Business
COVID-19 Business Update
COVID-19 Business Update.
About this update from Mercia Asset Management Plc
[{"type":"text","content":"\n \n \n RNS Number : 6045H\n Mercia Asset Management PLC\n 25 March 2020\n \n \n \n \n \n \n \n \n RNS\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.\n \n \n \n \n \n \n \n \n \n \n \n \n \n For immediate release\n \n \n \n \n 25 March 2020\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Mercia Asset Management PLC\n \n \n (\"Mercia\", the \"Group\" or the \"Company\")\n \n \n COVID-19 Business Update\n \n \n \n \n \n Mercia Asset Management PLC (AIM: MERC), the proactive, regionally focused specialist asset manager,\n provides the following business update in light of COVID-19.\n \n \n \n \n \n · \n Business continuity plan implemented with previously tested remote working capabilities functioning well\n \n \n · \n Assessing and supporting c.400 portfolio companies in own and third-party managed funds\n \n \n · \n Strong balance sheet with £30.4million unrestricted cash as at 20 March 2020\n \n \n · \n No bank or other indebtedness and c.£190million of available fund capital from long-term investors to selectively support portfolio companies and provide financial stability\n \n \n · \n Short-term impact to asset management revenues and portfolio valuations as a result of the drop in asset values across all markets and overall economic conditions\n \n \n \n \n \n COVID-19 priorities and actions\n \n \n In response to the challenges posed by COVID-19, the Group's focus is on three priorities: the safety of our employees, the continued support for our portfolio companies and maintaining long-term value creation potential for our shareholders and investors in our managed funds. \n \n \n Mercia's employees are our strength\n \n \n Our first priority is the wellbeing and safety of our employees and their families. Well in advance of government guidance Mercia had developed full virtual systems (including end-to-end investment and fund transfer processes) to operate in a remote environment and we had already closed all eight offices for a day to trial this virtual operating in real time. We h...