Business
Further Covid-19 Update, Equity Placing
Further Covid-19 Update, Equity Placing.
About this update from J D Wetherspoon Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 2202M\n Wetherspoon (JD) PLC\n 19 January 2021\n \n \n \n \n THIS ANNOUNCEMENT IS RESTRICTED AND IS NOT FOR RELEASE, PUBLICATION, DISTRIBUTION OR FORWARDING, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, THE REPUBLIC OF SOUTH AFRICA, JAPAN OR ANY OTHER JURISDICTION IN WHICH SUCH PUBLICATION, RELEASE OR DISTRIBUTION WOULD BE UNLAWFUL. \n \n \n FURTHER, THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND IS NOT AN OFFER OF SECURITIES IN ANY JURISDICTION. \n \n \n THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION. \n \n \n LEI: 213800CHWARFAAN7UB85 \n \n \n \n \n \n For immediate release \n \n \n \n \n \n 19 January 2021 \n \n \n \n \n \n JD Wetherspoon plc (\"the company\") \n \n \n \n Further Covid\n \n \n ‐\n \n \n 19 Update, Equity Placing \n \n \n \n \n \n \n Introduction\n \n \n Following the reopening of pubs in July and August 2020, there have been numerous changes to the regulations, including two further 'lockdowns' in England, and separate lockdowns in Wales, Scotland and Ireland. The company's main priority is to manage the business during the latest lockdown period, and to prepare for reopening in due course. \n \n \n \n \n \n The company's long-term objective remains the same - to run individually designed and well-maintained pubs offering excellent products, at reasonable prices. \n \n \n \n \n \n As in previous recessions, property prices are likely to decline, presenting opportunities for acquisitions at attractive prices.\n \n \n \n \n \n Between FY2009 and FY2019 (inclusive), the company has opened 318 pubs and closed 133. Average gross sales per pub (including VAT) have increased from £30.1k per week in FY2008 to £48.0k in FY2019. Total company sales, as indicated below, increased by £911.3 million between FY2008 and FY2019.\n \n \n \n \n \n Investec Bank plc (\"Investec\") is acting as sole bookrunner in connection with the proposed equity placing. \n \n \n \n \n \n \n \n \n Current trading \n \n \n In its recent trading update, the company reported a LFL sales decrease of 27.6% for the 15 weeks to 8 November 2020. Sales in the latter part of the quarter, as the hospitality industry has indicated, were adversely affected by the introduction of changes to the tier categories, ...