29 May 2020 14:21
29 May 2020
RNS ANNOUNCEMENT: The information communicated in this announcement contains inside information for the purposes of Article 7 of Regulation 596/2014.
New Trend Lifestyle Group plc
("NTLG" or the "Company" or the "Group")
COVID-19 Update
The Board of New Trend Lifestyle Group plc (AIM: NTLG), the Singapore-based Feng Shui products and services group, issues the following COVID-19 update.
Further to the announcement on 14 April 2020, the Singapore Government extended the restrictive measures implemented as a result of COVID-19 until 1 June 2020. These measures are now planned to be lifted gradually over several months, and phase 1 of this process will include some businesses re-opening from 2 June 2020. The Group's operations do not fall within phase 1 of re-opening, therefore, they will remain closed for at least a further four weeks from 2 June 2020. It is uncertain when the Group's operations will be allowed to re-open, as the Singapore Government will review the situation on a regular basis and act as appropriate, however, the disruption to the Group's activities is expected to last for a longer period.
The Group has reduced staffing and negotiated rent reductions wherever possible and has been able to take advantage of Government job support schemes. Unfortunately, the Group has not been able to take advantage of SME and bridging loans that are being offered by local banks due to the holding company being in the UK. The ongoing disruption caused by the decision to phase re-opening of the economy in Singapore will have a significant adverse effect on cashflow, and the Group is seeking to raise new funding to mitigate against the impact on cashflow outlined above.
Further updates will be provided as appropriate.
END
For further information:
New Trend Lifestyle Group Plc Gregory Collier, Non-Executive Chairman
| +44 (0) 7830 182501 |
SPARK Advisory Partners Limited (NOMAD) Mark Brady/Neil Baldwin
| +44 (0) 20 3368 3551 |
SI Capital Ltd (Broker) Nick Emerson | +44 (0)1483 413500 |