Farmer Business Developments, the investment holding company which owns FBD Hotels, as well as a 25% stake in FBD Insurance, has written to shareholders to inform them it has no plans to hold its AGM in the short-term due to the COVID-19 restrictions.

The board of Farmer Business Developments has yet to confirm what dividend the company will pay for 2019. No dividend can be issued to shareholders until it is signed off at the group’s AGM.

Letter

In the letter to shareholders, Farmer Business Developments chair Padraig Walshe said all FBD Hotels in Ireland and Spain were closed since mid-March due to the COVID-19 restrictions.

However, Walshe said the group’s balance sheet was in a strong position entering into 2020.

It will receive a total of €26m net of tax from the Berlin sale

The group has received the first tranche of cash from the sale of development lands adjacent to Berlin airport last year. It will receive a total of €26m net of tax from the Berlin sale.

On top of this, Farmer Business Developments is due to receive more than €8.5m in dividends from FBD Insurance once it holds its AGM.