intu’s shares suspended after Covid casualty goes under administration

JOHANNESBURG – Intu Properties, one of the UK’s biggest shopping centre groups that was founded by South African insurance entrepreneur Donny Gordon, was suspended on the London and Johannesburg stock exchanges on Friday after administrators were appointed.

The collapse has been cited as the biggest UK corporate casualty of the Covod-19 pandemic so far.

The share price plunged 72.38percent to 29cents on the JSE on Friday.

To put the meltdown into perspective, the share was trading at more than R13.50 a share 12 months ago.

Last Tuesday, intu had said it was still in discussions with stakeholders about a debt standstill, ahead of a revolving credit facility covenant waiver expiry that night. This waiver had been reached on May 1.