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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Aggreko Plc | LSE:AGK | London | Ordinary Share | GB00BK1PTB77 | ORD 4 329/395P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 869.50 | 869.00 | 869.50 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMAGK
RNS Number : 4072H
Aggreko PLC
24 March 2020
AGGREKO PLC
24 MARCH 2020
TOKYO 2020 OLYMPICS UPDATE
Aggreko plc notes the recent announcement by the International Olympic Committee (IOC) and The Tokyo Organising Committee of the Olympic and Paralympic Games (TOCOG) postponing the 2020 Tokyo Olympic & Paralympic Games (the Games) until a date beyond 2020, but not later than summer 2021. Following this decision, we will now enter detailed discussions with our client, TOCOG, regarding our role in supporting the Games to a later timetable. While we have a contract that provides a framework for these discussions, the commercial terms and operational impact surrounding the postponement will need to be worked through in detail with TOCOG. As a reminder, the initial contract value was c.$200 million although, as we confirmed at the time of our results announcement on 3 March, following various scope changes we expected the contract value to increase to around $250 million. At this point, we have received $98 million in milestone payments under the contract.
As noted in our announcement of 23 March, we are in a strong financial position. We have considered a range of scenarios to stress-test the Group's liquidity position through to the end of this year, including the situation in which the Games do not take place this year. These show that even in a reasonably probable worst case scenario, with appropriate mitigating actions, we expect to remain within the Group's financial covenants, while maintaining headroom under our existing committed facilities.
A short conference call will be held today for investors and analysts at 15:00 (GMT) hosted by Chris Weston, CEO; dial-in details are below.
Enquiries Investors and analysts Louise Bryant, Aggreko plc +44 7813 210 809 Richard Foster, Aggreko plc +44 7989 718 478 Financial media Andy Rivett-Carnac, Headland +44 7968 997 365 Sophie O'Donoghue, Headland +44 7798 687 042 Conference call
Participant dial-in
United Kingdom 0800 279 9518 All other locations +44 20 3655 9505 Participant Access Code 154 6350#
This is a live call as there are no hosted conference call lines available. Please mute your line when you join.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
END
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(END) Dow Jones Newswires
March 24, 2020 10:00 ET (14:00 GMT)
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