Business
Update on Covid-19 and Result of AGM
Update on Covid-19 and Result of AGM.
About this update from Safestore Holdings Plc
[{"type":"text","content":"\n \n \n RNS Number : 6757G\n Safestore Holdings plc\n 18 March 2020\n \n \n \n \n 18 March 2020\n \n \n \n \n \n Safestore Holdings plc\n \n \n (\"Safestore\", \"the Company\" or \"the Group\")\n \n \n \n \n \n Update on Covid-19 \n \n \n And\n \n \n Result of Annual General Meeting\n \n \n \n \n \n \n \n \n Update on Covid-19\n \n \n \n \n \n COVID-19 continues to create uncertainty and the Board and management are monitoring the ongoing situation closely. Our top priority is the safety of our staff and customers, and we continue to follow Public Health England's advice and guidance.\n \n \n \n \n \n COVID-19 is creating uncertainty for all businesses and while the Company's performance is correlated in part to GDP, the Company has a track record of resilience in economic down-turn. Safestore is well-capitalised with a strong balance sheet and significant headroom under its current debt facilities with none due for renewal until 2023 at the earliest. Following advice from the governments in France and Spain, our stores in Paris and Barcelona are closed or are operating under certain restrictions. We continue to earn revenue in these stores but customer move-ins and move-outs are reduced. To date Safestore has not seen a noticeable impact on its key trading performance indicators.\n \n \n \n \n \n The Company will continue to update the market as necessary.\n \n \n \n \n \n Annual General Meeting\n \n \n \n \n \n The 2020 Annual General Meeting of Safestore Holdings plc was held at midday today at the Company's registered office in Borehamwood, Hertfordshire.\n \n \n \n \n \n All resolutions were passed by the requisite majority by way of a poll. \n \n \n \n \n \n Commenting on the result of the AGM David Hearn, Chairman of Safestore said: \n \n \n \n \n \n \"I am pleased that all resolutions were duly passed and would like to thank our shareholders for their continued support.\n \n \n \n \n \n The Board engaged extensively with a significant number of our large institutional shareholders and investor bodies to guide the development of our new remuneration policy and LTIP structure which have both been well received. The financial results for the year ended 31 October 2019 were a testament to the strength of Safestore's...