Valora postpones the Annual General Meeting of 24 March 2020
19.03.2020, The Board of Directors of Valora Holding AG is postponing the Annual General Meeting scheduled for 24 March 2020 in light of the current situation regarding the spread of the coronavirus. This decision follows the issuing of “Verordnung 2 über Massnahmen zur Bekämpfung des Coronavirus (COVID-19)” (“Ordinance 2 on measures for combating the coronavirus (COVID-19)” by the Swiss Federal Council, which states that annual general meetings cannot be held under the usual conditions. A new date will be communicated in good time. The current situation is also impacting the business performance and business prospects of the Valora Group; however, it is not possible to make any definitive assessment on its effects due to the current dynamic development.
After assessing the current developments in detail and carefully weighing up the situation, the Board of Directors of Valora Holding AG has decided to not hold the Annual General Meeting scheduled for 24 March 2020. The Board of Directors is firmly committed to holding an Annual General Meeting that shareholders can attend in person as soon as the situation permits. A new date will be communicated in good time.
Franz Julen, Chairman of the Valora Board of Directors, says: “After careful deliberation, the Board of Directors made the decision to postpone the Annual General Meeting. We trust that our shareholders understand why we have taken this action and we thank them for that.” He continues: “At the same time, Valora is doing its utmost to maintain a flexible and robust business within the limits of the options available to us in this exceptional situation. We would like to thank the employees in our network for their great commitment in that regard.”
At present, the Valora Group is allowed to continue opening the majority of its kiosk, convenience and food service outlets in Switzerland, Germany and Luxembourg, and the capacity utilisation of Valora’s pretzel production facilities is stable. Valora is however feeling the increasing impact of the current situation on customer footfall. This development and the official directives will also impact the business performance of the Valora Group. As the further development of the coronavirus crisis and its impact on the economy cannot be estimated, it is not possible to make a definitive assessment on how this will affect the business prospects of the Valora Group.
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