Safestay PLC Notice of Results (1867D)
June 25 2021 - 7:30AM
UK Regulatory
TIDMSSTY
RNS Number : 1867D
Safestay PLC
25 June 2021
25th June 2021
Safestay plc
("Safestay", the "Company" or the "Group")
Extension to publication deadline for 2020 Audited Annual
Results
Safestay (AIM: SSTY), the owner and operator of an international
brand of contemporary hostels, announces that following the grant
by AIM Regulation of an extension to its 2020 annual reporting
deadline, it now expects to report its 2020 Annual Results during
July 2021, rather than on or before 30 June 2021.
The delay is occasioned at the request of the Company and its
auditors, Grant Thornton UK LLP, who require additional time to
complete its audit work for the year ended 31 December 2020 due to
Covid related challenges and the impact it has had on resource
availability to complete the audit.
Operational Update
Following lockdown across the UK and Europe, we can confirm that
Safestay Hostels continue to reopen in a controlled and measured
manner, with 9 already open and trading and the remaining 7 set to
reopen by the first week of July. Whilst it is too early to comment
on post re-opening trade, management remain cautiously optimistic
based on the experience of re-opening in 2020 and early
bookings.
Sale Of Edinburgh
The proposed sale by Safestay of its hostel in Edinburgh to the
a&o Hostels and Hotels group (the "Edinburgh Hostel Sale")
continues to progress as scheduled and as set out in the Circular
(referred to in our announcement 30th April 2021), completion of
the Edinburgh Hostel Sale is still expected to occur on 30 June
2021 for a cash consideration of GBP16m.
Liquidity
The cash generated from the disposal of Edinburgh will be
partially used to reduce debt by 35%, whilst providing the Group
with sufficient cash reserves for the coming months thus protecting
shareholders' interests and placing the Company in a strong
position for when the market recovers, new opportunities arise, and
the Company can again be cash generative.
Enquiries:
Safestay plc Tel: +44 (0) 20 8815 1600
Larry Lipman
Liberum (Nomad & Joint Broker) Tel: +44 (0) 20 3100 2000
Andrew Godber / Edward Thomas / Miquela Bezuidenhoudt
Novella Tel: +44 (0) 20 3151 7008
Tim Robertson / Fergus Young
For more information visit our:
Website: www.safestay.comhttp
Vox Markets page:
https://www.voxmarkets.co.uk/company/SSTY/news/
Instagram page: www.instagram.com/safestayhostels/
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END
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