Berkeley's strategy has been developed for a cyclical market. Residential development is not about individual reporting periods. It is about creating value over the long-term and this requires financial discipline and balance sheet strength. Berkeley acquires land differently to others. The primary focus is on adding value through its development expertise, for which we have an excellent record.
Above all else, enhancing property value is about having time. This is afforded to Berkeley by its strategy of taking low financial risk through a combination of matching production to demand, selling forward and only gearing when there is sufficient visibility of future cash flow.
Adjournment of general meeting
Berkeley announced on 12 March 2020 that the general meeting scheduled for 18 March 2020 would be adjourned indefinitely in view of the Board's decision to postpone the increase in the Shareholder Returns that was scheduled to be made via a B and C share scheme as a result of the global spread of Coronavirus.
Please refer to the Trading Statement for further details.
Warning to Shareholders: Boiler Room Scams
The Directors are aware that some Shareholders have been contacted by "brokers" from overseas, usually from the USA, offering very high prices for their shares in the Company. These offers are a form of Boiler Room scam as discussed on the Financial Conduct Authority (FCA) website.
We would advise Shareholders not to engage in discussions with these "brokers" and to report any such activity to the FCA by completing an online form available at the FCA website.