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BRIEF-WPG Resources says implemented a cash enhancement program

Published 14/08/2015, 09:28 am
© Reuters.  BRIEF-WPG Resources says implemented a cash enhancement program
WPG
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Aug 14 (Reuters) - Wpg Resources Ltd WPG.AX :

* Cash enhancement program WPG.AX

* Implemented a cash enhancement program as a consequence of current market conditions facing junior miners

* "All staff and consultants have agreed voluntarily to reduce their fees and salaries in order to conserve cash"

* Says redundancies will not impact on the company's technical or management skill sets going forward

* Wpg resources ltd-company has entered into an agreement to sell its port pirie land for $750,000 with settlement anticipated in September 2015

* "Chairman will reduce his fee by 60%, and executive directors and all other staff by 20%"

* Says "cost saving initiatives, are expected to reduce the company's cash consumption by approximately $1 million over a full year"

* Says reductions in remuneration packages are permanent, and not deferrals

* Source text for Eikon ID:nASX300CGZ

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