Brief: Kiwi Property Group Not To Proceed With Final Dividend For Year Ended 31 March 2020

Kiwi Property

05/04/2020 21:40

April 6 (Reuters) - Kiwi Property Group Ltd  KPG.NZ :
    * DECIDED NOT TO PROCEED WITH FINAL DIVIDEND FOR YEAR ENDED
31
MARCH 2020
    * EMPLOYEE SALARY INCREASES FROZEN
    * BOARD OF DIRECTORS, CHIEF EXECUTIVE OFFICER AND EXECUTIVE
TEAM
HAVE AGREED TO A 20 % REDUCTION IN PAY
    * PANDEMIC WILL HAVE A MATERIAL IMPACT ON COMPANY'S
FORWARD-LOOKING PERFORMANCE AND RENTAL RECEIPTS
    * NOT TO PROCEED WITH FINAL DIVIDEND FOR YEAR ENDED 31 MARCH
2020
    * EFFECTIVE IMMEDIATELY, NON-ESSENTIAL CAPEX PROJECTS PUT ON
HOLD
UNTIL THERE IS CLARITY ABOUT FUTURE TRADING ENVIRONMENT
    * ALL OPERATING EXPENDITURE HAS BEEN REVIEWED AND
DISCRETIONARY
SPEND WILL BE STOPPED WHERE POSSIBLE


Source text for Eikon:  ID:nNZW3DgVLX 
Further company coverage:  KPG.NZ 

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