May 13, 2020 / 2:29 PM / 23 days ago

BRIEF-Brait SE Says Instituted Cost Reduction Strategies To Deal With Impacts Of Virus

May 13 (Reuters) - Brait SE:

* PORTFOLIO UPDATE, THE COMPLETION OF BRAIT’S DEBT FACILITY REFINANCE, SALE OF DGB AND UPDATE ON GOVERNANCE MATTERS

* WHERE APPROPRIATE, HAVE INSTITUTED COST REDUCTION STRATEGIES TO DEAL WITH IMPACTS OF VIRUS

* PORTFOLIO COMPANY MANAGEMENT TEAMS CONTINUE TO ASSESS IMPACT OF CORONAVIRUS AND DEVELOP STRATEGIES TO MITIGATE ITS IMPACT

* BRAIT BOARD MEMBERS HAVE VOLUNTEERED A REDUCTION OF THEIR DIRECTORS’ FEES BY 25% FOR QUARTER

* COMPLETED REFINANCING OF ITS REVOLVING CREDIT FACILITY HELD BY ITS SUBSIDIARY BRAIT MAURITIUS LIMITED EFFECTIVE 31 MARCH 2020

* R6.3 BILLION FACILITY, WITH AGREED REDUCTIONS AS BRAIT DE-GEARS, HAS A THREE-YEAR TENOR TO 31 MARCH 2023

* AT AN ADVANCED STAGE OF ENGAGING WITH NEW DIRECTORS TO REPLACE FOUR CURRENT BOARD MEMBERS NOT STANDING FOR RE-ELECTION

* PROPOSED RE-DOMICILIATION OF COMPANY’S REGISTERED OFFICE FROM MALTA TO MAURITIUS IS PROGRESSING

* RE-DOMICILIATION OF COMPANY’S REGISTERED OFFICE WILL LEAD TO A FURTHER DECREASE IN OPERATING COSTS Source text for Eikon: Further company coverage:

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