With coronavirus, “paying out dividends for Vranken-Pommery Champagnes is out of the question”

Friday April 10 2020 by Vitisphere

 “France has now entered a phase of lockdown, just like other countries in Europe and the world”, commented the Reims-based group. “France has now entered a phase of lockdown, just like other countries in Europe and the world”, commented the Reims-based group. - Photo credit : Vranken-Pommery Monopole

Considering the current situation and the exceptional measures taken by the group with the support of the State, paying out dividends is out of the question”, announced a press release issued by the Vranken-Pommery Monopole group (Vranken, Pommery & Greno, Heidsieck & Co Monopole, Charles Lafitte and Bissinger & Co Champagnes, but also Rozes and Sao Pédro Ports, as well as rosés by Domaine Royal de Jarras and Château La Gordonne). After a meeting of its board of directors on March 30, the Champagne group therefore chose to “recommend dividends not be distributed” at its AGM on June 4.

Like other French companies, Vranken-Pommery is heeding government advice that dividends not be paid out by companies benefiting from its economic aid plan prompted by the coronavirus epidemic (bank loans guaranteed by the State, deferment of payment of social security and tax charges, furloughing etc.). The group states that it has “taken all necessary measures to ensure the safety of its personnel as a priority” in order to keep its business going. Vranken has thus “signed up for the support measures announced by the Government [with, in particular,] the introduction of furloughing for the entire group, a request to defer the due dates on bank loans, to defer social security contributions, taxes and duties”.

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