More UK Listed Firms Slash Salaries, Payouts to Halt COVID-19 Losses
The U.K.'s listed firms have been weathering torrid market conditions in the wake of the coronavirus outbreak.
March 26, 2020 at 05:32 AM
2 minute read
More AIM-listed firms have instituted protective measures against stock market uncertainty caused by the COVID-19 pandemic.
The Ince Group has cancelled an interim dividend that was due to shareholders by April 16, 2020. It has also decided to delay the announcement of its full year results from March 31 to 'early July', according to a statement on the London Stock Exchange Thursday.
Meanwhile, Knights will reduce its board member salaries by 30%, and slash the salaries of "all staff whose salaries are £30,000 or more" by 10%, from April 1, it announced on Thursday.
It has also halted all "non-essential capital expenditure" and has announced that it will be "making staff cost savings to reflect a more prudent approach to resourcing", the statement added.
Earlier this week, Gateley became the first of the listed firms to take action to hedge against market turmoil brought about by the pandemic, when it cancelled its interim dividend.
The U.K.'s listed firms have been weathering torrid market conditions in the wake of the coronavirus outbreak, with some seeing more than than 20% of their value wiped in the space of two weeks.
Ince's stock has been in freefall since it discounted its share price by 50% in January as part of an accelerated book build—its share price has dropped to 22.6p Thursday morning.
Meanwhile, Knights share price has been stable at 327p as of Thursday morning.
Read more:
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
NOT FOR REPRINT
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
You Might Like
View AllCleary vs. White & Case: NYC Showdown Over $5 Billion Brazilian Bankruptcy
Left Out of Tie-up with HSF, Kramer’s Paris Office Has a History of Difficult Choices
3 minute readVenezuela Faces Creditor Class Action Suit After Missing $1.5B Bond Payments
2 minute readMcKinsey Subsidiary to Pay Over $122 Million to Settle US Investigation into South Africa Bribery Case
Trending Stories
- 1Employers Scramble to Get Immigration Records in Order Ahead of Trump Crackdown
- 2‘How to Succeed as a Trial Lawyer’: Talking Shop With Author and Veteran Litigator Stewart Edelstein
- 3Court of Appeals Holds that Arbitration Agreements Can Be Formed Through ‘Clickwrap’ Process
- 4In Today’s Cutthroat Market, Regions Need a Business Case
- 5Steptoe Offers Associates New Flexible Billable Hour Tracks in Revamped Comp System
Who Got The Work
Michael G. Bongiorno, Andrew Scott Dulberg and Elizabeth E. Driscoll from Wilmer Cutler Pickering Hale and Dorr have stepped in to represent Symbotic Inc., an A.I.-enabled technology platform that focuses on increasing supply chain efficiency, and other defendants in a pending shareholder derivative lawsuit. The case, filed Oct. 2 in Massachusetts District Court by the Brown Law Firm on behalf of Stephen Austen, accuses certain officers and directors of misleading investors in regard to Symbotic's potential for margin growth by failing to disclose that the company was not equipped to timely deploy its systems or manage expenses through project delays. The case, assigned to U.S. District Judge Nathaniel M. Gorton, is 1:24-cv-12522, Austen v. Cohen et al.
Who Got The Work
Edmund Polubinski and Marie Killmond of Davis Polk & Wardwell have entered appearances for data platform software development company MongoDB and other defendants in a pending shareholder derivative lawsuit. The action, filed Oct. 7 in New York Southern District Court by the Brown Law Firm, accuses the company's directors and/or officers of falsely expressing confidence in the company’s restructuring of its sales incentive plan and downplaying the severity of decreases in its upfront commitments. The case is 1:24-cv-07594, Roy v. Ittycheria et al.
Who Got The Work
Amy O. Bruchs and Kurt F. Ellison of Michael Best & Friedrich have entered appearances for Epic Systems Corp. in a pending employment discrimination lawsuit. The suit was filed Sept. 7 in Wisconsin Western District Court by Levine Eisberner LLC and Siri & Glimstad on behalf of a project manager who claims that he was wrongfully terminated after applying for a religious exemption to the defendant's COVID-19 vaccine mandate. The case, assigned to U.S. Magistrate Judge Anita Marie Boor, is 3:24-cv-00630, Secker, Nathan v. Epic Systems Corporation.
Who Got The Work
David X. Sullivan, Thomas J. Finn and Gregory A. Hall from McCarter & English have entered appearances for Sunrun Installation Services in a pending civil rights lawsuit. The complaint was filed Sept. 4 in Connecticut District Court by attorney Robert M. Berke on behalf of former employee George Edward Steins, who was arrested and charged with employing an unregistered home improvement salesperson. The complaint alleges that had Sunrun informed the Connecticut Department of Consumer Protection that the plaintiff's employment had ended in 2017 and that he no longer held Sunrun's home improvement contractor license, he would not have been hit with charges, which were dismissed in May 2024. The case, assigned to U.S. District Judge Jeffrey A. Meyer, is 3:24-cv-01423, Steins v. Sunrun, Inc. et al.
Who Got The Work
Greenberg Traurig shareholder Joshua L. Raskin has entered an appearance for boohoo.com UK Ltd. in a pending patent infringement lawsuit. The suit, filed Sept. 3 in Texas Eastern District Court by Rozier Hardt McDonough on behalf of Alto Dynamics, asserts five patents related to an online shopping platform. The case, assigned to U.S. District Judge Rodney Gilstrap, is 2:24-cv-00719, Alto Dynamics, LLC v. boohoo.com UK Limited.
Featured Firms
Law Offices of Gary Martin Hays & Associates, P.C.
(470) 294-1674
Law Offices of Mark E. Salomone
(857) 444-6468
Smith & Hassler
(713) 739-1250