Brief: Ioupay Updates On Recent Activities

Ovanti

31/08/2023 02:25

Aug 31 (Reuters) - Ioupay Ltd  IOU.AX :
    * UPDATE ON RECENT ACTIVITIES
    * NEW BOARD SECURED A$1M IN ADDITIONAL FUNDING FOR BUSINESS
    * INSTIGATED A COST-REDUCTION PROGRAM ACROSS ALL IOU PAY
OPERATIONS
    * SINCE ADMINISTRATION OF COMPANY ENDED ON 25 MAY, FURTHER
REDUCED
FULL TIME EQUIVALENT HEADCOUNT BY 22
    * CUMULATIVE COST SAVINGS BY END OF DECEMBER EXPECTED TO
TOTAL RMB
4.0 MILLION
    * LAST WEEK BOARD AGREED TO PUT IOU PAY ASIA BUSINESS INTO
RUN-OFF
    * IOU PAY ASIA BUSINESS RUN-OFF MEANS NO NEW LOANS WILL BE
WRITTEN
FROM THIS WEEK ONWARDS
    * IOU PAY ASIA BUSINESS WILL RETAIN 3 OF 6 CURRENT
COLLECTIONS
STAFF, FOR A CURRENTLY UNSPECIFIED PERIOD

Source text for Eikon:  ID:nASX6KLR0J 
Further company coverage:  IOU.AX 

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