March 18, 2020 / 9:52 AM / 19 days ago

BRIEF-FBR Ltd To Commence A Cost Rationalisation Program To Preserve Shareholder Value

March 18 (Reuters) - FBR Ltd:

* FBR LTD - TO COMMENCE A COST RATIONALISATION PROGRAM TO PRESERVE SHAREHOLDER VALUE

* FBR LTD - HEADCOUNT HAS BEEN SIGNIFICANTLY REDUCED ACROSS BUSINESS TO FURTHER RATIONALISE COSTS

* FBR LTD - HAVE REDUCED FBR’S FUNDING REQUIREMENTS GOING FORWARD

* FBR LTD - MEASURES IMPLEMENTED TO DATE IN ONGOING COST RATIONALISATION PROGRAM HAVE RESULTED IN REDUCTION OF ABOUT $10 MILLION PER ANNUM IN PAYROLL COSTS

* FBR LTD- SCALED BACK EXECUTIVE TEAM TO CONSIST OF MIKE PIVAC AS MANAGING DIRECTOR & CEO, MARK PIVAC AS CTO, AND AIDAN FLYNN AS CFO

* FBR LTD - TO POSTPONE FIRST DISPLAY HOME BUILD UNTIL COVID-19 HEALTH CRISIS PASSES

* FBR - WILL PROGRESS WITH TECHNOLOGY AND GLOBAL COMMERCIALISATION PLANS, BUT WITH MUCH LOWER COST BASE Source text for Eikon: Further company coverage:

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