Young & Co. dividend news disappoints

AIM-listed pub chain Young & Co.’s (LON:YNGA) saw its share price drop by 5.13% to 1,110p (as of 15:30 BST) after announcing that it would not be paying an interim dividend this year. Management said that this was due to the prolonged closure of pubs during the COVID and expected lower trading levels once they re-open.

Additionally, the company announced a range of new credit facilities and changes to the covenants on existing agreements. Cessation of business no longer constitutes a breach of covenant for the remainder of 2020, but instead the firm is required to demonstrate higher levels of liquidity than in the past.