Brief: GL Events Cancels Dividend Distribution Due To Coronavirus

GL Events SA

27/03/2020 11:53

March 27(Reuters) - GL EVENTS SA  GLTN.PA :
    * ANNOUNCED ON THURSDAY CANCELLATION OF DIVIDEND DUE TO
CORONAVIRUS
    * BOARD OF DIRECTORS POSTPONES GENERAL MEETING UNTIL FRIDAY
19
JUNE 2020 TO ENCOURAGE GREATER PARTICIPATION OF ITS SHAREHOLDERS
    * THE BOARD OF DIRECTORS HAS DECIDED TO CANCEL THE DIVIDEND
DISTRIBUTION INITIALLY SET AT EUR 0.72 PER SHARE FOR THE 2019
FINANCIAL YEAR
    * DECISION OF CANCELLING DIVIDEND WILL ENABLE GROUP TO
RETAIN MORE
THAN EUR 30 MLN IN CASH AND CASH EQUIVALENTS
    * ON CORONAVIRUS: TO DATE, THE GROUP'S SITES (VENUES
DIVISION) ARE
INACTIVE, WITH THE EXCEPTION OF THE EXHIBITIONS PARK OF AÏCHI IN
JAPAN
    * SERVICE ACTIVITIES (LIVE DIVISION) ARE VIRTUALLY
INTERRUPTED
EXCEPT IN DUBAI AND CHINA
    * IN CHINA, BUSINESS HAS BEEN PICKED UP AGAIN AFTER TWO
MONTHS OF
INACTIVITY
    * AS EXPECTED, BUSINESS IN THE FIRST QUARTER OF 2020 WILL BE
STRONGLY IMPACTED BY THE CLOSURES OF SITES, THE SHUTDOWN OF
CHINA FOR 2 MONTHS AND THE POSTPONEMENT OF TRADE FAIR
    * FACED WITH SIGNIFICANT DROP IN ACTIVITY, DRASTIC SAVINGS
PLAN OF
EUR 40 MLN HAS BEEN AGREED IN ORDER TO CONCENTRATE USE OF CASH
ON GROUP'S STRATEGIC NEEDS WHILE AT SAME TIME MAINTAINING
SUITABLE ORGANIZATION IN ANTICIPATION OF RESTART OF ACTIVITY 

Source text: https://bit.ly/2Jlngpb
    
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