March 25, 2020 / 5:40 PM / 3 days ago

BRIEF-Rexel Postpones Dividend Proposal And Suspends 2020 Guidance

March 25 (Reuters) - REXEL SA:

* WE ARE SUSPENDING 2020 GUIDANCE, WHICH IS NO LONGER RELEVANT IN CURRENT UNPRECEDENTED ENVIRONMENT; WE WILL COMMUNICATE UPDATED GUIDANCE WHEN VISIBILITY PERMITS

* VAST MAJORITY OF OUR DISTRIBUTION CENTERS AND BRANCHES ARE UP AND RUNNING AND ABLE TO RESPOND TO CUSTOMER NEEDS

* SENIOR CREDIT LINES HAVE BEEN PARTIALLY DRAWN (EUR 550M OUT OF EUR 850M AVAILABLE) AS A CONSERVATIVE MEASURE TO GIVE US ADDITIONAL LIQUIDITY HEADROOM

* THIS LIQUIDITY WILL REINFORCE OUR CASH POSITION, WHICH WAS RECENTLY STRENGTHENED BY CASH PROCEEDS FROM SALE OF GEXPRO SERVICES

* MONITORING OPERATIONS DAILY IN ORDER TO PRIORITIZE CAPITAL EXPENDITURE AND IMPLEMENT ALL MEASURES ANNOUNCED BY GOVERNMENTS TO MITIGATE FINANCIAL IMPACT IN H1 2020 NOT YET QUANTIFIABLE

* BOARD OF DIRECTORS HAS DECIDED TO POSTPONE PROPOSAL ON 2019 DIVIDEND Source text for Eikon: Further company coverage: (Gdansk Newsroom)

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