May 13, 2020 / 10:38 AM / 17 days ago

BRIEF-Spur Corp Says Will Be Implementing 20% Salary Reduction For All Employees From June 1

May 13 (Reuters) - Spur Corporation Ltd:

* JSE: SUR - IMPACT OF COVID 19 ON BUSINESS OPERATIONS AND TRADING UPDATE

* SPUR CORPORATION LTD - BY 10 MAY, 155 OF 559 RESTAURANTS ACROSS GROUP IN SOUTH AFRICA HAD REOPENED TO OFFER DELIVERY-ONLY SERVICES

* SPUR CORPORATION LTD - MANAGEMENT HAS GRANTED FRANCHISEES A 40% DISCOUNT IN FRANCHISE FEES FOR MAY

* SPUR CORPORATION LTD - GROUP GRANTED FRANCHISEES DISCOUNTS OF 20% ON FRANCHISE FEES AND 25% ON MARKETING FEES FOR PERIOD 1 TO 15 MARCH

* SPUR CORPORATION LTD - MANAGEMENT HAS GRANTED FRANCHISEES A 40% DISCOUNT IN FRANCHISE FEES FOR MAY

* SPUR CORPORATION LTD - GROUP WILL BE IMPLEMENTING A REDUCED WORK WEEK AND COMMENSURATE 20% SALARY REDUCTION FOR ALL EMPLOYEES FROM 1 JUNE

* SPUR CORPORATION LTD - FEES FOR NON-EXECUTIVE DIRECTORS HAVE ALSO BEEN REDUCED BY 20% FROM 1 JUNE

* SPUR CORPORATION LTD - BASED ON GROUP’S CASH RESOURCES DIRECTORS DO NOT ANTICIPATE NEEDING TO ACCESS EXTERNAL FUNDING FOR AT LEAST NEXT SIX MONTHS.

* SPUR CORPORATION LTD - AS A PRECAUTIONARY MEASURE MANAGEMENT IS ENGAGING WITH FINANCIAL INSTITUTIONS TO SECURE CREDIT FACILITIES

* SPUR CORPORATION LTD - MARKETING FEES HAVE BEEN DISCOUNTED BY 75% FOR SPUR, PANAROTTIS AND JOHN DORY’S BRANDS, AND 50% FOR REMAINING BRANDS Source text for Eikon: Further company coverage:

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