Business
Proposed Cancellation of Dividend/ COVID-19 Update
Proposed Cancellation of Dividend/ COVID-19 Update.
About this update from Shoe Zone Plc
[{"type":"text","content":"\n \n \n RNS Number : 6503I\n Shoe Zone PLC\n 02 April 2020\n \n \n \n 2 April 2020\n Shoe Zone PLC\n \n (\"Shoe Zone\" or the \"Company\")\n \n Proposed Cancellation of Dividend / COVID-19 Update\n \n \n \n \n \n At the Annual General Meeting of the Company held on 5 March 2020 (the \"2020 AGM\") Shareholders passed an ordinary resolution to declare a final dividend of 8.0 pence per ordinary share in respect of the financial period ended 5 October 2019, amounting to a total dividend payment of approximately £4.0 million (the \"2019 Final Dividend\"). The 2019 Final Dividend is currently payable to Shareholders on the register on 28 February 2020 and was due to be paid on 18 March 2020.\n \n \n \n \n \n \n \n On 17 March 2020, following a material reduction in footfall across the Company's estate as a result of consumers' response to the emerging COVID-19 pandemic, the board of directors of the Company (the \"Board\") announced that it had taken the prudent decision to defer the payment of the 2019 Final Dividend, with the intention of convening a general meeting of the Company to seek Shareholder approval for the cancellation of the 2019 Final Dividend. The decision to defer and take steps to propose the cancellation of the 2019 Final Dividend is one of a number of measures which the Company has implemented in order to conserve the Company's cash balances with the aim of seeking to maintain the viability of the Company's business during an expected sustained period of challenging trading as a result of the COVID-19 pandemic.\n \n \n \n \n \n \n \n A general meeting of the Company will be held at the registered office of the Company at Haramead Business Centre, Humberstone Road, Leicester, Leicestershire, LE1 2LH at 10.00 a.m. on 29 April 2020 (the \"General Meeting\") for the purpose of seeking the approval of Shareholders to cancel the 2019 Final Dividend. A notice convening the General Meeting, at which a special resolution to cancel the 2019 Final Dividend (the \"Resolution\") will be proposed, will be sent to Shareholders shortly. In order for the Resolution to be passed, at least three-quarters of the votes cast by Shareholders who vote at the General Meeting, either in person or by proxy, must be in favour of the Resolution.\n \n \n \n \n \n \n \n COVID-19 Update\n \n \n \n ...