News: NAM Namoi Cotton Updates On Organisational Restructure & Modernisation Plan

Dec 6 (Reuters) - Namoi Cotton Ltd (NAM) :

• ORGANISATIONAL RESTRUCTURE AND MODERNISATION PLAN
• RESTRUCTURE ALSO BRINGS A SIGNIFICANT REDUCTION IN STAFFING LEVELS
• APPROVED EXECUTION OF A NEW ORGANISATIONAL STRUCTURE, IMPLEMENTATION OF RESTRUCTURE IS EXPECTED TO BE COMPLETE BY END OF 2019
• ABOUT 50 EMPLOYEES WILL BE DIRECTLY IMPACTED, AND INITIATIVE WILL DELIVER ANNUALISED LABOUR SAVINGS OF MORE THAN $4.5 MILLION
• CASH FLOW IMPACT OF IMPLEMENTING RESTRUCTURE IS ABOUT $2.0 MILLION WHICH WILL BE INCURRED ENTIRELY IN FY20
• NOW UPDATES ITS MARKET GUIDANCE FOR FY20 CASH FLOWS FROM OPERATING ACTIVITIES TO -$3.0 MILLION
• RESTRUCTURE PLACES RELATIVELY MORE GROWER-FACING STAFF IN REGIONAL CENTRES WHERE CO DOES BUSINESS & REDUCES CORPORATE OVERHEADS