Young & Co's Brewery PLC Reopening, Dividend and Financing Update (6151S)
18 March 2021 - 2:45AM
UK Regulatory
TIDMYNGA
RNS Number : 6151S
Young & Co's Brewery PLC
17 March 2021
17 March 2021
Information within this announcement is deemed by Young's to
constitute inside information under the UK Market Abuse
Regulation.
Young & Co.'s Brewery, P.L.C.
("Young's" or the "Company")
Reopening, dividend and financing update
Notification pursuant to AIM Rules 11 and 17
Young's provides the following update in light of the ongoing
Covid-19 situation and the announcement of the Government's Roadmap
for the easing of lockdown restrictions, which should provide some
certainty about the Company's plans to reopen its pubs.
Reopening
Young's expects to reopen about 140 of its managed pubs with
outdoor spaces on or around 12 April. Assuming the Roadmap
timetable is followed, the rest of the Company's managed estate
should open on or around 17 May with restricted indoor trading,
ultimately leading to the Company operating under more normal
trading conditions from 21 June. If this reopening schedule
proceeds as planned, the Company expects to deliver a positive cash
flow in May.
Dividend
In view of the extensive period of closure of the Company's pubs
in the current financial year and the expected lower levels of
trade during the first three months of the Company's new financial
year starting on 30 March 2021 ("FY2021/22"), the Company will not
be paying any dividend for the current financial year. The
Company's board is very mindful of the importance of dividends to
Young's shareholders and intends resuming dividend payments as soon
as is appropriate, although no decision has been made when that
will be. The Company has, however, agreed with NatWest and the
holders of its senior secured notes that any dividend payments
during FY2021/22 will not exceed GBP5 million in aggregate, but
there is no restriction on the Company recommending a final
dividend with its results for FY2021/22, payable in the following
financial year, as normal.
Financing
The noteholders and the Company's banks have agreed to extend
the Company's monthly available liquidity test up to and including
March 2022, with a headroom requirement of GBP25 million.
The Company will shortly be seeking an extension, through to
November, of its GBP20 million bilateral revolving credit facility
with NatWest.
In May, the Company will repay the GBP30 million borrowed
through the Covid Corporate Financing Facility from existing
facilities.
On the basis of the above, the Company will have committed
available facilities of GBP255 million (inclusive of the GBP25
million required to meet the available liquidity test referred to
above).
- Ends -
Anthony Schroeder
Company Secretary
17 March 2021 (15:45 GMT)
Tel: 020 8875 7000
Contacts:
Young & Co.'s Brewery, P.L.C.
020 8875 7000
Patrick Dardis, Chief Executive / Mike Owen, Chief Financial
Officer
J.P. Morgan Cazenove (AIM nominated adviser and joint broker)
020 7742 4000
James Mitford / Ameya Velhankar
Panmure Gordon (joint broker) 020 7886 2500
Erik Anderson
MHP Communications
020 3128 8742
Tim Rowntree / Alistair de Kare-Silver
youngs@mhpc.com
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END
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