SPUR CORPORATION LIMITED - Deferment of interim cash dividend payment for the six months ended 31 December 2019
30 March 2020 17:49
Deferment of interim cash dividend payment for the six months ended 31 December 2019: 
Deferment of interim cash dividend payment for the six months ended 31 December 2019

(Incorporated in the Republic of South Africa)
(Registration number 1998/000828/06)
Share Code: SUR & ISIN: ZAE000022653
("Spur" or "Company" or “Group”)


Shareholders are referred to the interim dividend declaration for the six month period ended 31
December 2019 announced on 27 February 2020 (“the interim 2020 dividend”). The interim 2020
dividend amounts to R71 million (the equivalent of 78 cents per share for each of the 90 966 932
ordinary shares in issue) and is due to be paid on Monday, 6 April 2020, to shareholders recorded in
the Company’s share register at the record date of Friday, 3 April 2020. The last date to trade to
qualify for the dividend is 31 March 2020.

Following the announcement by President Cyril Ramaphosa on 23 March 2020 of a 21-day lockdown
in South Africa in response to the COVID-19 pandemic, all the Group’s restaurants operating in South
Africa ceased trading on Thursday, 26 March 2020. Similar measures have been, or are expected to
be, implemented in many foreign jurisdictions in which the Group trades. As a restaurant franchisor,
the Group’s income comprises primarily franchise fee and related income which is directly linked to
franchised restaurant sales. The Group is therefore not expecting to earn any material income for
the duration of the lockdown period. The risk of an extension to the current lockdown remains high.
The events of the past weeks are unprecedented and the short, medium and long term effects on
both the local and global economies are significant and uncertain.

The Company’s board of directors (“the Board”) believes that it is in the best interests of the
Company and its stakeholders to preserve cash reserves during this period of uncertainty.
Accordingly the Board has resolved to defer the payment of the interim 2020 dividend for a period
of six months until 5 October 2020, subject to compliance with the South African Companies Act and
JSE Listings Requirements at that time. This precautionary act will give the Company greater balance
sheet flexibility as the situation develops over the coming weeks and months.

The information contained in this announcement has not been reviewed or reported on by the
Company’s external auditors.

Cape Town

30 March 2020


Sasfin Capital,

A member of the Sasfin Group

Date: 30-03-2020 05:50:00
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