31st Jan 2008 15:34
Wichford plc31 January 2008 Wichford P.L.C. ("Wichford" or the "Company") AGM Statement 31 January 2008 The Chairman of Wichford P.L.C., Philippe de Nicolay, made the followingstatement at the Annual General Meeting of the Company, held at Top Floor, 14Athol Street, Douglas, Isle of Man at midday today. "Wichford's high quality portfolio of Central and State government occupiedproperties has continued to perform well in difficult markets. Rental income from the group's properties over the last year to date was in linewith the second half of the last financial year, allowing for acquisitions anddisposals. With 100% of borrowings fixed this consistent performance passesthrough to earnings from trading operations. The Board has noted that there has been a further general decline in UK propertyvalues in 2008, however it believes that the group's Continental Europeanproperties appear to be much less affected during this period. In December 2007, properties in Continental Europe represented 22% of the totalportfolio and some 45% of rental income was subject to inflation indices. However, the combination of higher yields, particularly for short term leases inthe UK, and lower interest rates may create attractive buying opportunities forWichford's "active" portfolio. Wichford is currently negotiating an additionaldebt facility to take advantage of opportunities, and expects to make a furtherannouncement soon. The Board is pleased to announce the appointment of Ms McArdle as SeniorIndependent Director of the Company with effect from today." A number of resolutions, details of which can be found in a circular sent to allshareholders, were voted upon at the meeting. All resolutions were passed. Enquiries: Wichford P.L.C.Philippe de Nicolay 00 33 1 40 74 42 79Ita McArdle 01624 690300 Wichford Property Management LimitedJamie Hambro 020 7747 5678Richard Britten-Long 020 7016 6150Philip Cooper 020 7495 7111 Citigate Dewe Rogerson 020 7638 9571George CazenoveHannah Seward Evolution Securities Limited 020 7071 4300Joint BrokerTim WorlledgeJeremy Ellis KBC Peel Hunt Ltd 020 7418 8900Joint BrokerNick MaslenDavid Anderson Notes to editors Wichford P.L.C. (UK Listed: WICH) is a property investment company, with aportfolio focused on investment property occupied exclusively by Central andState Government bodies. Approximately a quarter of the portfolio comprisespublic sector rented properties in Germany, the Netherlands and France. The Company currently owns 78 properties with a gross asset value of circa £668million generating a rental income of circa £39.5 million per annum. TheCompany's portfolio of properties has unit values usually between £2m and £30m.The Company's current core portfolio has a weighted average unexpired lease termof circa 11 years. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
RDI.L