April 1 (Reuters) - Webjet Ltd WEB.AX :
* ANNOUNCES A $275 MILLION EQUITY RAISING-WEB.AX
* UNDERTAKING AN INSTITUTIONAL PLACEMENT AND ACCELERATED PRO-RATA, NON-RENOUNCEABLE ENTITLEMENT OFFER TO RAISE A MINIMUM OF $275 MILLION
* PROCEEDS EXPECTED TO BE SUFFICIENT TO PROVIDE FOR OPERATING COSTS AND CAPITAL EXPENDITURE THROUGH TO END OF 2020
* ENTITLEMENT OFFER AT AN OFFER PRICE OF A$1.70 PER NEW SHARE.
* INITIAL COST REDUCTION PROGRAM IS ALREADY BEING IMPLEMENTED WITH FURTHER COST REDUCTIONS AVAILABLE IF REQUIRED
* REDUCED BOARD & EXECUTIVE REMUNERATION WITH MANAGING DIRECTOR REDUCED SALARY BY 60% FOR CALENDAR YEAR 2020 AND RECEIVING NO BONUS FOR FY20
* BUSINESS INITIATIVES ARE EXPECTED TO RESULT IN CASH FLOW SAVINGS OF C.$13 MILLION PER MONTH
* TOTAL REDUNDANCIES OF OVER 440
* IMPLEMENTED MAJORITY OF REMAINING STAFF MOVING TO 4 WORKING DAYS PER WEEK
* ANNOUNCES CLOSURE OF ONLINE REPUBLIC CRUISE AND SUSPENSION OF WEBJET EXCLUSIVES
* IMPLEMENTED RENEGOTIATION OF CERTAIN OPERATIONAL AND TECHNOLOGY CONTRACTS
* PROCEEDS TO BE USED TO STRENGTHEN BALANCE SHEET DUE TO CONTINUED IMPACT OF COVID-19, ASSOCIATED GOVERNMENT RESTRICTIONS IMPACTING TRAVEL GLOBALLY
* INITIATIVES ARE EXPECTED TO RESULT IN CASH FLOW SAVINGS OF C.$13 MILLION PER MONTH