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COMBINED MOTOR HOLDINGS LIMITED - Decision not to declare a dividend

Release Date: 18/06/2020 14:00
Code(s): CMH     PDF:  
Wrap Text
Decision not to declare a dividend

Combined Motor Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number 1965/000270/06)
Share code: CMH ISIN: ZAE000088050
(“CMH” or “the Group”)


Since the financial year-end of CMH in February 2020, the world has been hit by the COVID-19
pandemic, resulting in an economic lockdown in many parts of the world, including South Africa.
While the board remains confident in the financial position of the Group, there is uncertainty as to
the impact that Covid-19 will have on operations in the coming months.

As a precautionary measure, to preserve cash to sustain the Group’s operations into the
foreseeable future, the Board has decided not to declare a final dividend. Whilst the Group
continues to meet its current solvency and liquidity obligations, the Board considers it prudent
and in the best interests of the Group and all its stakeholders to preserve its liquidity.

The key to sustainability during these abnormal times is a strong cash position and the ability to
swiftly align operating expenses to fluctuating levels of income both during the lockdown and in
the months that follow. Both of these attributes are proven strengths of the Group and will provide
the necessary foundation to continue trading on a sustainable basis.

18 June 2020

PricewaterhouseCoopers Corporate Finance (Pty) Ltd

Date: 18-06-2020 02:00:00
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