June 25 (Reuters) - Qantas Airways Ltd QAN.AX :
* EQUITY RAISING OF UP TO $1.9 BILLION
* ISSUE PRICE FOR NEW SHARES UNDER PLACEMENT OF $3.65
* THREE YEAR STRATEGY TO GUIDE RECOVERY AND RETURN TO GROWTH IN CHANGED MARKET
* AROUND 100 AIRCRAFT TO BE GROUNDED FOR UP TO 12 MONTHS
* AROUND 100 AIRCRAFT TO BE GROUNDED FOR UP TO 12 MONTHS
* COSTS REDUCED BY $15 BILLION DURING THREE YEAR PERIOD OF LOWER ACTIVITY; $1 BILLION IN ONGOING COST SAVINGS PER ANNUM FROM FY23.
* REDUCING GROUP'S PRE-CRISIS WORKFORCE BY AT LEAST 6,000 ROLES ACROSS ALL PARTS OF BUSINESS
* IMMEDIATE FOCUS OF PLAN IS TO RIGHTSIZE GROUP'S WORKFORCE, FLEET AND OTHER COSTS
* CONTINUING STAND DOWN FOR 15,000 EMPLOYEES, PARTICULARLY THOSE ASSOCIATED WITH INTERNATIONAL OPERATIONS, UNTIL FLYING RETURNS
* HAVE TO POSITION OURSELVES FOR SEVERAL YEARS WHERE REVENUE WILL BE MUCH LOWER
* IMMEDIATE FOCUS OF PLAN IS TO RESTRUCTURE TO DELIVER ONGOING COST SAVINGS AND EFFICIENCIES ACROSS GROUP'S OPERATIONS
* RETIRING QANTAS' SIX REMAINING 747S IMMEDIATELY, SIX MONTHS AHEAD OF SCHEDULE
* A321NEO AND 787-9 FLEET DELIVERIES HAVE BEEN DEFERRED TO MEET GROUP'S REQUIREMENTS
* PROPOSED NON-OPERATIONAL JOB LOSSES OF AT LEAST 1,450, MAINLY IN CORPORATE ROLES, DUE TO LESS FLYING ACTIVITY
* INSTITUTIONAL PLACEMENT TO RAISE ABOUT $1,360 MILLION AND NON-UNDERWRITTEN SPP OF UP TO $500 MILLION
* FURTHER 2,900 PILOTS WILL BE ON STAND DOWN FROM JULY 2020 ONWARD
* AROUND 8,000 EMPLOYEES EXPECTED TO HAVE RETURNED TO WORK BY END OF JULY THIS YEAR
* GROUP'S FUEL WAS FULLY HEDGED FOR SECOND HALF OF FY20, AND 90% HEDGED FOR FIRST HALF OF FY21
* COST OF IMPLEMENTING PLAN IS ESTIMATED AT $1 BILLION, WITH MOST OF THIS REALISED DURING FY21
* SEES DECLINE IN CONSUMPTION TO JUNE 2021 WILL LEAD TO NON-CASH RECOGNITION OF HEDGE INEFFECTIVENESS OF $550-$600 MILLION IN FY20 STATUTORY RESULT
* GROUP EXPECTS TO REPORT A FULL YEAR RESULT BETWEEN BREAKEVEN AND A SMALL UNDERLYING PROFIT BEFORE TAX
* EMPLOYEES RETURNING TO WORK TO INCREASE TO AROUND 15,000 BY END OF CALENDAR YEAR 2020
* BOARD HAS DECIDED TO REVOKE INTERIM DIVIDEND, AVOIDING OUTFLOW OF $201 MILLION OF CASH
* ALAN JOYCE AGREED TO REMAIN QANTAS GROUP CEO AS RECOVERY PLAN IS IMPLEMENTED AND THROUGH TO AT LEAST FY23-END