To view the PDF file, sign up for a MySharenet subscription.

EPP N.V. - COVID-19 update and revocation of the cash dividend for the six months ended 31 December 2019

Release Date: 25/05/2020 09:00
Code(s): EPP     PDF:  
 
Wrap Text
COVID-19 update and revocation of the cash dividend for the six months ended 31 December 2019

EPP N.V.
(Incorporated in The Netherlands)
(Company number 64965945)
JSE share code: EPP
ISIN: NL0011983374
LEI Code: 7245003P7O9N5BN8C098
(“EPP” or “the Company”)


COVID-19 UPDATE AND REVOCATION OF THE CASH DIVIDEND FOR THE SIX MONTHS ENDED 31 DECEMBER 2019

Shareholders are referred to the previous announcements released on SENS and published on the Luxembourg
Stock Exchange (“LuxSE”) website on 16 March 2020, 23 March 2020 and 30 April 2020 wherein shareholders
were advised that the board of directors of EPP (“Board”) had resolved to postpone the payment of the cash
dividend of 5.82 euro cents per share for the six months ended 31 December 2019 (“dividend”) pending the
continued assessment of the impact of COVID-19 on EPP’s operations and liquidity.

Although the Polish Government lifted the trading restrictions on Polish shopping centers and retail outlets on 4
May 2020 and 71% of EPP’s retail GLA is once again operational, it remains premature to meaningfully establish
the medium term impact of COVID-19 on EPP’s retail portfolio and consequent cashflows. EPP continues to
engage constructively with its tenants, lenders and business partners on achieving mutually acceptable solutions
during this challenging period and negotiations remain on-going in this regard.

Given the uncertainty of future trading conditions and the difficulty in determining the impact of
COVID-19 on EPP as a whole, the Board in the circumstances has decided to prioritise EPP’s sustainability, by
adopting prudent precautionary measures to preserve capital and maintain liquidity. As a consequence, the Board
has resolved in terms of Dutch corporate law, to revoke the declaration of the dividend. Accordingly, no
distribution to shareholders will be paid for the six-month period ended 31 December 2019. The
EUR 53 million which will be retained by EPP as a consequence of the revocation of the dividend will ensure
that EPP remains well capitalised to meet its liquidity needs during this period of uncertainty.

The Board will continue to monitor the impact of COVID-19 on the Company’s operations and its financial
position and expects to be in a better position to provide a detailed update to shareholders towards the end of June 2020.

25 May 2020

JSE Sponsor
Java Capital

Luxembourg Stock Exchange Listing Agent
Harneys Luxembourg

For more information:

Curwin Rittles, Investor Relations, EPP
Mobile: +48 885 982 310
Curwin.rittles@epp-poland.com

Java Capital, JSE Sponsor                                                          
Phone: +27 11 722 3050

Harneys Luxembourg, Luxembourg Stock Exchange Listing Agent
Phone: +352 27 86 71 02

Singular Systems IR
Michèle Mackey / Jacques de Bie
+27 (0)10 003 0700/+27 (0)82 497 9827
michele@singular.co.za / Jdebie@singular.co.za

Date: 25-05-2020 09:00:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.

Email this JSE Sens Item to a Friend.

Share This Story