New Trend Lifestyle Group plc COVID-19 Update (4129O)
May 29 2020 - 8:21AM
UK Regulatory
TIDMNTLG
RNS Number : 4129O
New Trend Lifestyle Group plc
29 May 2020
29 May 2020
RNS ANNOUNCEMENT: The information communicated in this
announcement contains inside information for the purposes of
Article 7 of Regulation 596/2014.
New Trend Lifestyle Group plc
("NTLG" or the "Company" or the "Group")
COVID-19 Update
The Board of New Trend Lifestyle Group plc (AIM: NTLG), the
Singapore-based Feng Shui products and services group, issues the
following COVID-19 update.
Further to the announcement on 14 April 2020, the Singapore
Government extended the restrictive measures implemented as a
result of COVID-19 until 1 June 2020. These measures are now
planned to be lifted gradually over several months, and phase 1 of
this process will include some businesses re-opening from 2 June
2020. The Group's operations do not fall within phase 1 of
re-opening, therefore, they will remain closed for at least a
further four weeks from 2 June 2020. It is uncertain when the
Group's operations will be allowed to re-open, as the Singapore
Government will review the situation on a regular basis and act as
appropriate, however, the disruption to the Group's activities is
expected to last for a longer period.
The Group has reduced staffing and negotiated rent reductions
wherever possible and has been able to take advantage of Government
job support schemes. Unfortunately, the Group has not been able to
take advantage of SME and bridging loans that are being offered by
local banks due to the holding company being in the UK. The ongoing
disruption caused by the decision to phase re-opening of the
economy in Singapore will have a significant adverse effect on
cashflow, and the Group is seeking to raise new funding to mitigate
against the impact on cashflow outlined above.
Further updates will be provided as appropriate.
END
For further information:
New Trend Lifestyle Group Plc
Gregory Collier, Non-Executive Chairman +44 (0) 7830 182501
SPARK Advisory Partners Limited (NOMAD) +44 (0) 20 3368
Mark Brady/Neil Baldwin 3551
SI Capital Ltd (Broker)
Nick Emerson +44 (0)1483 413500
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END
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