On 8 April 2020, International Hotel Investments plc issued an announcement reassuring its shareholders and bondholders of its continued strength, especially now after adopting a series of bold and far-reaching measures that have significantly reduced all operating costs and payroll expenses. Furthermore, IHI has also entered into arrangements with some of its principal lenders to defer capital repayments and, in some cases, interest payments as well. At the same time, IHI has also organised separate lines of credit with related parties to be used in case of any cashflow shortfalls. The combined effects of these actions will see the business through the period of the ‘COVID-19’ pandemic, when little or no income is expected to be generated from the company’s various hotels and catering businesses.
Publication of the 2020 Audited Financial Statements
IHI also explained that the ‘COVID-19’ situation has placed the company’s human resources and those of its auditors under heavy time and logistical constraints, especially when taking into account the multinational nature of its businesses. These constraints have inevitably led to a delay in the finalisation of the audited financial statements for the year ended 31 December 2019 which are now expected to be published by 30 June 2020, representing a two-month delay in line with the circular published by the Malta Financial Services Authority on 27 March 2020.