NEWBURY RACECOURSE PLC - AGM Statement PR Newswire

26th June 2020

NEWBURY RACECOURSE PLC
(“the Racecourse” or “the Company”)

AGM Statement

At the Annual General Meeting to be held at Newbury Racecourse at 10 am today, the Chairman, Dominic Burke, will make the following statement:

“Following the postponement of all racing in the UK on 17th March 2020 due to COVID-19 restrictions imposed by the Government, I am pleased to advise that racing recommenced at Newbury on Thursday 11th June, albeit without attendance from the public being permitted at this time, in accordance with the British Horseracing Authority’s health and safety guidelines with regard to social distancing measures. Newbury also held additional racing on Friday 12th and Saturday 13th June.

Under similar protocols, the Company also plan to hold a further five racing days during July and August and expects to adopt a more normal racing fixture list beyond that. While attendance from the public is not yet permitted, the Board of Directors believes that re-opening the racecourse for racing has been a positive development for the Company. From a financial standpoint, with racing recommencing alongside the re-opening of licenced betting shops from 15th June, we began receiving revenues again from our racing media rights. 

In addition, the Company’s Rocking Horse nursery operations re-opened on 1st June in accordance with Government health and safety guidelines and reduced child headcount. However, The Lodge hotel remains closed and we continue to expect a very difficult trading environment for the Conference and Events business. The situation continues to be monitored as restrictions imposed on businesses gradually reduce as the UK emerges from the COVID-19 lockdown.

However, in common with many companies, the impact of COVID-19 has delayed the finalisation of the Company’s audited annual financial accounts for the year ended 31 December 2019. We expect to publish the 2019 Audited Accounts by 31st July 2020 at the latest. Therefore, to allow this Annual General Meeting to receive and adopt the Annual Report and Accounts and for the meeting to be properly conducted, it is proposed that this meeting be adjourned under article 67 of the Company’s Articles of Association. The 2019 Audited Accounts will be sent to shareholders when available and after that the Annual General Meeting will be re-convened.  We will advise shareholders and provide notice of the proposed date for the Annual General Meeting to be re-convened.  

In the meantime we continue to be guided by Government advice with the Company prepared and ready to resume full operations as and when it is safe to do so.”

For further information please contact:

Newbury Racecourse plc        Tel: 01635 40015
Julian Thick, Chief Executive

Harriet Collins, Marcomms & Sponsorship Director
Hudson Sandler                Tel: 020 7796 4133
Charlie Jack