May 11, 2020 / 6:41 AM / 17 days ago

BRIEF-Petro Matad Announces Cost Savings Measures

May 11 (Reuters) - Petro Matad Ltd:

* EXECUTIVE DIRECTORS, NON-EXECUTIVE DIRECTORS & OTHER SENIOR MANAGERS AGREED TO SALARY CUTS AVERAGING 50%, BACKDATED TO START OF Q2 2020

* CO’S PROFESSIONAL ADVISERS HAVE ALSO AGREED TO REDUCE FEES BY UP TO 45%

* COST CUTTING MEASURES HAVE BEEN IDENTIFIED AND CAN BE EXECUTED IF MARKET CONDITIONS MAKE THIS NECESSARY Source text for Eikon: Further company coverage:

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