R.E.A. Holdings plc: Further re preference dividend (1002775)
20 March 2020 - 8:26PM
UK Regulatory
R.E.A. Holdings plc (RE.)
R.E.A. Holdings plc: Further re preference dividend
20-March-2020 / 09:26 GMT/BST
Dissemination of a Regulatory Announcement that contains inside information
according to REGULATION (EU) No 596/2014 (MAR), transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.
R.E.A. Holdings plc ("REA Holdings" or the "company")
Further announcement re preference dividend
The company announced in the trading update issued on 7 February 2020 that,
subject to certain criteria being met, the directors planned progressively
to catch up the arrears of dividend on the on the 9 per cent cumulative
preference shares of GBP1 each in the capital of the company (the "preference
shares") commencing in 2020, with an initial payment of one per cent per
preference share at the end of March 2020. Among the criteria to be met was
a requirement that substantially all the 8.75 per cent guaranteed sterling
notes 2020 issued by the company's wholly owned subsidiary REA Finance B.V.
(the "sterling notes") were successfully refinanced.
The company further announced, on 6 March 2020, concurrently with the
announcement of proposals as regards the extension of the repayment date for
the sterling notes (the "sterling note refinancing proposals"), that, upon
the sterling note refinancing proposals becoming effective, the sterling
notes would be considered to have been "successfully refinanced".
Accordingly, subject to the sterling note refinancing proposals becoming
effective and to the other previously announced criteria for proposals as
regards the payment of dividends in respect of the preference shares being
met, the directors planned to declare the proposed dividend of one per cent
per preference share as soon as the sterling note refinancing proposals have
become effective, for payment approximately four weeks later (that is, on or
around 29 April 2020).
Since the announcement on 6 March 2020, concerns about COVID-19 have
escalated dramatically while the crude palm oil ("CPO") price has fallen
further to a current level of approximately $600 per tonne (CIF Rotterdam).
That compares with the price on 7 February 2020 of $820. Whilst the company
continues to believe that there will, in due course, be a strong recovery in
CPO prices from the current low level, the measures now being implemented to
control the spread of COVID-19 make it likely that recovery will take longer
than the company originally hoped. More over, the continuing disruption of
international financial markets is likely to limit access to those markets
until greater control of the virus has been achieved.
In light of the current economic environment, the company will give further
consideration to the timing of the planned dividend payment of one per cent
per preference share and will make a further announcement as regards such
preference dividend in due course.
Enquiries:
R.E.A Holdings plc
Tel: 020 7436 7877
ISIN: GB0002349065
Category Code: FUR - R.E.A. Holdings plc
TIDM: RE.
LEI Code: 213800YXL94R94RYG150
Sequence No.: 53641
EQS News ID: 1002775
End of Announcement EQS News Service
(END) Dow Jones Newswires
March 20, 2020 05:26 ET (09:26 GMT)
R.e.a (LSE:RE.)
Historical Stock Chart
From Apr 2024 to May 2024
R.e.a (LSE:RE.)
Historical Stock Chart
From May 2023 to May 2024