Business
CLS Holdings Trading Update
CLS Holdings Trading Update.
About this update from Cls Holdings Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 4378B\n CLS Holdings PLC\n 08 October 2020\n \n \n \n \n \n \n \n \n \n PRESS RELEASE\n \n \n \n \n \n \n Release date: 8 October 2020\n \n \n Embargoed until: 07:00\n \n \n \n \n \n \n \n \n CLS Holdings plc (\"CLS\", the \"Company\" or the \"Group\")\n \n \n Trading Update for the period 1 July 2020 to 7 October 2020\n \n \n \n \n \n RENT COLLECTIONS and balance sheet remain resilient\n \n \n \n \n \n Fredrik Widlund, Chief Executive of CLS, commented:\n \n \n \n \n \n \"The strength of our tenant base, underpinned by government and major corporations, is again reflected in our high rent collection with 90% of fourth quarter rent received to date and 99% for the first three quarters. Equally important are the benefits of our diversified country approach, focused on the UK, Germany and France, with economic and leasing activity recovering in line with the easing of lockdown measures.\n \n \n \n \n \n \"At the end of September, we were pleased to complete our first green loan together with Aviva. The loan recognises our sustainability progress and has a margin reduction incentive dependent on the delivery of specific sustainability targets. The additional funds raised ensures CLS is in a strong position with over £240 million of cash.\"\n \n \n \n \n \n \n \n \n A summary of our key operational and financial metrics is set out below:\n \n \n \n \n \n Q4 rent collections\n \n \n \n \n \n The Group's rental income in the UK and France is due on a quarterly basis with the current payment due between 29 September 2020 \n and 1 October 2020. In Germany, rents are due monthly and the current payment was due on 5 October 2020. \n \n \n \n \n \n By close on 7 October 2020, we had recei\n ved 89% of contractual rents due or 92% taking \n into account those tenants we are supporting by switching to monthly rents (\n 2019: 94% of \n rents had been collected by 7 October 2019).\n \n \n \n \n \n Update on first three quarters rent collections\n \n \n \n \n \n For the third quarter of 2020 we have now collected 98% of rents due (2019: 99%), which is an increase of 3% since our half-yearly results were announced on 12 August 2020 and 12% since our 8 July 2020 trading update. Overall...