News: MEO MEO Australia says major cost reduction initiative implemented

Feb 4 (Reuters) - MEO Australia Ltd (MEO) :

• Says major cost reduction initiative implemented
• Says revised remuneration arrangement with its senior staff
• Senior staff members have voluntarily agreed to a 20% reduction in the cash

  component of their annual remuneration package "

• Says agreement announced today saves MEO circa $200,000 per annum in cash

  salary costs

• Arrangement is consistent with co's strategy to continually assess and reduce

  costs to preserve its cash position