Glenveagh Properties PLC Further COVID-19 Update (9605H)
March 30 2020 - 2:00AM
UK Regulatory
TIDMGLV
RNS Number : 9605H
Glenveagh Properties PLC
30 March 2020
30 March 2020
Glenveagh Properties plc
Further COVID-19 Update
Glenveagh Properties plc ("Glenveagh" or the "Group") today
announces a further update on the impact of the COVID-19 pandemic
on the Group.
In line with updated Government guidance to combat the spread of
COVID-19 the Group affected an orderly and safe closure of all our
construction sites. The Group will reopen these sites when the
Government confirms that it is appropriate to do so.
As noted in the Group's statement of 26 March, Glenveagh
continues to benefit from a robust balance sheet with net debt of
approximately EUR4 million, cash resources and available committed
facilities of EUR121 million (plus a further EUR125 million of
uncommitted facilities) at 25 March. In addition, the Group has
significant net assets (EUR867 million[1]), no outstanding land
payments and strong covenant headroom.
Glenveagh will issue a trading update on 19 May 2020 in advance
of the AGM.
For further information please contact:
Investors: Media:
Glenveagh Properties plc Gordon MRM
Michael Rice (CFO) Ray Gordon 087 241 7373
Conor Murtagh (Director, Strategy David Clerkin 087 830 1779
& IR) glenveagh@gordonmrm.ie
investors@glenveagh.ie
----------------------------
Note to Editors
Glenveagh Properties plc, listed on Euronext Dublin and the
London Stock Exchange, is a leading Irish homebuilder with a focus
on strategically located developments in the Greater Dublin Area,
Cork, Limerick and Galway.
Glenveagh delivers across three distinct business segments -
Suburban, Urban and Partnerships - as a single business,
capitalising on scale advantages and investing to optimise return
on capital.
www.glenveagh.ie
[1] At 31 December 2019
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END
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