Sabien Technology Group PLC Sabien furloughs staff in response to C19 lockdown (1300I)

TIDMSNT

RNS Number : 1300I

Sabien Technology Group PLC

31 March 2020

31 March 2020

Sabien Technology Group plc

("Sabien" or the "Company")

Sabien Furloughs Staff in Response to Coronavirus Lockdown

Sabien announces today it has furloughed all non-essential staff in response to the extraordinary circumstances relating to the global coronavirus emergency. Following the national lockdown announced last week, and the closure of most non-essential industries, the Board has decided to take unprecedented action to protect the Sabien business and the jobs of our staff from what may be a prolonged period of commercial inactivity.

Increasingly, customers do not want third party contractors to visit their sites and Sabien is not prepared to put its installation engineers at risk by asking them to make non-essential visits away from their homes. With reduced sales opportunities and no installations possible, the Company has recognised that it must take immediate action to protect the business from unprecedented economic headwinds. Consequently, the Board has decided to immediately suspend all non-essential functions for the duration of the crisis.

Fortunately, the Government has announced the Coronavirus Job Retention Scheme ('Scheme') which will fund the continued employment and protect the jobs of our skilled workforce. After a period of consultation, more than 85% of the Sabien workforce have agreed to be furloughed with effect from 30 March 2020. The Company will maintain a slimmed down sales and customer support function to ensure we are ready to restart normal operations at the earliest possible date. The Company will review the situation on a monthly basis and may ask selected furloughed staff to return to the business for special projects.

Executive Chairman, Richard Parris, said, "As a responsible employer, the Sabien Board has moved quickly to protect the health of our employees and their jobs. The expected slowdown in sales will hopefully be offset by a corresponding reduction in the salary bill leaving the Company in a strong position for a resurgence in business once normal operations resume. The Board continues to have confidence in the future of Sabien's M2G product line and we believe our actions will protect shareholder value through difficult market conditions.

In addition, work on the strategic transaction of PtarmiganDestinations Holdings announced on 20 January 2020 continues unabated with a target completion date during Q2. The Sabien Board notes Ptarmigan's involvement in the launch today of doctorinthehouse.net . to help the fight against Coronavirus. Sabien is keen to proceed and complete its reverse takeover of Ptarmigan so all parties can benefit from the delivery of additional virtual healthcare service at this time global domestic lockdown".

For further information:

 
 Sabien Technology Group plc 
  Richard Parris, Chairman 
  SPARK Advisory Partners Limited (Nominated             [phone] 
  Adviser) 
  Neil Baldwin / Matt Davis                               [phone] 
  Peterhouse Capital Limited (Broker) 
  Duncan Vasey/ Lucy Williams                             [phone] 
 
  A copy of this announcement will be available 
  from the Company's website at www.sabien-tech.co.uk 
 

About Doctorinthehouse.net

Doctorinthehouse.net aims to offer free online consultations about any health issues during the COVID outbreak, backed up by a frontend AI tool, sophisticated scheduling and patient note handover systems.

https://www.doctorinthehouse.net/

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March 31, 2020 02:00 ET (06:00 GMT)