FLIGHT CENTRE TRAVEL GROUP LIMITED (FLT)

The suspension of trading in the securities of Flight Centre Travel Group Limited will be lifted from the commencement of trading today, Tuesday 7 April 2020 following the release by FLT of an announcement regarding the outcome of FLT's institutional placement and the institutional component of its accelerated nonrenounceable entitlement offer.

Approximately A$562 million raised under the fully underwritten Placement and Institutional Entitlement Offer at A$7.20 per New Share. Strong support from existing eligible institutional shareholders with take up of approximately 96% under the Institutional Entitlement Offer. A fully underwritten Retail Entitlement Offer to raise approximately A$138 million. Retail Entitlement Offer opens on Wednesday, 15 April 2020 and closes at 5.00pm (Sydney time) on Friday, 1 May 2020. Proceeds of the Offer will be used to strengthen Flight Centre's balance sheet and liquidity position to trade through this period of dislocation and uncertainty across the travel sector.

The company releases a cleansing notice in relation to the pro rata accelerated non-renounceable entitlement offer.

The company releases a notice of Proposed issue of Securities - FLT.

The company provides an update on its operations and its current equity raising.

The company announces a comprehensive package of initiatives designed to strengthen its balance sheet and liquidity position in the context of prevailing market uncertainties and position it for future growth. The initiatives include: A ~$700 million fully underwritten equity capital raising, comprising a ~$282 million institutional placement and a ~$419 million 1-for-1.74 accelerated pro rata non-renounceable entitlement offer; and A $200 million increase in commitments from existing lenders; and Confirmation that the previously announced cost control initiatives and cash preservation initiatives are anticipated to reduce annualised operating expenses by approximately $1.9 billion.

The company expects the voluntary suspension to remain in place until the earlier of the company releasing an announcement in relation to the outcome of the proposed equity raising and the commencement of normal trading on 8 April 2020.

The company xpects the voluntary suspension to remain in place until the earlier of the company making an announcement to the market and the commencement of normal trading on Monday, 6 April 2020.

Three-pronged plan in place to tackle prolonged coronavirus-driven travel downturn. Costs, cash & liquidity focuses "“ without jeopardising future growth prospects & while maintaining company culture. Pre-coronavirus staffing levels now unsustainable "“ significant reductions needed to better reflect prevailing trading climate & preserve jobs for the long-term. About 6,000 support & sales roles to be lost globally either temporarily or permanently & including 3,800 people in Australia (temporarily stood-down). Intention is to return stood-down people to workforce when restrictions are lifted & demand increases. Short-term opportunities available for impacted employees "“ access to up to 10,000 roles in Australia. Strong customer focus to be retained "“ in low demand environment, work-force helping travellers adjust plans or fly home ahead of enforced border closures.

The company releases a notice of cancellation of dividend.

The company releases a letter to its people, customers and shareholders.

The company requests short-term suspension to finalise coronavirus response. The company has also cancelled its 2020 fiscal year interim dividend. The 40 cents per share dividend was declared on 27 February and a total of $40.1 million was to have been paid to shareholders in April 2020; and implemented a 50% pay-cut for FLT's senior leaders.

The securities of Flight Centre Travel Group Limited will be suspended from quotation immediately under Listing Rule 17.2, at the request of FLT, pending the release of an announcement regarding the impact of the Coronavirus on FLT's business.

name changed from Flight Centre Limited