March 16, 2020 / 12:55 AM / 13 days ago

BRIEF-Adslot Updates On Impact Of Covid-19 And Cost Reduction Actions

March 16 (Reuters) - Adslot Ltd:

* UPDATES ON IMPACT OF COVID-19 AND COST REDUCTION ACTIONS

* SEEN MODERATE FALLS IN TRADING ACTIVITY FROM UK AND EUROPEAN MARKETS, LIKELY RELATED TO IMPACT OF COVID-19

* CURRENTLY ANTICIPATES MODERATE REDUCTION IN VALUE OF MEDIA TRADED FOR MARCH QUARTER 2020, COMPARED TO PRIOR QUARTER

* NOTES THAT THESE FALLS ARE LIKELY TO INCREASE IN COMING WEEKS AS IMPACTS OF VIRUS GROW

* CURRENTLY SEES MODERATE REDUCTION IN VALUE OF MEDIA TRADED FOR MARCH QUARTER 2020 VERSUS PRIOR QUARTER DUE TO IMPACT OF COVID-19

* FOR REMAINDER OF FY20, EXEC CHAIRMAN OF COMPANY WILL TAKE NO DIRECTORS’ FEES OR CONSULTING FEES

* FOR REMAINDER OF FY20, ALL NON-EXECUTIVE DIRECTORS OF CO WILL TAKE NO DIRECTORS’ FEES

* FOR REMAINDER OF FY20, GROUP CEO & CFO WILL TAKE A 20% REDUCTION IN SALARIES

* FOR REMAINDER OF FY20, NO QUARTERLY OR ANNUAL BONUSES WILL BE PAID

* 28% REDUCTION IN HEAD COUNT ACROSS BUSINESS, MAJORITY OF THIS REDUCTION IS RELATED TO 20 EXTERNAL DEVELOPMENT CONTRACTORS

* SEES REMOVAL OF 20 EXTERNAL DEVELOPMENT CONTRACTORS TO RESULT IN ASSOCIATED REDUCTION IN RECURRING REVENUES OF $1.4M IN FY2021 Source text for Eikon: Further company coverage:

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