Local Business

BPHL suspends dividend, postpones AGM

  • Stephen Thomson, chairman of Bermuda Press Holdings Ltd

Bermuda Press Holdings Ltd has suspended payment of dividends and has postponed the annual general meeting meeting that was scheduled for March 27.

The decisions taken by the group’s board of directors were driven by government-mandated measures to limit the spread of Covid-19 and their impact on the business.

BPHL is the parent company of The Royal Gazette and also owns commercial printing, real estate and retail interests.

Stephen Thomson, BPHL chairman, said last night: “We find ourselves in unprecedented times. The measures being taken to contain the spread of the novel coronavirus will have a significant impact on our community and business.

“Therefore, BPHL has suspended its quarterly dividend. It is the prudent decision given the current uncertainties facing Bermuda. The board will review the company’s ability to resume the payment of dividends before the end of each quarter.”

BPHL, whose share price closed at $8 on the Bermuda Stock Exchange yesterday, had been paying a quarterly dividend of seven cents per share over the past two years.

Mr Thomson added the postponement of the AGM was logical, based on the need for social distancing and the Government’s notice to limit gathering to less than ten people.

“We will issue a notice of meeting once we are able to set a new date,” Mr Thomson said.

He added: “The board recognises the importance of reporting news and information to our community in times of crisis.

“We would be remiss not to recognise the huge efforts being made by our staff to continue publishing and printing and thank our customers for their continuing support.”