EPP revokes paying interim dividend

25th May 2020

By: Marleny Arnoldi

Deputy Editor Online

     

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In light of uncertain trading conditions and the difficulty in determining the impact of Covid-19, JSE-listed real estate investment trust EPP has decided to revoke its dividend declaration for the six months ended December 31, 2019.

The Poland-focused developer initially delayed the payment of its interim dividend of 5.82c apiece, but has decided to rather preserve the €53-million distribution to ensure that EPP remains well capitalised during the uncertain period.

The company is continuously assessing the Covid-19 impact on its operations and liquidity, but cannot yet meaningfully establish the medium-term impact of the virus on the company’s retail portfolio and consequent cash flows.

This is despite the Polish government lifting trading restrictions in the country on May 4 and allowing 71% of EPP’s retail gross leasable area to operate.

The company intends to update shareholders in more detail by the end of June.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

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