February 6, 2020 / 11:22 PM / 13 days ago

BRIEF-Aurora Cannabis Announces CEO Retirement And Succession

Feb 6 (Reuters) - Aurora Cannabis Inc:

* AURORA CANNABIS ANNOUNCES CEO RETIREMENT AND SUCCESSION, BOARD OF DIRECTORS EXPANSION, AND BUSINESS TRANSFORMATION PLAN

* SAYS MICHAEL SINGER APPOINTED INTERIM CEO

* EXECUTIVE CHAIRMAN MICHAEL SINGER HAS BEEN APPOINTED INTERIM CEO, EFFECTIVE IMMEDIATELY

* TWO NEW INDEPENDENT DIRECTORS TO JOIN BOARD FOR A TOTAL OF 10 DIRECTORS, INCLUDING 7 INDEPENDENTS

* ANNOUNCES COMPREHENSIVE TRANSFORMATION PLAN

* PROVIDES SELECT UNAUDITED PRELIMINARY FISCAL Q2 2020 FINANCIAL RESULTS AND UPDATED OUTLOOK

* ELIMINATED CLOSE TO 500 FULL-TIME EQUIVALENT STAFF ACROSS COMPANY

* AURORA CANNABIS - ANNOUNCED ITS INTENTION TO REDUCE CAPITAL EXPENDITURES FOR H2 OF FISCAL 2020 TO BRING CAPITAL EXPENDITURES BELOW $100 MILLION IN TOTAL

* RESTRUCTURING SPENDING PLANS ON INFORMATION TECHNOLOGY PROJECTS, SALES AND MARKETING INITIATIVES

* AURORA CANNABIS - RESTRUCTURING SPENDING PLANS ON TRAVEL & ENTERTAINMENT, PROFESSIONAL SERVICES, AND OTHER NON-REVENUE GENERATING THIRD-PARTY COSTS

* AURORA CANNABIS - EXPECTS TO REPORT ASSET IMPAIRMENT CHARGES ON CERTAIN INTANGIBLE & PROPERTY, PLANT & EQUIPMENT IN RANGE OF $190 MILLION TO $225 MILLION IN Q2

* EXPECTS CANNABIS REVENUES FOR Q2 OF FISCAL 2020 OF $62 MILLION TO $66 MILLION, NET OF EXCISE TAXES

* ASSETS BEING IMPAIRED ARE PREDOMINANTLY ASSOCIATED WITH OUR OPERATIONS IN SOUTH AMERICA AND DENMARK

* ELIMINATED STAFF INCLUDE ABOUT 25% OF CORPORATE POSITIONS

* NET CANNABIS REVENUES, AFTER GIVING EFFECT TO OFFSETS, ARE EXPECTED TO BE $50 MILLION TO $54 MILLION IN Q2

* EXPECTS TO REPORT WRITE-DOWNS OF GOODWILL IN RANGE OF $740 MILLION TO $775 MILLION IN Q2 2020

* AURORA CANNABIS - FOLLOWING NON-CASH CHARGES, AURORA EXPECTS TO REMAIN COMPLIANT WITH ITS REVISED TOTAL DEBT-TO-EQUITY COVENANT GOING FORWARD Source text for Eikon: Further company coverage:

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