Robit Plc: ROBIT CHANGES ITS PREVIOUS PROPOSAL FOR DISTRIBUTION OF FUNDS
ROBIT PLC STOCK EXCHANGE RELEASE 27 MARCH 2020 AT 11.40
ROBIT CHANGES ITS PREVIOUS PROPOSAL FOR DISTRIBUTION OF FUNDS
Due to the uncertainty in the industry and difficulty to forecast the outlook caused by Coronavirus Pandemic, Robit announced on March 24, that the company will renounce its guidance for 2020.
For the reasons mentioned above the company wants to ensure good cash availability even in the event of an exceptional market situation. Hence Robit Plc’s Board of Directors has made a decision to change the previous proposal for the Annual General Meeting regarding the distribution of funds. According to the defined proposal the Board of Director’s proposes to the Annual General Meeting that it would authorize the Board of Director’s to decide subsequently on the possible distribution of funds for the shareholders, after he market disruption caused by the Coronavirus Pandemic is cleared up. The possible distribution of funds, maximum EUR 0,03 per outstanding share would be paid from the company’s distributable funds in case the company’s financial situation supports that.
Robit updates the company's status in this challenging market situation as needed to ensure that the customers, shareholders and other stakeholders will be provided with as current information as possible. The company's situation and position is stable in the current circumstances. Despite the Pandemic, the order book and invoicing base for the first quarter of the year has remained positive, continuing the good development of the latter part of 2019. The cash situation has also remained unchanged.
“We are preparing for the uncertainty caused by the Pandemic in the industry and the possible slowdown in demand. For this reason, we have initiated measures to increase the flexibility of the cost structure. We announced already on March 25th 2020 possible layoffs and other measures to increase flexibility”, states CEO Tommi Lehtonen.
The company publishes the first quarter financial report on 23 th April 2020.
ROBIT PLC
Tommi Lehtonen, CEO
For further information, please contact:
Tommi Lehtonen, CEO
Tel. +358 40 724 9143
Robit is a strongly internationalized growth company servicing global customers and selling drilling consumables for applications in mining, construction and contracting, tunneling and well drilling. The company's offering is divided into two product and service ranges: Top Hammer and Down-the-Hole. Robit has 13 of its own sales and service points throughout the world as well as an active sales network in 115 countries. Robit’s manufacturing units are located in Finland, South Korea, Australia and the UK. Robit’s shares are listed on NASDAQ Helsinki Ltd. Further information is available at:
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