March 26, 2020 / 2:35 AM / 4 days ago

BRIEF-Ooh!Media Launches A$167 Mln Equity Raising

March 26 (Reuters) - Ooh!Media Ltd:

* LAUNCHES A$167M FULLY UNDERWRITTEN EQUITY RAISING

* BRENDON COOK HAS COMMITTED TO REMAIN CHIEF EXECUTIVE OFFICER UNTIL AT LEAST END OF CY20

* COMPANY DECIDED TO WITHDRAW ITS FY20 EARNINGS GUIDANCE ON 16 MARCH 2020

* FY20 YEAR TO DATE REVENUE REMAINS IN LINE WITH PRIOR CORRESPONDING PERIOD

* ANNOUNCES REDUCTION OF CAPITAL EXPENDITURE PROGRAM BY $25M - $35M BELOW PREVIOUS GUIDANCE RANGE OF $60 - $70M

* INITIATIVES INCLUDE COST CONTROL WITH IDENTIFIED SAVINGS OF $20M - $30M IN OPERATING EXPENDITURE AND FIXED RENT EXPENSE REDUCTION

* PERFORMANCE IN Q1 WAS CONSISTENT WITH DELIVERING ORIGINAL FY20 EBITDA GUIDANCE OF $140M TO $155M

* LARGEST SHAREHOLDER HMI CAPITAL COMMITTED TO SUB-UNDERWRITE UP TO $17.7M ACROSS EQUITY RAISING Source text for Eikon: Further company coverage:

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