Melcor responds to Covid-19 challenges
Melcor Developments Ltd and Melcor Real Estate Investment Trust have implemented a number of the measures in response to the economic challenges brought about by the Covid-19 global pandemic.
To respond to this pressure, Melcor and the REIT have and are implementing a number programs and initiatives, including:
• 47 per cent reduction to the REIT’s April distribution, announced March 20, 2020
• 17 per cent reduction to Melcor’s dividend announced March 11, 2020
• Board remuneration reduction for both companies
• Wage roll-back for named executive officers and management committee members
• Temporary lay-off notices given to approximately 25 per cent of full-time staff
• Reduction in remuneration for all remaining staff
• Deferred all capital spending
• Anticipate delayed openings of the golf courses under Melcor management
• Working with all clients and stakeholders on a case by case basis
Darin Rayburn, President and Chief Executive Officer of both Melcor and the REIT, says: “These unprecedented times call for measured and intentional action. Melcor moved quickly in our response to COVID-19, both in steps taken to stop the spread, and in actions to preserve cash. These steps, although some of them have been very difficult, were necessary to position the company to weather the COVID-19 storm and resulting economic impact to our businesses and to those of our clients and stakeholders.
Our team is our work family and we significantly value each of our colleagues and so the decisions impacting our staff were the hardest to make. We continue to monitor and respond accordingly and will keep all stakeholders informed.”