March 24, 2020 / 6:38 AM / 11 days ago

BRIEF-Mint Payments Withdraws Forecast Of Being Cash Flow Positive In 2020

March 24 (Reuters) - Mint Payments Ltd:

* WITHDRAWN ITS PREVIOUSLY RELEASED STATEMENTS THAT IT EXPECTS TO BE CASH FLOW POSITIVE IN 2020

* COST INITIATIVES EXPECTED TO REDUCE CO’S MONTHLY CASH OVERHEADS BY ABOUT 30%

* FOR REMAINDER OF FINANCIAL YEAR, CHAIRMAN & NON-EXEC DIRECTORS WILL TAKE NO FEES & GROUP CEO WILL TAKE 30% SALARY CUT

* IN MARCH SEEN A MATERIAL DECLINE IN TTV FROM DIRECT TRAVEL CHANNEL, EXPECT RECENT TRAVEL RESTICTIONS TO FURTHER IMPACT CO’S TTV AHEAD

* SENIOR MANAGEMENT & EXECUTIVE TEAM WILL TAKE A 20-25% SALARY CUT FOR REST OF YEAR

* FEB TOTAL TRANSACTION VALUE $78MLN VERSUS $70MLN

* MINT’S OTHER (NON-TRAVEL) CHANNELS ARE CURRENTLY PERFORMING AS BUDGETED

* IMPLEMENTING A COMPANY-WIDE COST REDUCTION PROGRAMME THAT IS EXPECTED TO REDUCE CO’S MONTHLY CASH OVERHEADS BY ABOUT 30% Source text for Eikon: Further company coverage:

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