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MCRO Micro Focus International Plc

532.00
0.00 (0.00%)
Last Updated: 00:00:00
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Micro Focus International Plc LSE:MCRO London Ordinary Share GB00BJ1F4N75 ORD 10P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 532.00 531.60 531.80 0.00 00:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

Micro Focus International plc Update on COVID-19 in regards to dividend and AGM (5408G)

18/03/2020 7:00am

UK Regulatory


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RNS Number : 5408G

Micro Focus International plc

18 March 2020

18 March 2020

Micro Focus International plc

Update on COVID-19 in regards to dividend and annual general meeting

Micro Focus International plc ("Micro Focus" or "the Company") today announces that the Board is no longer recommending a final dividend for the year ended 31 October 2019 and therefore it intends to withdraw resolution number 2 as set out in the Notice of Annual General Meeting dated 18 February 2020 (the "Notice") relating to the approval of a proposed final dividend of 58.33 cents per ordinary share at its forthcoming Annual General Meeting.

Today's announcement is made in the context of the current increased macro uncertainty, which has been uniquely impacted by the global spread of COVID-19. While there has been no material impact on Micro Focus' business to date, the ultimate impact on the global economy is unknown. As a minimum we believe it appropriate to be prepared for a level of disruption to our new sales activity even though the majority of our revenues are contractual and recurring in nature. As a result, we think it is right to approach the next twelve months with a reduced risk appetite and heightened sense of caution.

The Board will consider paying a second interim dividend in respect of the year ended 31 October 2019 (in lieu of the final dividend) once there is some visibility on the effects of the COVID-19 on the Company's business.

This decision not to pay a final dividend in no way alters the Board's view that the group remains appropriately capitalised, with robust profits underpinned by recurring strong cash flows. Micro Focus has cash on hand of in excess of $600 million at 29 February 2020. However, in the current extraordinary climate the board believes it is prudent to use every tool at its disposal to maximise the group's resilience in the face of exogenous shocks and to minimise any real or perceived financial risks arising from the current crisis.

As previously announced, the Company's Annual General Meeting ("AGM") will be held at 15:00 GMT on 25 March 2020 at its offices at The Lawn, 22-30 Old Bath Road, Newbury, Berkshire RG14 1QN.

In view of the ongoing COVID-19 pandemic, Micro Focus is encouraging shareholders to appoint the Chairman as their proxy (either electronically or by post) with their voting instructions rather than attend the AGM in person. The deadline for doing this is by 15:00 GMT on Monday 23 March 2020 for shareholders and 13:00 EST on Wednesday 18 March 2020 for ADR shareholders. In order to reduce the risk of infection, the meeting will end immediately following the business of the AGM and there will be no refreshments. The Company is taking these precautionary measures to safeguard its shareholders' and employees' health and make the AGM as safe and efficient as possible.

Instructions on proxy voting are attached to the Notice of Meeting enclosed with the 2019 Annual Report already sent out to shareholders and which can be found on the Company's website:

https://investors.microfocus.com/investors-media/shareholder-information/general-meeting-information/

The COVID-19 pandemic is complex, fast moving and, at times, unpredictable. Micro Focus is continuously monitoring the situation and will continue to update shareholders on material corporate and business developments in the usual way, via a Regulatory Information Service.

Enquiries:

   Micro Focus                                                         Tel: +44 (0)1635 32646 
   Stephen Murdoch, CEO                                        Investors@microfocus.com 

Brian McArthur-Muscroft, CFO

Ben Donnelly, Investor relations

   Brunswick                                                           Tel: +44 (0) 20 7404 5959 
   Sarah West                                                           MicroFocus@brunswickgroup.com 

Jonathan Glass

Notes to Editors:

About Micro Focus

Micro Focus (LSE: MCRO.L, NYSE: MFGP) is a global enterprise software company supporting the technology needs and challenges of the Global 2000. Our solutions help organizations leverage existing IT investments, enterprise applications and emerging technologies to address complex, rapidly evolving business requirements while protecting corporate information at all times. Our product portfolios are Security, IT Operations Management, Application Delivery Management, Information Management & Governance and Application Modernization & Connectivity. For more information, visit: www.microfocus.com

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.

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March 18, 2020 03:00 ET (07:00 GMT)

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