Ann: MGC Pharma COVID-19 Business and Operations Update

"Prior to the COVID-19 pandemic developments, the Board of Directors had agreed to implement Executive and Non-executive Director salary reductions from 1 January 2020 as was outlined in ASX announcements on 17 February and 16 March 2020. Following the events in recent weeks, the Board have agreed to implement further reductions, with minimum 50% salary cuts for all Directors and executive management from 1 March 2020.

In addition, the Company’s senior management and most staff have agreed to take a significant cash salary reductions to be offset for shares in the Company, equating to between 40-50% of their salaries from 1 March 2020 in order to minimise the Company’s operating costs in the immediate term".