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(Alliance News) - Heavitree Brewery PLC on Thursday said it will no longer recommend a final dividend of 4.25 pence per for the year ended October 31, 2019, due to the uncertainity created by the Covid-19 pandemic.
The pub operator said it believes it is appropriate to be prepared for a material level of disruption and therefore the necessity to preserve cash wherever possible.
Heavitree Brewery will consider paying a second interim dividend, in lieu of the final dividend, once there is clear visibility on the effects of Covid-19 on the company's business.
The company is slated to hold its annual general meeting on April 15 and has encouraged shareholders to appoint the company's chair as proxy with their voting instructions, rather than attend the AGM in person.
On Wednesday, the company warned of a material deterioration in the performance of its tenanted pub estate over the coming months due to Covid-19.
The pub company also had said that it was unable to quantify the virus impact on trading due to "the high level of current uncertainty".
Shares in Heavitree closed up 21% at 370.00 pence each in London on Thursday.
By Tapan Panchal; tapanpanchal@alliancenews.com
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