March 19, 2020 / 7:48 AM / in 21 days

BRIEF-PPHE Hotel Group Says Have Decided To Withdraw Proposal For A Final Dividend

March 19 (Reuters) - PPHE Hotel Group Ltd:

* STATEMENT RE COVID-19 UPDATE

* IT IS WELL-POSITIONED TO WITHSTAND A SIGNIFICANT DECREASE IN BUSINESS ACTIVITY IN ITS MARKETS DURING 2020 FROM VIRUS

* IN PROCESS OF ADOPTING A SET OF EXCEPTIONAL OPERATIONAL MEASURES IN ORDER TO SIGNIFICANTLY REDUCE ITS COSTS

* THESE MEASURES INCLUDE REDUCED CAPACITY OF HOTELS IN GERMANY AND HUNGARY

* MEASURES TEMPORARY CLOSURE OF TWO HOTELS IN AMSTERDAM AND REDUCED CAPACITY IN REST OF REGION

* THESE MEASURES INCLUDE REDUCED CAPACITY IN REST OF REGION; POTENTIAL TEMPORARY CLOSURE OF APPROXIMATELY 2,000 ROOMS IN LONDON

* TAKEN STEPS TO REDUCE PAYROLL INCLUDING REDUCED HOURS, POTENTIAL REDUCTIONS IN FTES AND DEFERRAL OF ALL 2019 STAFF INCENTIVE PAYMENTS

* HAVE DECIDED TO WITHDRAW PROPOSAL FOR A FINAL DIVIDEND OF 20 PENCE PER SHARE IN RESPECT OF 2019 AT COMPANY’S FORTHCOMING AGM Source text for Eikon: Further company coverage:

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