April 23, 2020 / 4:54 PM / a month ago

BRIEF-Metrovacesa Says Decision On Dividends To Be Delayed Until H2 Due To Uncertainty Caused By COVID-19

April 23 (Reuters) - Metrovacesa SA:

* SAYS CURRENT WORK PROGRESS RATES ARE LOWER THAN USUAL DUE TO REINFORCED HEALTH AND SAFETY MEASURES WORKERS MUST RESPECT DURING PANDEMIC

* SAYS NOTARISATION AND DELIVERY OF HOMES ONLY POSSIBLE IN CERTAIN CASES, SO MANY PLANNED DELIVERIES ARE BEING RESCHEDULED FOR LATER DATES

* CURRENT CASH POSITION IS CLOSE TO 300 MILLION EUROS, INCLUDING 210 MILLION EUROS OF FREE DISPOSAL, AND REMAINING AMOUNT IS FROM CLIENT’S PREPAYMENTS

* SAYS TO ALLOW TWO-MONTH MORATORIUM ON PAYMENT TO CLIENTS WHO REQUEST IT

* SAYS NEW RESERVATIONS DURING THE MONTH OF APRIL CAN BE WITHDRAWN FREE OF CHARGE UNTIL THE END OF MAY

* NO SIGNIFICANT DEBT REPAYMENTS ARE EXPECTED THIS YEAR AND THE CO HAS 416 MILLION EUROS FROM DEVELOPER LOANS AVAILABLE TO FINANCE CONSTRUCTION WORKS

* SAYS DIVIDENDS WILL BE DELAYED UNTIL H2 FOR PRUDENCE DUE TO THE UNCERTAINTY CAUSED BY COVID-19

* SHARE BUYBACK PROGRAMME OF UP TO 50 MILLION EUROS, INITIATED IN JANUARY 2020, REMAINS IN PLACE Source text for Eikon: Further company coverage: (Gdansk Newsroom)

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