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BRIEF-G8 Education Announces Fully Underwritten Equity Capital Raising Of $301 Million

Published 09/04/2020, 08:52 am
Updated 09/04/2020, 08:54 am
© Reuters.
GEM
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April 9 (Reuters) - G8 Education Ltd GEM.AX :

* G8 EDUCATION LTD - ANNOUNCES A FULLY UNDERWRITTEN EQUITY CAPITAL RAISING OF $301 MILLION

* G8 EDUCATION LTD - ALL SHARES UNDER PLACEMENT AND ENTITLEMENT OFFER WILL BE ISSUED AT A FIXED PRICE OF $0.80 PER SHARE

* G8 EDUCATION LTD - EQUITY RAISING TO RESULT IN ISSUE OF ABOUT 377 MILLION NEW FULLY PAID ORDINARY SHARES AT FIXED PRICE OF $0.80 PER NEW SHARE

* G8 EDUCATION LTD - WAGE CASH COSTS INCURRED BY G8 WILL BE REDUCED THROUGH JOBKEEPER PROGRAM

* G8 EDUCATION LTD - ESTIMATES $23 MILLION AVERAGE MONTHLY REDUCTION OVER COURSE OF COVID‐19 DISRUPTION PERIOD

* G8 EDUCATION LTD - INITIATED DISCUSSIONS REGARDING TEMPORARY RELIEF OF RENTAL COSTS

* G8 EDUCATION LTD - EXPECTS TO RECEIVE A LEVEL OF COMMERCIAL SUPPORT FROM ITS LANDLORDS THROUGH THIS PERIOD OF DISRUPTION

* G8 EDUCATION LTD - WILL DEFER ALL NON‐ESSENTIAL CAPEX AND PURSUE REDUCTIONS IN VARIOUS OVERHEAD COSTS

* G8 EDUCATION LTD - EXPECTED THAT ANNUAL CAPEX WILL REDUCE FROM $40 MILLION TO $25 MILLION, WHILE OPEX WILL BE RESTRICTED TO CRITICAL OPERATIONAL ITEMS

* G8 EDUCATION LTD - G8 DIRECTORS HAVE RESOLVED TO REDUCE DIRECTORS' FEES BY 20% THROUGH TO 30 SEPTEMBER 2020

* G8 EDUCATION LTD - G8 HAS TEMPORARILY SUSPENDED DIVIDENDS, WITH EXCEPTION OF DEFERRED CY19 FINAL DIVIDEND

* G8 EDUCATION LTD - DOES NOT EXPECT TO DECLARE OR PAY A DIVIDEND IN RESPECT OF CY20

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