Glenveagh Properties plc - Further COVID-19 Update30 Mar 2020
7.00am Monday 30 March 2020
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 €4 million, cash resources and available committed facilities of €121 million (plus a further €125 million of uncommitted facilities) at 25 March. In addition, the Group has significant net assets (€867 million at 31st December 2019), 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: