July 30, 2020 / 2:37 PM / 12 days ago

BRIEF-Merlin Says Will Only Consider Buybacks If There Is Excess Cash, But Could Be An Option As Share Is Trading At A Discount

July 30 (Reuters) - Spain’s Merlin Properties:

* CEO ISMAEL CLEMENTE SAYS WILL HAVE NEW PARTIAL RELIEF POLICY AVAILABLE FOR TENANTS TO COVER POST-COVID19 TRADING PERIOD

* WE ESTIMATE TOTAL EFFECT OF NEW PARTIAL RELIEF POLICY AND EVENTUAL MORATORIA FOR OFFICE/LOGISTICS CLIENTS AT 65-70 MILLION EUROS IN 2020

* NEW POST-COVID PARTIAL RELIEF POLICY COULD AFFECT 12.5%-13.5% OF OUR GROSS RENT

* BOARD OF DIRECTORS WILL REDUCE TOTAL COMPENSATION BY 25% IN 2020, SAVING AROUND 11 MILLION EUROS AND SOFTENING FINANCIAL CONSEQUENCES OF DRAWDOWN

* CIO DAVID BRUSH SAYS WILL ONLY CONSIDER BUYBACKS IF THERE IS EXCESS CASH, BUT COULD BE AN OPTION AS SHARE IS TRADING AT A DISCOUNT

* WILL SET HIGH ROI THRESHOLD FOR ANY NEW CAPITAL PROJECTS, GIVEN CURRENT SHARE PRICE Source text for Eikon: Further company coverage: [ ] (Reporting by Madrid Newsroom)

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