Oasis Atlantico Update - July 2020

Alexandre Abade, CEO of Oasis Atlantico briefed us this morning on the latest position for their group. In summary, they are safe, still largely closed and planning for gradual opening in line with the developing situation. He shared a few highlights:

• The hotel in Praia which was being used to house quarantined Cape Verdians has now closed as the quarantine programme is now finished on the Island.

• One hotel in Sal is being rented by the CV government to house individuals being isolated, but is not open to the general public.

• They plan to open their hotel in Morocco on the 15th July to domestic business only, using a restricted service to gauge appetite.

• The target date for opening in Brazil is currently the 15th August.

• Cape Verde is focussing on the 1st August as a date to open borders, and the initial plan is to make one hotel available to tourists from that date to see what appetite there will be from international visitors

While the business as a whole is still focussed on preserving cash, the group continue to meet obligations as they fall due. This has been helped as Cape Verde has extended its furlough scheme until the end of September to allow for reduced employment costs. In addition, all Portuguese banks are now giving interest and capital repayment holidays until April 2021 to Portuguese Companies.

We will seek further updates later this month.