Rex will be looking to do some serious key jangling ahead of the disclosure of their FY23 financials.
They have put out three media releases in the last seven days (Chinese trainees, partnering with Enterprise for the Antarctic tender, and the WA regulated routes tender). Those releases have either been ignored or picked up by only a handful of outlets (apparently Rex were quite affronted by the notion that one outlet wanted to discuss Rex's pilot shortage problem instead of just running a fluff piece on the return of Chinese cadets to their academy). In any event, none of the media releases have moved their share price from their current quite parlous levels.
Given what are going to be some pretty ordinary results (their passenger revenue and retained earnings lines will make for interesting reading, as will the inclusion (or otherwise) of an imputed facility fee amortisation line), share price is critical for them. Because their deal with PAG has a $1.50 strike price for the convertible notes, any time that Rex want to draw further funds from PAG when the share price is under $1.50 means that Rex are on the hook for the difference between the share price and the strike price.
Through late June and July, Rex made a series of announcements - new routes, Skytrax award, new jets, new base for NJE, Antarctic tender, new jets again - doubtless hoping to give the old share price a kick along. Then, at the end of July, they very quietly drew down a further $5 million from the PAG kitty. The average share price in the two weeks ahead of the draw down was around $1.13 (it had been as low as $1.05 only a week or so prior).
There has been a hint of glimpse of the makings of the suggestion of the possibility of an upturn in the domestic jet numbers over the last seven days. I would not be in the least surprised if that is woven into a pronouncement about a forecast impending return to profitability for domestic in September. As the Zen Master was fond of saying, "We'll see."