March 16, 2020 / 7:42 AM / 21 days ago

BRIEF-Arena Events Says Strong Likelihood Many Events In Financial Q1 Will Be Cancelled Or Postponed

March 16 (Reuters) - Arena Events Group PLC:

* TRADING AND COVID-19 UPDATE

* TRADING IN TWO MONTHS TO END OF FEBRUARY WAS IN LINE WITH MANAGEMENT EXPECTATIONS

* ALMOST ALL OF LARGER EVENTS SERVICED BY ARENA IN FEBRUARY AND MARCH HAVE BEEN DELIVERED SUCCESSFULLY

* IMPACT ON RESULTS FOR 15 MONTHS TO MARCH END WILL NOT BE SIGNIFICANT AND WE EXPECT TO REPORT RESULTS BROADLY IN LINE WITH EXPECTATIONS

* A STRONG LIKELIHOOD THAT A NUMBER OF EVENTS IN OUR FIRST FINANCIAL QUARTER WILL BE CANCELLED OR POSTPONED

* DECIDED TO PRIORITISE ITS RESOURCES AND EFFORTS ON DELIVERING PROJECTS WHICH HAVE ALREADY COMMENCED CONSTRUCTION

* NOW IMPLEMENTED SIGNIFICANT COST REDUCTION PROGRAMME INCLUDING TEMPORARY LAY-OFFS, REDUCED WORKING WEEKS

* IN PRELIMINARY DISCUSSIONS WITH POTENTIAL INVESTOR TO BOLSTER CASH RESOURCES BY ISSUE OF ORDINARY SHARES

* ARE UNABLE TO GIVE ANY GUIDANCE FOR 12 MONTH TRADING PERIOD TO END OF MARCH 2021

* HAS NOW IMPLEMENTED A SIGNIFICANT COST REDUCTION PROGRAMME INCLUDING REDUCED WORKING WEEKS AND GLOBAL PARTIAL OR FULL SALARY REDUCTIONS Source text for Eikon: Further company coverage:

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