{"id":149460,"date":"2020-05-14T09:42:06","date_gmt":"2020-05-14T09:42:06","guid":{"rendered":"https:\/\/www.bnreport.com\/marstons-scraps-2020-dividend-entirely-as-it-boosts-liquidity-to-ride-out-lockdown\/"},"modified":"2020-05-14T09:42:06","modified_gmt":"2020-05-14T09:42:06","slug":"marstons-scraps-2020-dividend-entirely-as-it-boosts-liquidity-to-ride-out-lockdown","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/marstons-scraps-2020-dividend-entirely-as-it-boosts-liquidity-to-ride-out-lockdown\/","title":{"rendered":"Marstons scraps 2020 dividend entirely as it boosts liquidity to ride out lockdown"},"content":{"rendered":"

Marstons PLC<\/a> (LON:MARS<\/a>) said it is planning for \u201cno dividends for financial year 2020\u201d as the pub chain boosted its liquidity to ride out the effects of the UKs pandemic lockdown on its pubs.<\/p>\n

The FTSE 250 firm said it has agreed \u00a370mln in additional liquidity through an increased 180-day bank facility, saying in combination with government support, deferred tax payments and rent and rates relief this will provide it with enough cash to meet its obligations beyond the end of the current financial year even if its pubs remained closed.<\/p>\n

READ: Marstons secures waiver to avoid loan breaches as a result of coronavirus lockdown<\/a>[hhmc]
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Marstons also said it had agreed with its banks to amend its covenants for September 2020 and March 2021 and that it had convened a meeting of its bondholders for 29 May to seek a number of technical waivers and amendments.<\/p>\n

While the group said it had made \u201cgood progress to date\u201d towards it debt reduction targets, the temporary closure of its estate and the additional borrowing meant the trajectory of the strategy will be impacted \u201cfor the time being\u201d.<\/p>\n

Meanwhile, Marstons said it was continuing to take a \u201chighly prudent approach\u201d to management during the period of closure, adding that its board members had volunteered for significant cuts in pay and fees.<\/p>\n

The group also said that the impact of coronavirus on its financial performance will \u201cdepend on how the situation develops and over what timescale, which remains uncertain\u201d.<\/p>\n

\u201cPending further guidance from the UK Government and in view of the continued uncertainty surrounding the re-opening of the pub sector and how that may be achieved, we haRead More \u2013 Source<\/a>
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Proactiveinvestors<\/a><\/h5>\n

[contfnewc]
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Marstons PLC (LON:MARS) said it is planning for \u201cno dividends for financial year 2020\u201d as the pub ch..<\/p>\n","protected":false},"author":1,"featured_media":149461,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[46],"tags":[],"class_list":["post-149460","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-politics"],"yoast_head":"\nMarstons scraps 2020 dividend entirely as it boosts liquidity to ride out lockdown - Business News Report<\/title>\n<meta name=\"description\" content=\"Marstons PLC (LON:MARS) said it is planning for \u201cno dividends for financial year 2020\u201d as the pub ch..\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.bnreport.com\/en\/marstons-scraps-2020-dividend-entirely-as-it-boosts-liquidity-to-ride-out-lockdown\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Marstons scraps 2020 dividend entirely as it boosts liquidity to ride out lockdown - 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