Business
COVID-19 Update and Interim Dividend Confirmation
COVID-19 Update and Interim Dividend Confirmation.
About this update from Town Centre Securities Plc
[{"type":"text","content":"\n \n \n RNS Number : 7436O\n Town Centre Securities PLC\n 03 June 2020\n \n \n \n 3 June 2020\n Town Centre Securities PLC\n ('The Company' or 'TCS')\n \n COVID-19 Update and Interim Dividend Confirmation\n Town Centre Securities Plc today provides an update on the impact of COVID-19 on its business and confirmation of its intentions with regards to the declared interim dividend.\n COVID-19 Update:\n \n · For the cumulative rent payments that have fallen due since the outbreak of COVID-19, of the £6.6m rent and service charge billed we have collected £5.0m or 75%, with a further £0.7m (or 11% of payments) that we have agreed to defer, totalling £5.7m or 86% of the amounts due\n \n · Of the £0.9m remaining (out of £6.6m):\n \n o We have agreed certain concessions over £0.3m of this outstanding amount, in return for an improvement in the terms or length of the lease\n \n o Of the balance of £0.6m, we continue to attempt to come to a fair and equitable conclusion with the respective tenants\n \n · As previously disclosed, our CitiPark car parking business has been hardest hit so far, experiencing a material reduction in income. Despite detailed cost cutting measures including the temporary closure of seven branches, the impact of fixed costs such as rents and rates will result in a significant reduction in profitability\n \n Over a third of our retail and leisure portfolio, which makes up just less than half of the asset base, is currently open and trading. At the Merrion Centre this continues to increase and now stands at approximately 43%. We are now making detailed plans in order to be ready to open all of our locations from the 15th June, in line with government guidelines.\n Dividend update:\n \n · The Board has decided to continue with its payment of the previously announced 3.25p per share interim dividend at a total cost of £1.7m, payable on 26 June 2020 to shareholders registered on 29 May 2020\n \n · This decision is based on a review of cashflow forecasts and various operating scenarios and also recognises the fact that this dividend relates to the six month period ended 31 December 2019\n \n · Clearly, significant uncertainty remains around the level of rent receipts for the next quarter, payable at the end of June, and the rate of recovery in the car park business, which will be crucial i...