News: VCX Vicinity Centres AnnounceS Institutional Placement To Raise $1,200 Million

June 1 (Reuters) - Vicinity Centres (VCX) :

• ANNOUNCED A FULLY UNDERWRITTEN INSTITUTIONAL PLACEMENT TO RAISE $1,200 MILLION
• DETERMINED NOT TO PAY ANY DISTRIBUTION FOR SIX MONTHS ENDING 30 JUNE
• ANNOUNCED NON-UNDERWRITTEN SECURITY PURCHASE PLAN TO RAISE UP TO A FURTHER $200 MILLION
• VICINITY CENTRES SEES RENT RECEIPTS TO IMPROVE AS STORES RE-OPEN, FOOT TRAFFIC INCREASES, LEASE NEGOTIATIONS ARE COMPLETED
• REDUCING DIRECTORS' FEES, EXECUTIVE COMMITTEE SALARIES FROM 1 APRIL TO 30 JUNE TO CUT COSTS
• CANCELLING FY20 SHORT TERM INCENTIVE PROGRAM
• SECURITIES ISSUED UNDER PLACEMENT WILL BE ISSUED AT A FIXED ISSUE PRICE OF $1.48 PER SECURITY
• GANDEL GROUP COMMITTED TO SUBSCRIBE FOR ADDITIONAL $100 MILLION OF NEW SECURITIES IN PLACEMENT