News: VCX Vicinity Centres To Reduce Costs In Response to COVID-19

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    May 6 (Reuters) - Vicinity Centres (VCX) :

    • AS AT 4 MAY, 50% OF STORES OPEN, REPRESENTING 65% OF PORTFOLIO GROSS LETTABLE AREA
    • NON-CRITICAL CAPITAL EXPENDITURE DEFERRED
    • FY20 SHORT TERM INCENTIVE PROGRAM CANCELLED, HAVE ONGOING PROGRAM TO REDUCE COSTS
    • IMPLEMENTED 20% REDUCTION IN DIRECTORS' FEES AND EXECUTIVE COMMITTEE SALARIES
    • TO DECREASE WORKING HOURS FOR 70% OF TEAM MEMBERS WITH SOME BEING FULLY STOOD DOWN TO 30 JUNE 2020
 
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