Brief: Horizon North Logistics Announces COVID-19 Response Including Reductions To 2020 Capital Spending Program

Dexterra

26/03/2020 23:02

March 26 (Reuters) - Horizon North Logistics Inc  HNL.TO :
    * ANNOUNCES COVID-19 RESPONSE INCLUDING REDUCTIONS TO 2020
CAPITAL
SPENDING PROGRAM AND OTHER COSTS AND REITERATES COMMITMENT OF
ALL PARTIES TO TRANSACTION WITH DEXTERRA AND FAIRFAX FINANCIAL
    * HORIZON NORTH- REDUCING ITS 2020 NET CAPITAL OUTLOOK BY
TWO-THIRDS
    * HORIZON NORTH LOGISTICS - SALARY OF PRESIDENT AND CEO WILL
BE
REDUCED BY 25 PER CENT
    * REDUCTION OF SUSTAINING CAPITAL FROM $13 MILLION TO
APPROXIMATELY $8 MILLION, INCLUDING A PAUSE IN MAT MANUFACTURING
    * COMBINED NET CAPITAL OUTLOOK IS REDUCED FROM $30 MILLION
TO
APPROXIMATELY $10 MILLION FOR 2020
    * HORIZON NORTH LOGISTICS - REDUCTIONS IN COMPENSATION OF
BOARD OF
DIRECTORS OF 25 PER CENT
    * HORIZON NORTH LOGISTICS - WITHDRAWING PREVIOUSLY ANNOUNCED
FINANCIAL GUIDANCE WITH RESPECT TO DEXTERRA AGREEMENT

Source text for Eikon:  ID:nCNWMs2kya 
Further company coverage:  HNL.TO 

 ((Reuters.Briefs@thomsonreuters.com;))