Postponement of the Shareholders’ Meeting from 9 and 10 April 2020, to 11 and 12 June 2020. First actions in favour of the stakeholders regarding the COVID-19 health emergency

Immobiliare Grande Distribuzione SIIQ S.p.A. hereby announces that the shareholders’ meeting, originally convened on 9 April 2020, on first call, and on 10 April 2020, on second call, for the approval, inter alia, of the financial statements as of 31 December 2019 and the shareholders’ dividend distribution is postponed to 11 June 2020, on first call, or, if necessary, to 12 June 2020, on second call.

Such decision is taken in light of the worsening of the public health emergency of international interest related to COVID-19, taking into account the measures recently taken by the public authorities, including the Decrees of the Prime Minister of 8, 9 March 2020 and 11 March 2020, as well as pending the adoption of further pre-announced legislative measures, with specific reference to the conduct of the shareholders’ meetings, in order to ensure compliance with the restrictive measures required to protect public health.

The agenda of the shareholders’ meeting remains unchanged.

Due to the postponement of the date of the Shareholders’ Meeting, also the ex-dividend date will be postponed to 20 July 2020, with payment starting from 22 July 2020. Pursuant to Article 83-terdecies of Legislative Decree No. 58 of 24 February 1998, those who will be IGD’s Shareholders at the end of the accounting day of 21 July 2020 (the so-called record date) will be entitled to the dividend.

The notice of call of the Shareholders’ Meeting and other documentation relating to the Shareholders’ Meeting are consequently updated and made available to the public within the terms provided under the applicable laws and regulations.

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With reference to the COVID-19 health emergency and the consequences of the measures implemented by the Government and local authorities, IGD underlines that, in addition to carefully complying with the provisions issued by the competent authorities, it has immediately implemented a series of actions in line with its sustainability policies which refer to all the stakeholders, starting with safeguarding the health and safety of visitors, shopping center workers and employees.

Regarding the shopping centers operators, certainly one of the categories most affected by this crisis, the Company has already activated support initiatives aimed at an extraordinary rescheduling of the payment dates for the second quarter of 2020, with a view to good faith, cooperation, solidarity and without prejudice to the current contractual agreements.

IGD is carefully and constantly monitoring the evolution of the situation, including the inevitable economic and financial impacts; to this end it is reorganizing and reducing cash outflows, especially regarding investments and other deferrable commitments. IGD underlines that it can count on a large cash availability deriving from the last bond issuance completed on November 2019, as well as on available credit lines, including committed credit lines.

In line with the announcement made on 27 February 2020 related to the 2019 annual results, the Company confirms that a preliminary update on the revision of the FFO guidance for the current year will be provided to the market in the context of the approval of the 1Q 2020 (7 May 2020).

 

In light of the above, the 2020 financial calendar is updated as follows:

27 February 2020	Board of Directors’ meeting to approve the draft separate and consolidated financial statement as of 31 December 2019
7 May 2020	Board of Directors’ meeting to approve the Interim Financial Report as of 31 March 2020
11 June 2020	Shareholders’ Meeting to approve the financial statements as of 31 December 2019 on first call (second call 12 June 2020)
6 August 2020	Board of Directors’ meeting to approve the Half-year Financial Report as of 30 June 2020
5 November 2020	Board of Directors’ meeting to approve the Interim Financial Report as of 30 September 2020

 

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