| Fri 27 Mar 2020, 12:21 | | ARDEN CAPITAL LTD - Impact of COVID 19 |
|
Impact of COVID 19:
Impact of COVID 19
Arden Capital Limited
(formerly Brainworks Limited)
(Registration number: 115883 C1/GBL)
Share Code: ACZ
ISIN: MU0548S00026
(“the Company”)
IMPACT OF COVID 19
Given the increasing trend that the COVID 19 pandemic is posing on the global economy and financial
markets, many governments have now implemented national lock-downs, or general restrictions on
free movement, to try and contain the spread of COVID 19.
As hospitality is the major operating segment of the Company and its subsidiaries (“the Group”), with
94% of the Group’s revenue as at 31 December 2019 being generated from this segment, the Group
has considerable exposure to the impact that the global restrictions will have on the tourism industry
in Zimbabwe.
To date, Zimbabwe has 5 confirmed COVID-19 cases, and the Government of Zimbabwe has imposed
certain travel restrictions and a partial lock down. In addition, given the travel restrictions and lock-
downs that are currently in place globally, this will have an adverse impact on the current year
performance.
Shareholders are advised that the extent and duration of the effects of the COVID 19 pandemic are
currently unknown, and this uncertainty extends to quantifying its impact on the Group’s
performance. It is, however evident that the pandemic will have a negative impact on the Company’s
operations and performance over the next financial year.
Grand Baie, Mauritius
27 March 2020
Sponsor
Questco Corporate Advisory Proprietary Limited
Date: 27-03-2020 12:22:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
