REX Delisting from the ASX
An Admin memo issued to staff dated 29th August has advised that REX is to be delisted from the ASX, effective September 1st.
It states in part that this is not unexpected. “The recapitalisation/sales action being pursued by the Administrators requires REX to be removed from the quotation.” When asked for details by a staff member at a recent zoom meeting, staff were told that NDA’s had been signed by management and as such no further information could be given at this time!
The memo stated that the delisting of the company “does not impact the ownership of any shares you own”!?
Finally, “We are committed to ensuring the best possible outcome for REX and its stakeholders, and continue to work diligently towards achieving a successful sale or (my bolding) recapitalisation”.
Good grief! Where to start?