SSP Group plc (LON:SSPG) announced a placing for existing investors to reinvest last year’s final dividend in the company after sales crashed 95%.
The operator of food and drink outlets in airports and train stations is set to pay the 6p distribution on Thursday after shareholders voted and approved it in February.
READ: SSP Group gets backing for £216mln emergency cash call
In a separate update, SSP Group announced a retail offer of new shares to allow retail investors to reinvest their dividend as well.
The total value of the payout would be £26.8mln.
The firm is looking to retain cash as May sales were 95% below last year, since the impact from lockdown is harsher than anticipated.
The underlying (EBITDA) loss for the second half is expected to be between £120-190mln after cost-cutting measures and government support, with net operating cash outflow of £340-440mln.
In April, cash and undrawn available facilities totalled £750mln.
In the six months to 31 March, sales dropped 3% to £1.2bn while last year’s £54mln profit before tax swung to a loss of £10mln.