April 23, 2020 / 5:20 AM / a month ago

BRIEF-Dufry Cancels Payment Of 2020 Dividend

April 23 (Reuters) - DUFRY AG:

* CANCELLATION OF 2020 DIVIDEND PAYMENT

* SEVERAL MEASURES TO REDUCE CASH OUTFLOWS TO A MINIMUM HAVE BEEN IMPLEMENTED AND ARE UNDER TIGHT CONTROL BY A DEDICATED TEAM AT GROUP LEVEL

* THESE INCLUDE INITIATIVES AT CAPEX AND NET WORKING CAPITAL LEVEL THAT TARGET TOTAL CASH SAVINGS OF AROUND CHF 160.0 MILLION IN FULL-YEAR 2020

* CANCELLATION OF 2020 DIVIDEND PAYMENT

* PLANNED ISSUANCE OF A CHF 300.0 MILLION SENIOR, UNSECURED GUARANTEED CONVERTIBLE BOND WITH STRONG INDICATIONS OF INTEREST TO PARTICIPATE FROM INVESTORS

* PLANNED PRIVATE PLACEMENT OF UP TO 5.5 MILLION SHARES WITH STRONG INDICATIONS OF INTEREST TO PARTICIPATE FROM INVESTORS

* INITIATIVES AT CAPEX AND NET WORKING CAPITAL LEVEL THAT TARGET TOTAL CASH SAVINGS OF AROUND CHF 160.0 MILLION IN FULL-YEAR 2020 Source text: bit.ly/2RYioLF Further company coverage: (Gdansk Newsroom)

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