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BRIEF-Freedom Foods Group Says CEO To Forego His Entitlement To His Options Incentive Plan

Published 29/05/2020, 11:15 am
© Reuters.
FNP
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May 29 (Reuters) - Freedom Foods Group Ltd FNP.AX :

* CEO TO FOREGO HIS ENTITLEMENT TO HIS OPTIONS INCENTIVE PLAN

* SEES PROVISION OF ABOUT $4M WILL BE REQUIRED TO BE CREATED IN 2H FY20 IN RESPECT OF AN EXPORT ACCOUNT

* PROGRESSED RESHAPING OF COMMERCIAL, ORGANISATIONAL STRUCTURES; ACTIONS RESULTED IN SOME REDUNDANCIES ACROSS BUSINESS

* EXPECTS TO REALISE MATERIAL CASH COST SAVINGS INTO FY 2021 FROM INITIATIVES

* FY EARNINGS RESULT WILL BE MATERIALLY IMPACTED BY COVID 19 ISSUES & ONE OFF CHARGES

* EXPECTS TO REALISE MATERIAL CASH COST SAVINGS INTO FY21 FROM INITIATIVES IN OPERATIONS

* SEES TOTAL CAPEX IN FY2020 TO BE IN RANGE OF $120 MILLION TO $130 MILLION

* SEES MATERIALLY REDUCED CAPITAL EXPENDITURE PROGRAM IN FY2021

* DECIDED TO CANCEL DIVIDEND ANNOUNCED ON 28 FEB

* DOES NOT ANTICIPATE PAYING A FULL YEAR DIVIDEND

* INITIAL ESTIMATES INDICATE WRITE DOWN OF ABOUT $25 MILLION IN INVENTORIES

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