Business
Further actions in response to COVID-19 disruption
Further actions in response to COVID-19 disruption.
About this update from Autotrader Group Plc
[{"type":"text","content":"\n \n \n RNS Number : 3683I\n Auto Trader Group plc\n 01 April 2020\n \n \n \n \n This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014.\n \n 1 April 2020\n \n AUTO TRADER GROUP PLC\n \n FURTHER ACTIONS IN RESPONSE TO COVID-19 DISRUPTION: ADDITIONAL MEASURES TO STRENGTHEN OUR BALANCE SHEET, COST REDUCTIONS AND PROPOSED PLACING OF SHARES\n \n Auto Trader Group plc (LSE: AUTO, \"Auto Trader\" or the \"Company\"), the UK's largest digital automotive marketplace, today provides a further update on the evolving COVID-19 situation following its previous statement on 19 March 2020.\n \n This announcement covers the additional actions which we are taking to further strengthen our balance sheet, reduce costs and support both our employees and customers during this time of uncertainty. We have also announced this morning our intention to launch a non-pre-emptive placing of new ordinary shares representing approximately 5% of the Company's current issued share capital.\n \n The Board believes the combination of actions communicated below will make an important contribution to maintaining and strengthening Auto Trader's position as the place that the UK public go to find their next car.\n \n \n Nathan Coe, Auto Trader's Chief Executive Officer, commented:\n \"I would like to thank everyone at Auto Trader for their commitment through these challenging times. We believe our actions to support our employees and customers, to reduce our costs and to strengthen our balance sheet will provide greater flexibility to act in the long-term interests of shareholders, employees, customers and other stakeholders.\"\n \n \n \n Actions taken to support our customers\n Prior to the announcement of the lock down in the UK on 23 March 2020, Auto Trader announced that we would support our vehicle retailing customers by allowing them to advertise all their vehicles on our site and by making the service free to them throughout April. This has contributed to a record number of vehicles being displayed on the Auto Trader website (around 540,000 as at 31 March 2020 as compared to around 480,000 at the end of March 2019).\n \n Car retailers are currently closed for business, at least in relation to the selling and buying of cars, with many staff fu...