Shoe Zone PLC Result of GM and Interim Update (3671L)
29 Aprile 2020 - 03:58PM
UK Regulatory
TIDMSHOE
RNS Number : 3671L
Shoe Zone PLC
29 April 2020
29 April 2020
Shoe Zone PLC
Cancellation of Dividend Approved/ Interim Results Update
Shoe Zone PLC ("Shoe Zone" or the "Company") announces that the special
resolution to cancel payment of the final dividend for the financial
period ended 5 October 2019 put to the General Meeting held today
was duly passed on a poll. The result of the poll on the resolution
was as follows: 44,413,130 votes (99.94%) For; 25,891 votes (0.06%)
Against; and 0 votes Withheld. The total number of ordinary shares
entitling the holders to vote on the special resolution proposed at
the General Meeting was 49,987,122 ordinary shares. The full text
of the resolution is set out in the notice of General Meeting which
is available on the Company's website (www.shoezone.com/Investors).
As announced on 2 April 2020, the COVID-19 pandemic will have a material
impact on the Company's performance for the current financial year
("FY19/20"). The extent of the full year impact is not yet known.
For the 6 months to 31 March 2020, Shoe Zone has delivered turnover
of GBP69.9m [2019: GBP73.0m] and ended the period with a net cash
balance of GBP3.6m [2019: GBP3.3m]. Cash conservation continues to
be of paramount importance to the Directors and therefore no interim
dividend will be paid in respect of the first half of FY19/20 [2019:
3.5p]. Full interim results will be announced on 23 June 2020.
As at close of business on 28 April 2020, the Company has a net cash
balance of approximately GBP5.4m, having utilised the existing GBP3.0m
bank facility. This morning, the Company received formal notice that
its application for a GBP15.0m loan utilising the Coronavirus Large
Business Interruption Loan Scheme, has received credit committee approval
from its primary lender, Natwest. Shoe Zone welcomes this support
from Natwest and the Government, however there is significantly more
to be done to protect the Company's financial position.
The New Facility will provide additional liquidity to the Company
during a period where all of its retail stores are closed. The timing
of the reopening of the Company's stores remains uncertain; moreover
the process of reopening, once it begins, is likely to be complex.
The Company is in ongoing negotiations with all of its suppliers and
landlords and, with the co-operation and understanding of these stakeholders,
the Board consider the Company's current level of funding will be
sufficient to secure the future of the business, assuming that stores
are allowed to open gradually during the summer months and return
to a high proportion of previous sales over the next year.
Over the forthcoming financial periods, Shoe Zone will focus on rebuilding
cash balances to a higher level than previously carried, repaying
debt, and fulfilling other statutory obligations. The Board believes
that this focus is necessary to ensure the long term viability of
the business, and the Company will therefore only recommence the payment
of dividends to shareholders once these objectives have been met.
The Group therefore cancels its previously announced dividend policy
and a new policy will be announced when the board believes the Company
is able to resume making dividend payments to shareholders.
This announcement contains inside information for the purposes of
Article 7 of EU Regulation 596/2014.
For further information, please contact:
Shoe Zone plc Tel: +44 (0) 116 222
Anthony Smith (Chief Executive) 3000
Jonathan Fearn (Chief Financial Officer)
FinnCap Limited (Nominated Adviser & Tel: +44 (0) 20 7220
Broker) 0500
Matt Goode / Carl Holmes / Hannah Boros
(Corporate Finance)
Alice Lane (ECM)
About Shoe Zone
Shoe Zone is a Town Centre, Retail Park and Digital footwear retailer,
offering low price and high-quality footwear for the whole family.
Shoe Zone operates from a portfolio of 490 stores and has approximately
3,500 employees across the UK and the Republic of Ireland.
The store portfolio consists of over 445 high street stores containing
the core Shoe Zone product range and 45 larger out of town retail
units which also feature brands such as Skechers, Hush Puppies and
Reiker.
The website shoezone.com, combined with the store network ensures
a full multi-channel offering for great customer service.
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.
END
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April 29, 2020 09:58 ET (13:58 GMT)
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