Adams PLC Statement re COVID-19 (8566G)
19 Mars 2020 - 4:41PM
UK Regulatory
TIDMADA
RNS Number : 8566G
Adams PLC
19 March 2020
Adams plc
("Adams" or the "Company")
Statement re COVID-19
The Directors today announce an update in response to
COVID-19.
The ongoing spread of the new coronavirus has become one of the
biggest threats to the global economy and financial markets. Fear
surrounding the impact of COVID-19 on the global economy has hurt
investor sentiment and brought down stock prices in all major
markets.
This has had a negative impact on the Company's investment
portfolio and generated unrealised losses which are estimated to
have resulted in a loss for the current financial year to date of
approximately GBP0.5 million. That estimated loss equates to 21% of
the Company's audited net asset value at the start of the year on 1
April 2019. It is hoped that this position will not worsen
significantly in the remaining days of this financial year to 31
March 2020.
The Board is confident that the Company has sufficient working
capital to maintain its operations for the foreseeable future. The
Company currently has cash balances of approximately GBP0.9
million.
Certain information contained in this announcement would have
been deemed inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014 until the release of this
announcement.
Enquiries: Adams plc Mike Bretherton Tel: +44 1534 719 761
Nomad Cairn Financial Advisers LLP Sandy Jamieson, James Caithie
Tel: +44 207 213 0880
Broker Peterhouse Capital Limited Lucy Williams, Duncan Vasey
Tel: +44 207 469 0930
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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