The Palace Amusement Company (1921) Limited (PAL) – Material Information

Posted: July 1, 2020 at 4:51 pm

Palace Amusement Company (1921) Limited (PAL) has provided the following material information:

“The fact is that COVID-19 has had a significant impact on the operations and performance of PAL. Since March 14, 2020, all our cinemas have been closed in conformity with guidelines, decisions and actions taken by the Government of Jamaica to curtail the spread of the COVID-19 virus in the country. Closure of the cinemas has resulted in significant losses over the last three and a half months. Meanwhile, we have had substantial standing charges to maintain. As such, we have obtained interim financing from our bankers to help us meet some of our financial obligations. Further, all cinema staff, totaling almost 300 persons, have been laid off. It is our intention to bring back as many of our cinema staff as possible once we are able to commence operations.

“We are now very encouraged as we see where steps have been taken by the Ministry of Health & Wellness to provide Interim Public Health Guidelines and Procedures for Theatres and Cinemas for COVID-19. We are training our staff accordingly and putting ourselves in a position to be fully compliant when we re-open. It is our desire and intention to re-open for business once we get the go-ahead from the Government.

“Though efforts have commenced to explore the possibility of offering a drive-in cinema experience to our patrons, to date we are not in a position to say whether this will become a reality. Indeed, there has been no decision by senior management or the Board of Directors in this regard.”

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