Cineworld to Suspend Dividend Payments, Execs to Defer Salary Amid Coronavirus

Cineworld to Suspend Dividend Payments, Execs to Defer Salary Amid Coronavirus

06 Apr 2020 (PT)
CORONAVIRUS

The company's board has decided to suspend the payment of the 2019 fourth-quarter dividend of 4.25c per share and upcoming 2020 quarterly dividends.

Cineworld says it will suspend dividend payments and top executives have "voluntarily" agreed to defer salary and bonus payments amid the coronavirus pandemic.

The London-headquartered company, the world's second biggest cinema chain, has closed all of 787 sites in 10 countries as the world grapples with limiting the spread of COVID-19.

Cineworld's board have decided to suspend payment of the 2019 fourth quarter dividend of 4.25c per share and upcoming 2020 quarterly dividends and the company's executive directors have voluntarily deferred salary and bonus payments. Non-executive directors will also defer their fees. 

The company said that the suspension of the dividend and the salary deferments would be an attempt to conserve cash at this perilous moment and it welcomed government backed initiatives to support jobs. 

Cineworld added that it will continue to monitor its planned purchase of Cineplex. 

It is the latest media and entertainment giant to unveil such measures.

Exhibition giant Cinemark also said on March 30 that CEO Mark Zoradi and the cinema chain's board of directors would be forgoing their salaries amid the virus crisis, while also mandating deep pay reductions for all U.S. corporate employees.  

 

Source: Hollywood Reporter

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Cineworld to Suspend Dividend Payments, Execs to Defer Salary Amid Coronavirus
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