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BRIEF-Environmental Group Says Andrew Arapakis Will No Longer Be Joining Company As CEO

Published 26/03/2020, 05:00 pm
Updated 26/03/2020, 05:06 pm

March 26 (Reuters) - Environmental Group Ltd EGL.AX :

* ENVIRONMENTAL GROUP LTD- ANDREW ARAPAKIS WILL NO LONGER BE JOINING COMPANY AS CEO

* ENVIRONMENTAL GROUP LTD - TO ELECT ELLIS RICHARDSON AS INTERIM MANAGING DIRECTOR

* ENVIRONMENTAL GROUP LTD - WITHDRAWS PREVIOUS EARNINGS GUIDANCE ON 18 FEB

* ENVIRONMENTAL GROUP LTD - DIRECTORS OF CO WILL FOR DURATION OF PANDEMIC RECEIVE HALF USUAL DIRECTORS FEES

* ENVIRONMENTAL GROUP LTD - THESE CHANGES IN CONJUNCTION WITH OTHER COST REDUCTION MEASURES WILL DECREASE CORPORATE OVERHEADS BY OVER $0.7MLN

* ENVIRONMENTAL GROUP- EXPECTS A COST EXAMINATION EXERCISE TO RESULT IN FURTHER ADDITIONAL SAVINGS IN OVERHEAD AND OPERATIONAL EXPENDITURES OF OVER $1M

* ENVIRONMENTAL GROUP LTD - FOR TAPC UNIT, LOOKING TO DIVERT STAFF WHERE POSSIBLE TO UNITS THAT HAVE GAINED NEW CONTRACTS TO PROTECT CORE EXPERTISE

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