We wish to announce that as a result of recently introduced restrictions to travel and gatherings in Malaysia, Australia, UK and New Zealand, revenue and earnings across our Hotel and Education assets will be materially impacted from mid-March 2020. This impact is expected to be most severe in our Hotel assets where occupancies are expected to reduce substantially and closure may be necessary while restrictions remain in place.  

In relation to Education operations, we anticipate that earnings for the first school term will not be materially impacted while future enrolments from international markets will be down substantially due to restrictions placed on entry from China and other Asian nations. At this stage Real Estate operations have not been materially impacted by the COVID-19 pandemic. We do, however expect that sales enquiry will reduce over the coming weeks due to further government restrictions on entry by international visitors to Australia and enforcement of self-isolation and limits to public interaction.

This announcement is dated 24 March 2020.