Rex Coup

[Prong Wallop]

Any news on the real reasons for Michael Jones' resignation from Rex?
It seems that three Aussie directors have resigned and been replaced by three Singaporean directors.
Can anyone advise on the composition of the board? How many directors are there? As the Singapore consortium own 30% how many seats does that entitle them to?
It will be interesting to see if the new CEO has Singapore origins. It smells of a typical Singaporean backdoor control by stealth attempt.
Rex is an Australian company and should be run by and for Australians.
Any opinions from the coal face?

[shaablamm]

Yes REX is an Aussie company and it would be nice if it were all owned and run by Australians but if the other option is for it to fold and all the employees futures go out the window I think they wouldn't care less who runs it just as long as it stays afloat.

Prong, are you suggesting that they previous directors were in some way forced out so that Singaporeans can 'move in'?

[Prong Wallop]

That is my guess. I can't otherwise imagine why the founder and two other directors would walk at the same time, and then be replaced by three Singaporeans.
Being an unlisted company, information is sparse so I am hoping that someone either familiar with the company structure or the ownership structure could clarify this.

[Three Bars]

Maybe Pete Conrad gave them an offer they couldn't refuse! :}

[non-geo]

It seems that the coup could be to make way for the new CEO starting in October.

[Pete Conrad]

Fraid not three bars, i'd rather have more time on my hands to sit back and watch you QF flogs get nervous when SQ and Virgin tie up.