REG-Lon.&Assoc.Props PLC: COVID-19 Announcement

London & Associated PropertiesAnnouncement

03/04/2020 13:10

FOR IMMEDIATE RELEASE

3 April 2020

LONDON & ASSOCIATED PROPERTIES PLC (“LAP”):

COVID-19 ANNOUNCEMENT

London and Associated Properties Plc’s Board of Directors (“the Board”)
has reviewed the Group’s activity in the current economic environment and
the various measures already in place, and being contemplated, to protect our
staff and the business.

The Board noted that the current health crisis is exceptional in its nature
and scale. It is leading to an economic slowdown that will probably be
temporary but very significant. The consequences of this pandemic,
particularly in terms of duration and extent, remain difficult to assess.

LAP has already implemented significant measures to ensure that the company is
protecting its staff, which is the Company’s first priority. As a result,
LAP has closed its head office as well as its Sheffield shopping centre.  All
of LAP’s other retail, industrial and residential investments
remain open, although a significant number of tenants have been forced to
close as a result of the Coronavirus Act.  We are in active negotiation with
a number of tenants about deferring payment and, as at today’s date, we have
collected c50% of the rent due on 25(th) March.  

The Board has taken measures to ensure that it has enough liquidity to last
through the lockdown and the enforced closure of a number of its tenants. 
This includes a temporary stop on all non-essential capital expenditure,
furloughing 13 members of staff (including centre management and maintenance
who operate off-site) and reducing, wherever, possible central overheads.

Further, the Board has agreed that it will not be recommending a dividend for
the financial year ending 31 December 2019, although the Board reserves the
right to reconsider this position in the coming months depending on how the
situation evolves.

Further announcements will be made in due course.

ENDS

Contact:
Baron Phillips, Baron Phillips Associates.
Tel: 07767 444193



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