March 19, 2020 / 7:28 AM / 17 days ago

BRIEF-Elementis Says 2019 Final Dividend Of 4.4487P Per Share Will No Longer Be Proposed At AGM

March 19 (Reuters) - Elementis PLC:

* REG-ELEMENTIS PLC: COVID-19 UPDATE

* ELEMENTIS PLC - UP TO 18 MARCH 2020, GROUP HAS EXPERIENCED A SOLID START TO YEAR WITH LIMITED IMPACT ON PRODUCTION AND DEMAND FROM COVID-19

* ELEMENTIS PLC - TRADING AND PERFORMANCE HAS BEEN IN LINE WITH OUR EXPECTATIONS, BENEFITTING FROM EFFICIENCY ACTIONS IMPLEMENTED IN 2019

* ELEMENTIS PLC - IMPACT OF COVID-19 HOWEVER PRESENTS SIGNIFICANT DEMAND AND OPERATING UNCERTAINTY

* ELEMENTIS PLC - GROUP IS ALSO TAKING STEPS TO MITIGATE ANY POTENTIAL MATERIAL ADVERSE FINANCIAL IMPACT FROM VIRUS

* ELEMENTIS PLC - GROUP HAS VERY AMPLE LIQUIDITY, WITH IN TOTAL OVER $300M IMMEDIATELY AVAILABLE

* ELEMENTIS PLC - TOTAL NET DEBT FOR GROUP, EXCLUDING LEASE LIABILITIES UNDER IFRS 16, WAS $454M AT 31 DECEMBER 2019

* ELEMENTIS PLC - ELEMENTIS HAS SECURED A RELAXATION OF ITS BANKING COVENANTS FROM 3.25X TO 3.75X NET DEBT/EBITDA

* ELEMENTIS PLC - BOARD HAS DECIDED THAT GIVEN UNCERTAINTIES AT THIS TIME IT IS PRUDENT TO PRESERVE CASH

* ELEMENTIS PLC - 2019 FINAL DIVIDEND OF 4.4487 PENCE PER SHARE WILL NO LONGER BE PROPOSED AT AGM SCHEDULED FOR 29 APRIL 2020

* ELEMENTIS PLC - CASH IMPACT OF THIS DECISION TO SUSPEND DIVIDEND IS $33M IN H1 2020

* ELEMENTIS PLC - FUTURE DIVIDEND DECISIONS WILL BE MADE AS AND WHEN CONDITIONS NORMALISE Source text for Eikon: Further company coverage:

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