March 26, 2020 / 2:55 AM / 4 days ago

BRIEF-PARKD Announces Cost Cuts To Reduce Overhead Expenditure By 25%

March 26 (Reuters) - PARKD Ltd:

* ANNOUNCES COST REDUCTION MEASURES

* DIRECTORS OF COMPANY WILL DEFER PAYMENT OF ALL DIRECTORS’ FEES UNTIL END OF THIS FINANCIAL YEAR

* MEASURES WILL DELIVER AN ESTIMATED 25% REDUCTION IN OVERHEAD EXPENDITURE

* EXECUTIVES AND SENIOR MANAGEMENT WILL TAKE A COMBINED 20% REDUCTION IN SALARIES

* DISCRETIONARY SPENDING WILL BE ELIMINATED AND A FREEZE ON CAPITAL EXPENDITURE AND RECRUITMENT WILL BE PUT IN PLACE

* WELL PLACED TO PARTICIPATE IN INFRASTRUCTURE PROJECTS INCLUDING FEDERAL GOVERNMENT’S $650 MILLION NATIONAL COMMUTER PARKING PROJECT

* ADVISES THAT ITS DESIGN AND CONSULTING SERVICES HAVE BEEN UNAFFECTED BY COVID-19 Source text for Eikon: Further company coverage:

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