Hostelworld Group plc announced the Board recognizes the importance to shareholders of dividends and whilst it believes that cancelling the final dividend in respect of 2019 was the right course of action in these exceptional circumstances, the Board remains committed to the dividend policy announced on 4 March 2020 with a pay-out ratio of between 20-40% of the Group's adjusted profit after tax. However, given current trading and the Group's current focus on cash conservation, and given the full effects of COVID-19 remain uncertain, the Board does not expect to pay a cash dividend under its current policy in respect of the 2020 financial year. Thereafter payment of cash dividends will be subject to the Group generating adjusted profit after tax, the Group's cash position and any restrictions in the Group's banking facilities. In the interim, the Board is considering a proposal to issue new ordinary shares by way of bonus issues to shareholders in lieu of a cash dividend. If implemented, the bonus issues will be subject to shareholder approvals and the number of new ordinary shares to be issued will be determined by the Board at the time taking into account market conditions.