Notice of Results

RNS Number : 1867D

Safestay PLC

25 June 2021

 

25th June 2021

Safestay plc

("Safestay", the "Company" or the "Group")

Extension to publication deadline for 2020 Audited Annual Results

Safestay (AIM: SSTY), the owner and operator of an international brand of contemporary hostels, announces that following the grant by AIM Regulation of an extension to its 2020 annual reporting deadline, it now expects to report its 2020 Annual Results during July 2021, rather than on or before 30 June 2021.

The delay is occasioned at the request of the Company and its auditors, Grant Thornton UK LLP, who require additional time to complete its audit work for the year ended 31 December 2020 due to Covid related challenges and the impact it has had on resource availability to complete the audit.

Operational Update

Following lockdown across the UK and Europe, we can confirm that Safestay Hostels continue to reopen in a controlled and measured manner, with 9 already open and trading and the remaining 7 set to reopen by the first week of July. Whilst it is too early to comment on post re-opening trade, management remain cautiously optimistic based on the experience of re-opening in 2020 and early bookings.

Sale Of Edinburgh

The proposed sale by Safestay of its hostel in Edinburgh to the a&o Hostels and Hotels group (the "Edinburgh Hostel Sale") continues to progress as scheduled and as set out in the Circular (referred to in our announcement 30th April 2021), completion of the Edinburgh Hostel Sale is still expected to occur on 30 June 2021 for a cash consideration of £16m.

Liquidity

The cash generated from the disposal of Edinburgh will be partially used to reduce debt by 35%, whilst providing the Group with sufficient cash reserves for the coming months thus protecting shareholders' interests and placing the Company in a strong position for when the market recovers, new opportunities arise, and the Company can again be cash generative.

Enquiries:

Safestay plc   Tel: [phone]

Larry Lipman

Liberum (Nomad & Joint Broker)                                                            Tel: [phone]

Andrew Godber / Edward Thomas / Miquela Bezuidenhoudt

Novella        Tel: [phone]

Tim Robertson / Fergus Young

For more information visit our:

Website: www.safestay.comhttp  

Vox Markets page: https://www.voxmarkets.co.uk/company/SSTY/news/  

Instagram page: www.instagram.com/safestayhostels/  

 

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