Publicly-listed U.K. law firm Gateley has canceled its interim dividend—an amount payable to shareholders—in a bid to hedge against the short-term economic fallout caused by the COVID-19 pandemic.
A dividend of 2.9 pence per share was due to shareholders on March 31. However, in a protective move, the firm announced via the London Stock Exchange on Tuesday that it was now “prudent” to cancel the payout in order to “maximize the group’s short-term liquidity.”
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