Hammerson Annual General Meeting to take place virtually

On Wednesday, Hammerson announced that its Annual General Meeting will take place virtually due to the Coronavirus outbreak. The property group said the virtual AGM will allow shareholders to participate remotely.

The shopping mall owner of leading retail destinations including Brent Cross, Grand Central and Bullring is implementing the government’s restrictions on all non-essential travel within the UK. This includes gatherings of more than two people being banned in order to limit spread of the virus.

In response to the the impact of COVID-19, Hammerson has cancelled pay increases for its board and executive directors.

The business is the latest commercial property operator to lower the pay of its directors in order to protect liquidity during the global health crises.

In addition, all 12 Hammerson shopping centres in the UK have now closed, excluding essential retail stores like pharmacies and food shops.

Last month, the property group's losses widened as the firm sold off sites to boost its balance sheets.

Hammerson dived to a £573.8 million pre-tax loss in the year to 31 December, widening from a £173.3 million loss in 2018, as it received lower rental income.