Glenveagh Properties PLC Further COVID-19 Update (9605H)

TIDMGLV

RNS Number : 9605H

Glenveagh Properties PLC

30 March 2020

30 March 2020

Glenveagh Properties plc

Further COVID-19 Update

Glenveagh Properties plc ("Glenveagh" or the "Group") today announces a further update on the impact of the COVID-19 pandemic on the Group.

In line with updated Government guidance to combat the spread of COVID-19 the Group affected an orderly and safe closure of all our construction sites. The Group will reopen these sites when the Government confirms that it is appropriate to do so.

As noted in the Group's statement of 26 March, Glenveagh continues to benefit from a robust balance sheet with net debt of approximately EUR4 million, cash resources and available committed facilities of EUR121 million (plus a further EUR125 million of uncommitted facilities) at 25 March. In addition, the Group has significant net assets (EUR867 million[1]), no outstanding land payments and strong covenant headroom.

Glenveagh will issue a trading update on 19 May 2020 in advance of the AGM.

For further information please contact:

 
 Investors:                           Media: 
 Glenveagh Properties plc             Gordon MRM 
  Michael Rice (CFO)                   Ray Gordon 087 241 7373 
  Conor Murtagh (Director, Strategy    David Clerkin 087 830 1779 
  & IR)                                [e-mail] 
  [e-mail] 
                                     ---------------------------- 
 

Note to Editors

Glenveagh Properties plc, listed on Euronext Dublin and the London Stock Exchange, is a leading Irish homebuilder with a focus on strategically located developments in the Greater Dublin Area, Cork, Limerick and Galway.

Glenveagh delivers across three distinct business segments - Suburban, Urban and Partnerships - as a single business, capitalising on scale advantages and investing to optimise return on capital.

www.glenveagh.ie

[1] At 31 December 2019

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 [e-mail] or visit www.rns.com.

END

UPDFFFFLVLIAFII

(END) Dow Jones Newswires

March 30, 2020 02:00 ET (06:00 GMT)