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REG-Fuller, Smith & Turner PLC Fuller, Smith & Turner PLC: Covid-19 and Dividend Update

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   Fuller, Smith & Turner PLC (FSTA)
   Fuller, Smith & Turner PLC: Covid-19 and Dividend Update

   03-Apr-2020 / 07:00 GMT/BST
   Dissemination of a Regulatory Announcement, transmitted by EQS Group.
   The issuer is solely responsible for the content of this announcement.

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   Press Release          

   3 April 2020

                                        

                           Fuller, Smith & Turner PLC

                          COVID-19 and Dividend Update

                                        

                                        

   Fuller, Smith & Turner PLC ("Fuller's" or "the Company"), the premium pubs
   and hotels business, today provides the following update in response to
   the ongoing impact of COVID-19 and the current closure of its entire
   Managed and Tenanted pub estate.

    

   The Company has placed the vast majority of its employees in furlough,
   retaining a small number in key positions to maintain critical functions
   and deliver the year-end financial reporting process. Fuller's is grateful
   for the Government's financial assistance to employees in furlough and,
   where 80% of their regular wage exceeds the Government cap of £2,500 per
   month, the Company has committed to top up the payment to the 80% level.

    

   During the current closure of the entire estate, steps have been taken to
   minimise all outgoings and to preserve cash. The Company has suspended all
   non-essential capital spend and is negotiating across its supplier base to
   reduce costs further.

    

   As stated in the previous announcement on 23 March 2020, Fuller's has an
   excellent relationship and open dialogue with its lending banks, and the
   Company is well financed with a healthy balance sheet and significant
   liquidity headroom. However, in light of the unprecedented current
   situation - especially the uncertainty as to how long the emergency
   regulations will last - and to ensure the Company is in the best possible
   financial position with maximum flexibility, the Board has taken the
   decision not to propose a final dividend on the Company's ordinary shares
   for the year ended 28 March 2020, thereby preserving further cash (FY2019
   final dividend: £6.8 million).

    

   Chief Executive Simon Emeny said: "We have implemented a wide range of
   measures that will impact all our stakeholders, but will protect the
   business and ensure that we emerge in a strong position to build for the
   future. We are supporting our tenants by cancelling commercial rent
   payments, we will not be proposing a final dividend, we have placed over
   95% of our team members in furlough and my Board colleagues and I have
   taken a 25% reduction in pay.

    

    

   "I would like to thank all my colleagues for their support and the way
   they have positively engaged in these decisions. I have been so proud of
   the way they have reacted with understanding and compassion. These are
   unprecedented times - but we look forward to the day we reopen our doors,
   get our teams back together and are ready to welcome our customers back
   into our pubs and hotels and deliver the outstanding hospitality that
   Fuller's is famous for."

                                        

                                       S>

    

    

    

   For further information, please contact:

    

   Fuller, Smith & Turner P.LC.

   Simon Emeny, Chief Executive    020 8996 2000

   Adam Councell, Finance Director    020 8996 2000

   Georgina Wald, Corporate Comms Manager  020 8996 2198 / 07831 299801

    

   Instinctif Partners

   Justine Warren      020 7457 2010

    

    

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   ISIN:           GB00B1YPC344
   Category Code:  MSCL
   TIDM:           FSTA
   LEI Code:       213800C7ACOFMRCQQW76
   OAM Categories: 3.1. Additional regulated information required to be
                   disclosed under the laws of a Member State
   Sequence No.:   56381
   EQS News ID:    1014535


    
   End of Announcement EQS News Service

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