Last checked at 1 Apr 2020 07:00
Holding of Annual General Meeting Deferred, Update
on Dividends and Publication of Annual Report and Accounts
AGM Deferral
In response to the Government's public health instructions and stay at home measures in respect of the evolving situation regarding the COVID-19 pandemic, the Board has taken a decision to defer the holding of the Company's 2020 Annual General Meeting ("AGM") from 6 May 2020 to 25 June 2020. In reaching this decision, the Board considered the health of the Company's shareholders, as well as its officers and employees to be of paramount importance. Further details of the AGM will be communicated via the Regulatory News Service and through the Notice of AGM. Shareholders are advised to check the Company's website at www.savills.com for updates.
Update on Dividends
On 12 March 2020, the Company announced the intention to pay final ordinary and supplemental interim dividends totalling 27.05p per ordinary share. Notwithstanding the Group's strong balance sheet, in view of the current uncertainty over the impact of COVID-19 on global real estate market activity in the coming months, Savills is withdrawing these previously announced proposed dividends in order to retain sufficient cash reserves to mitigate the effect. Instead, the Board intends to consider and, if appropriate, declare an enhanced interim dividend on or around the revised date of the AGM. If declared, it will take the place of both the proposed ordinary and supplemental interim dividends. The quantum will be based on the Group's performance in 2019 and the first half of 2020. It will also be dependent upon the Board's then assessment of the likely duration of continued market disruption as a result of COVID-19 and the level of retained cash reserves then deemed prudent.
Publication of Annual Report and Accounts
The Company will, on 6 April 2020, publish and mail its 2019 Annual Report and Accounts to shareholders who have elected to receive hard copy communications. The 2019 Annual Report and Accounts will also be available on 6 April 2020 from the Company's website at www.savills.com.
In compliance with LR 9.6.1, copies of the 2019 Annual Report and Accounts will also be submitted on 6 April 2020 to the National Storage Mechanism and will be available for inspection at http://www.morningstar.co.uk/uk/NSM
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For further information please contact:
Savills
Mark Ridley, Chief Executive Officer Tel: +44 20 7409 8030
Simon Shaw, Chief Financial Officer
Tulchan Communications
David Allchurch Tel: +44 20 7353 4200
Elizabeth Snow