Convenience Shop finds material variance between projections and actual results

The Convenience Shop has announced that during the meeting of the board of directors of the company held on 26 June, the board of directors approved the Annual Report and Audited Financial Statements for the period ending 31 December 2019 and resolved to propose the same for the approval of the shareholders at the Annual General Meeting, also held on the same day. During the meeting, the Board further resolved to recommend to the AGM the distribution of a net dividend of €700,000.

The company notes that a material variance between the projections and actual results has been registered for the financial year. The company’s Annual Report and Audited Financial Statements for the period ended 31 December 2019 provide the necessary information on this variance.

The company also makes reference to company announcement CVS16 in terms of which the company informed the market that during the Board meeting, it shall be considering, and if deemed appropriate, approve, the financial sustainability forecasts. The company hereby announces that the Board has considered the FSFs but, in light of the effect of the lifting of the COVID-19 restrictions during June, has considered it necessary to carry out a re-assessment and take into consideration the normalisation period that is being envisaged for the retail sector to get back to pre-COVID-19 levels of activity.

The company remains committed to publish the FSFs as soon as it concludes this assessment.