Lon.&Assoc.Props PLC COVID-19 Announcement

 
TIDMLAS 
 
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 25th 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: [phone] 
 
 
 
END 
 

(END) Dow Jones Newswires

April 03, 2020 08:07 ET (12:07 GMT)