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Latest update: 29/03/2019
Our Annual General Meeting is one of the most important opportunities for our shareholders to have a say in our business. As well as voting on key matters, it’s a chance to express views on our past performance and future direction. If you weren’t able to attend, you can view the AGM via our website www.ethicalproperty.co.uk/agm-live-stream.
Our new MD Conrad Peberdy presented our performance over the past year, and our strategy for the next five years or more to increase both our social impact and our dividend and share price, through annual share offers and accompanying buy backs of shares, starting in April 2020.
We also held two workshops in which we invited shareholders to take a more in-depth look at “Safeguarding our Social Mission” and “Maximising Our Social Impact”. Shareholders gave their views on the type of centres we should develop, where they should be situated and the social outcomes we should be looking to deliver. We also explored making the board of directors more accountable to the shareholders for the Quintessentials, the five essential principles that underpin our social mission. Thanks to all who joined these groups and whose questions and suggestions will go a long way to help us ensure that our values are protected for the future.
Ben Reynolds from Sustain (one of The Green House tenants) also joined us and spoke passionately about the food chain and how we can all ensure it becomes more ethical and sustainable.
We wished a fond farewell to David Loggia who is stepping down as a director as he is returning to Australia. We would like to thank David for all his hard work. We would like to also offer a very warm welcome to our three highly talented new Directors, Juliet Can, Monica Middleton and Anne Maire O’Harra who were elected unanimously at the AGM!
Later this year in the Autumn we will be holding an extra EGM when we will be presenting shareholders with our full five year strategy and asking them to approve resolutions to ensure our social mission is protected. We look forward to welcoming even more of our shareholders.
For further details of our AGM please visit www.ethicalproperty.co.uk
Ethical Property Company has just completed the purchase of 244-254 Cambridge Heath Road in Bethnal Green, London. Working with architect Waugh Thistleton, leading specialists in sustainable building design, they are preparing a planning application to redevelop the site to provide approximately 50,000ft² of workspace. The project is being funded by the proceeds from the recent sale of Development House in Old Street in London, to Singaporean investor City Developments Limited (CDL) for £37.4m.
Development House is an example of Ethical Property’s successfull portfolio management strategy to provide flexible workspaces for the social sector by developing in fringe locations, supporting local community regeneration and reinvesting in local economies. Another example is The Foundry, the award winning building in Vauxhall that supports social justice and human rights organisations.
The new Centre in Bethnal Green will contain nearly twice the amount of space enabling Ethical Property to respond to soaring demand as a result of rising rents and loss of office space across the capital. It will be built with sustainable materials and designed to have a significantly reduced carbon footprint, providing tenants lower operating costs.
Following the share issue in 2015, EPC's net asset value (or NAV) was £1.55 per share. The sale of Development House will add approximately £1.30 to the value. Before factoring in other changes, this gives a total of £2.85.
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