Aventus Group has cuts its dividend for the quarter ending March 2020 by 75% in light of the COVID-19 pandemic.
The group reported that operating performance of the portfolio up to the escalation of the COVID-19 pandemic had been solid and the Group’s balance sheet was strong, however, in light of the increasing uncertainty concerning the impact of COVID-19 on society, the economy and retailers, the Board adopted a conservative approach for the March 2020 quarter distribution.
Aventus's balance sheet remains robust with no debt expiring before May 2022 and over $100 million of cash and undrawn facilities available. The groups total gearing as at 31st December was 35% and a 2x interest cover requirement.
The Board felt it was in the best interests of the Group to preserve liquidity at this point in time. The board also suspended the distribution reinvestment plan until further notice and withdrew future guidance.
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