Synthomer PLC - Essex-based chemicals maker - Shares tumble as it announces dividends will be suspended until the end of next year. In talks with banks to ensure "sufficient headroom for its covenants going forward". As part of a waiver process, has suspended all dividend payments until the end of 2023, including one that is due in November.
"The group's key priority is to return leverage to within its target range of 1-to-2 times and management will outline the initiatives to do that. The company is in discussions with its banks to ensure that there is sufficient headroom for its covenants going forward," it adds.
Also sets out medium term financial target of constant currency growth in the mid-single digits.
Current stock price: 83.95 pence, down 13% in London
12-month change: down 79%
By Xindi Wei; xindiwei@alliancenews.com
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Synthomer (SYNT)