April 20 (Reuters) - UCW Ltd UCW.AX :
* EXPECTS NEW STUDENT COMMENCEMENTS TO BE MATERIALLY DOWN FOR AT LEAST REMAINDER OF 2020 CALENDAR YEAR
* INTERNATIONAL STUDENT ENROLMENTS STEADILY DECLINED SINCE MID-MARCH 2020 FOR AUSTRALIAN LEARNING GROUP DUE TO COVID-19 PANDEMIC
* GIVEN EXPECTED DECLINE IN REVENUE, AUSTRALIAN LEARNING GROUP TO REDUCE SIZE OF NON-ACADEMIC WORKFORCE BY ABOUT 25%
* ALG MOVING ALL REMAINING NON-ACADEMIC STAFF TO A 4-DAY WEEK WITH A COMMENSURATE 20% DECREASE IN REMUNERATION
* AS AT 31 MARCH 2020, CO HAS CASH AT BANK OF $4.8 MILLION AND GROUP NET DEBT OF $0.4 MILLION
* AVERAGE REVENUE PER ENROLMENT WILL ALSO BE LOWER FOR REMAINDER OF 2020 CALENDAR YEAR
* CEO AND CFO AGREE TO 20% REDUCTION IN RESPECTIVE REMUNERATION AND WAIVED SHORT-TERM INCENTIVE ENTITLEMENTS IN RESPECT OF FY20
* IS WITHDRAWING GUIDANCE PROVIDED AT TIME OF FY20 INTERIM RESULTS
* EFFECTIVE 1 APRIL UNTIL FURTHER NOTICE BOARD IS FOREGOING ALL BOARD FEES
* AT THIS STAGE, WITHDRAWALS DO NOT APPEAR TO HAVE MATERIALLY INCREASED AS A RESULT OF PANDEMIC FOR IKON INSTITUTE