 2020
30 Nov 2020
Simon Thompson: A quartet of value opportunities
He concludes: “Trading on a modest PE ratio of 9 and offering a near 5 per cent dividend yield, expect the hefty discount to book value to narrow as the cash pile is deployed. Buy.”
Simon Thompson: A quartet of value opportunities https://t.co/d2Xfu2ZHuq
— Investors Chronicle (@IChronicle) November 30, 2020
27 Nov 2020
Letter to investors: Interim Results and interview with Ben Habib
26 Nov 2020
Fprop interim results for the six months to 30 September 2020
Interim Results for the six months to 30 September 2020. Download the accompanying presentation here. Presented by Jeremy Barkes, Business Director, Ben Habib, CEO, and Laura James, Finance Director.
26 Nov 2020
IGTV: Ben Habib interviewed on interim results and markets
18 Nov 2020
Ben Habib on the ‘Share Talk’ Podcast
First Property Group CEO Ben Habib on the Share Talk Ltd podcast.
He said: “We’ve got £21m sitting in the bank and we will deploy that along with our client money to find assets that we think are undervalued or have real growth potential coming out of the pandemic.”
— Share_Talk ™ (@Share_Talk) November 18, 2020
06 Nov 2020
Daily Express: Fprop CEO Calls for Business Rates Reform
Writing in The Daily Express, Fprop CEO Ben Habib renews his calls for business rates reform to aid retail and hospitality.
“Unless action is taken soon, ministers will be directly responsible for a wave of failed firms and redundancies when the rates ‘holiday’ ends,” he says.
“Unless action is taken soon, ministers will be directly responsible for a wave of failed firms and redundancies when the rates ‘holiday’ ends.”https://t.co/juFQAMohxO
— First Property Group (@FpropPlc) November 6, 2020
16 Oct 2020
Ben Habib: Covid is an opportunity to scrap business rates altogether
He writes in City AM: “By its nature, the burden of this tax falls hardest on startups, small companies, and businesses experiencing difficulties. They have little income and often have to bear this tax out of capital — which is also, more often than not, scarce.”
— City A.M. (@CityAM) October 16, 2020
Adding: “Calls for change are growing louder, and will reach a shriek when the March rates reintroduction takes its damaging hold. But by then it will be too late. The government must act now, and act boldly.”
09 Oct 2020
Investors Chronicle Podcast: Fprop share valuation ‘crazy’
Alpha podcast: John Hughman talks to Simon Thompson about the outlook for global stock markets and the strategies he’s using to identify companies fit for the Covid era https://t.co/uSepjlbh9J
— Investors Chronicle (@IChronicle) October 12, 2020
Thompson says: “Not all companies are actually doing badly… You can stock pick investment opportunities amongst the rubble… This valuation is absolutely crazy…”
05 Oct 2020
Investors Chronicle: “A free ride on profitable businesses”
He says: “Trading on a 36 per cent discount to net asset value (NAV), and offering a prospective dividend yield of 5 per cent, First Property’s long-term record of value creation for shareholders – the company has posted annualised growth in net assets (including dividends) of 22.7 per cent over the past decade and paid out cumulative dividends of 13.32p a share since I included the shares, at 18.5p, in my 2011 Bargain Shares Portfolio – is completely at odds with the miserly valuation. Buy.”
01 Oct 2020
Fprop PLC Prelim Results 2020: First Property Group
23 Sep 2020
Fprop Annual General Meeting: Watch Back Online
The accompanying RNS statement can be viewed by clicking here. The key points were continued high levels of group cash, a maintained dividend, and rent collection rates well above 90% in the UK, Poland, and Romania, despite challenges linked to coronavirus.
— Investor Meet Company (@InvestorMeetCo) September 23, 2020