(Alliance News) - St Modwen Properties PLC on Tuesday said it remains confident that it is well positioned for the future, thanks to a strong liquidity position.
The FTSE 250-listed property investment and development company said it has GBP169 million of cash on a see-through basis and no significant debt maturities until December 2023.
St Modwen also confirmed that, as of Tuesday, just over 200 employees, being 33% of the company's workforce, has been placed on furlough, but everyone is paid their normal salary in full. At the same time, the board has voluntarily agreed to accept a 20% reduction in pay and fees, the company said.
Looking ahead, St Modwen said it believes that it is not now appropriate to pay its final dividend for 2019 of 5.1 pence per share - or GBP11.3 million in the aggregate.
St Modwen shares were trading 3.7% higher in London on Tuesday at 336.00p each.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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