Business
Mosaic Capital Corporation Provides Operational and Liquidity Update and Announces Suspension of Common Share Dividends
Calgary, Alberta--(Newsfile Corp. - April 8, 2020) -  Mosaic Capital Corporation  (T...
About this update from Myriad Uranium Corp
[{"type":"text","content":"Mosaic Capital Corporation Provides Operational and Liquidity Update and Announces Suspension of Common Share DividendsCalgary, Alberta--(Newsfile Corp. - April 8, 2020) -  Mosaic Capital Corporation  (TSXV: M) (TSXV: M.DB) (\"Mosaic\" or the \"Company\") today provided an operational update on the impact of the novel coronavirus (\"COVID-19\") pandemic on its businesses and initiatives the Company has taken to preserve liquidity.OperationsFollowing the delivery of record financial performance in 2019, Mosaic benefited from strong operational momentum carrying into the first quarter of 2020 with portfolio results continuing to track ahead of budget. Additionally, Mosaic entered the second quarter of 2020 with a strong balance sheet characterized by approximately $25 million in cash, approximately $30 million available on its ATB credit facility and approximately $15 million available on its subsidiary-level operating credit facilities. However, the current business environment is unstable and our outlook for the remainder of the year is opaque given the broad economic fallout that is expected from COVID-19 related disruptions. Mosaic senior management has been actively responding to potential operating challenges resulting from COVID-19 with the following:Working with management of our subsidiaries to continuously assess what could be the ultimate impact on each underlying portfolio company;Actively engaging with key customers and suppliers to meet their needs and orders;Adjusting cost structures to prioritize necessary, fixed expenditures over variable and discretionary items;Examining working capital and liquidity needs and preparing a plan to address any areas of concern;Reviewing customer credit metrics and trends using internal and externally available credit tools; andBuilding contingency plans for our operations as events unfold.Liquidity and Suspension of Common Share DividendsWhile Mosaic has not yet seen a significant degradation in financial results, management believes that maintaining prudent levels of liquidity will be important through this period of considerable uncertainty. In this regard, the Company has initiated the following two-pronged approach to manage liquidity, preserve underlying value and position Mosaic for success in the post-COVID-19 environment:1) Mosaic's board of di...