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News: MNW Mint Payments Withdraws Forecast Of Being Cash Flow Positive In 2020

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    March 24 (Reuters) - Mint Payments Ltd (MNW) :

    • WITHDRAWN ITS PREVIOUSLY RELEASED STATEMENTS THAT IT EXPECTS TO BE CASH FLOW POSITIVE IN 2020
    • COST INITIATIVES EXPECTED TO REDUCE CO'S MONTHLY CASH OVERHEADS BY ABOUT 30%
    • FOR REMAINDER OF FINANCIAL YEAR, CHAIRMAN & NON-EXEC DIRECTORS WILL TAKE NO FEES & GROUP CEO WILL TAKE 30% SALARY CUT
    • IN MARCH SEEN A MATERIAL DECLINE IN TTV FROM DIRECT TRAVEL CHANNEL, EXPECT RECENT TRAVEL RESTICTIONS TO FURTHER IMPACT CO'S TTV AHEAD
    • SENIOR MANAGEMENT & EXECUTIVE TEAM WILL TAKE A 20-25% SALARY CUT FOR REST OF YEAR
    • FEB TOTAL TRANSACTION VALUE $78MLN VERSUS $70MLN
    • MINT'S OTHER (NON-TRAVEL) CHANNELS ARE CURRENTLY PERFORMING AS BUDGETED
    • IMPLEMENTING A COMPANY-WIDE COST REDUCTION PROGRAMME THAT IS EXPECTED TO REDUCE CO'S MONTHLY CASH OVERHEADS BY ABOUT 30%
 
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