Under the current circumstances Quartiers is rescheduling the date of the AGM and is exploring financing possibilities in addition to proposals for resolutions regarding dividends on preference shares
Quartiers Properties AB (publ) (“Quartiers” or “the Company”) is currently endeavouring to optimise its business operations based on the new conditions caused by the ongoing pandemic, and is reviewing a range of different financing options. The Company intends to find solutions that ensure the Company can meet its commitments in both the short and long term, and that the Company is able to pay a dividend on its preference shares. The Board has therefore decided to reschedule the 2020 AGM to 26 June and, consequently, also the publication of the Annual Report to 5 June 2020.
As a result of the ongoing pandemic and the closure of all non-essential business in Spain, the Board has made the assessment that proposals for resolutions regarding when and if a dividend can be paid on preference shares must be evaluated. The Board needs more time to establish how the business will be affected during this year’s peak season, and also to establish the likelihood and amounts of financing that could be obtained from banks and funds in Spain. This is considered to depend in particular on how the Spanish government acts with regard to possible further supportive measures, the current lockdown, and how the pandemic may be controlled and if this could provide opportunities to implement one of the loan financing options that were planned before Spain went into lockdown.
In order to have a contingency plan, the Company is also evaluating other financing possibilities, which could include the possibility of carrying out an issue of ordinary shares. This is being done to safeguard the Company’s financing if business cannot be resumed and financed via the loan processes initiated before the pandemic, and to take advantage of acquisition opportunities, which it is believed will arise as a result of the coronavirus crisis.
If you have any questions, please contact:
Quartiers Properties
Marcus Johansson Prakt, CEO
Email: marcus.prakt@quartiersproperties.se
Phone: +46 72 018 5998
The Company in brief
Quartiers Properties is a Swedish property development company that provides top-flight design and quality, with operations on the Spanish Costa del Sol. The Company was founded in 2014 and has since built up a portfolio of investment properties and project properties. The Company develops, sells and leases properties.
Mangold is the Company’s certified adviser. Mangold can be contacted on +46 8 503 015 50 or by emailingca@mangold.se.
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Quartiers Properties AB (publ) is required to disclose this information under the EU Market Abuse Regulation. This information was provided for publication through the agency of the contact person above on 13 April 2020 at 5:45 p.m.