Business
Fuller, Smith and Turner PLC: Covid-19 Financin...
Fuller, Smith and Turner PLC: Covid-19 Financin....
About this update from Fuller, Smith & Turner P.l.c. Class A
[{"type":"text","content":"\n \n\n\nFuller, Smith & Turner PLC (FSTA)\n\n\n\nFuller, Smith and Turner PLC: Covid-19 Financing Update01-Jun-2020 / 07:00 GMT/BSTDissemination of a Regulatory Announcement, transmitted by EQS Group.The issuer is solely responsible for the content of this announcement.\n\n\n \n\n \n\nPress Release 1 June 2020\n\n \n\nFuller, Smith & Turner P.L.C.\n\n COVID-19 Financing & Liquidity Update\n\nNotification of Revised Full Year Results Date\n\n \n\n \n\nFuller, Smith & Turner P.L.C. (\"Fuller's\" or \"the Company\"), the premium pubs and hotels business, today provides the following update in relation to COVID-19 during the current temporary closure of its Managed and Tenanted pubs and hotels. \n\n \n\nAs stated previously, Fuller's is well financed with a healthy balance sheet and significant liquidity headroom. However, in light of continued uncertainty, pending further clarity from the Government as to when and how pubs will be allowed to reopen, management have taken additional precautionary measures to ensure the Company is in the best possible financial position, with maximum flexibility. \n\n \n\nFollowing confirmation of Fuller's eligibility to access the COVID Corporate Financing Facility (CCFF), the Fuller's Board has formally approved the issue of commercial paper under this facility for an initial sum of £100 million. This will enable the Company to leave the majority of its £155 million revolving credit facilities undrawn and puts Fuller's in a strong position with significant liquidity headroom to successfully navigate the months ahead. \n\n \n\nIn addition, Fuller's has an excellent relationship with its lending banks. Constructive discussions have led to appropriate amendments to its banking agreements. As a result, the Company's quarterly covenant tests through to and including the September 2020 test, will primarily focus on liquidity headroom metrics, a more appropriate measure while the Company's pubs and hotels remain temporarily closed.\n\n \n\nThis, together with the action outlined above relating to the additional liquidity reserves being put in place, further underpins the Board's confidence that Fuller's has sufficient liquidity headroom to sustain the Company through this period of continued ...