Feb 4 (Reuters) - MEO Australia Ltd MEO.AX :
* Says major cost reduction initiative implemented
* Says revised remuneration arrangement with its senior staff
* Senior staff members have voluntarily agreed to a 20% reduction in the cash
component of their annual remuneration package "
* Says agreement announced today saves MEO circa $200,000 per annum in cash
salary costs
* Arrangement is consistent with co's strategy to continually assess and reduce
costs to preserve its cash position
* Source text for Eikon ID:nASX9ZD20Y