Cancellation of interim dividend
The CMC Board met on Tuesday 24 March via a video-conference with the central point of
discussion being how we should adapt to the four week lockdown that will affect all of our
dealerships. We also considered our guidance in the 19 February Half Year Report, which
was:
“The results for the next six months are anticipated to be similar to the last six months.
However the market is sensitive to unexpected events and will continue to be
uncertain. For example, the current coronavirus outbreak has the potential to impact
on revenue and profit.”
In these changed circumstances, the Company is withdrawing its guidance.
The interim dividend of 15 cents per share that has been declared to be paid on 20 April has
been cancelled.
The Prime Minister’s announcement on Monday, 23 March, announcing the closure of all non-
essential businesses for four weeks, will have a material impact on the Company. Most areas
of our business will be closed except for those that will be necessary to keep trucks, tractors
and other essential service vehicles moving.
The Company has a strong balance sheet and will continue to prudently manage its assets.
A key strength of the Company is our employees who we are supporting through this four
week shutdown.
Jim Gibbons
CHAIRMAN
24 March 2020
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Other issuers discussed similar conditions around this time
Matched by meaning across NZX announcement text, not keywords — based on our semantic index of announcement bodies.
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