Business
Result of GM and Interim Update
Result of GM and Interim Update.
About this update from Shoe Zone Plc
[{"type":"text","content":"\n \n \n RNS Number : 3671L\n Shoe Zone PLC\n 29 April 2020\n \n \n \n 29 April 2020\n Shoe Zone PLC\n \n \n Cancellation of Dividend Approved/ Interim Results Update\n \n \n \n \n \n Shoe Zone PLC (\"Shoe Zone\" or the \"Company\") announces that the special resolution to cancel payment of the final dividend for the financial period ended 5 October 2019 put to the General Meeting held today was duly passed on a poll. The result of the poll on the resolution was as follows: 44,413,130 votes (99.94%) For; 25,891 votes (0.06%) Against; and 0 votes Withheld. The total number of ordinary shares entitling the holders to vote on the special resolution proposed at the General Meeting was 49,987,122 ordinary shares. The full text of the resolution is set out in the notice of General Meeting which is available on the Company's website (www.shoezone.com/Investors).\n As announced on 2 April 2020, the COVID-19 pandemic will have a material impact on the Company's performance for the current financial year (\"FY19/20\"). The extent of the full year impact is not yet known.\n For the 6 months to 31 March 2020, Shoe Zone has delivered turnover of £69.9m [2019: £73.0m] and ended the period with a net cash balance of £3.6m [2019: £3.3m]. Cash conservation continues to be of paramount importance to the Directors and therefore no interim dividend will be paid in respect of the first half of FY19/20 [2019: 3.5p]. Full interim results will be announced on 23 June 2020.\n As at close of business on 28 April 2020, the Company has a net cash balance of approximately £5.4m, having utilised the existing £3.0m bank facility. This morning, the Company received formal notice that its application for a £15.0m loan utilising the Coronavirus Large Business Interruption Loan Scheme, has received credit committee approval from its primary lender, Natwest. Shoe Zone welcomes this support from Natwest and the Government, however there is significantly more to be done to protect the Company's financial position.\n The New Facility will provide additional liquidity to the Company during a period where all of its retail stores are closed. The timing of the reopening of the Company's stores remains uncertain; moreover the process of reopening, once it begins, is likely to be complex. The Company is in ongoing negotiations with all of its...