Rex suspends maryborough services too
A $20K salary rise would have been nowhere near enough to cause the REX pilots to turn down the offers from the major airlines
Rex are at the point where either they do something about retention or they close the doors. The fact that it has come to that doesn't reflect very well on what is a public company.
neville_nobody...............
I reckon you're spot-on! The only place that REX looks like it's going at the moment stage is down I'm afraid.
The REX closing share price went from from $2.35 on 01 Oct 2007 to $2.12 on 07 Oct 2007, and this morning's latest ASX closing price for REX is $2.06.
Source: http://www.asx.com.au/asx/research/C...Code=REX#price
Hardly the sort of performance to inspire shareholder confidence in REX's supposed 'excellent' management I'd have thought.
Personally I think it will be a great shame if REX closes it's doors, but that's the price that the company's going to pay if management don't get off their ar5es and do something quick smart pronto and offer REX pilots a better financial return for their skills.
Rex are at the point where either they do something about retention or they close the doors 
The REX closing share price went from from $2.35 on 01 Oct 2007 to $2.12 on 07 Oct 2007, and this morning's latest ASX closing price for REX is $2.06.
Source: http://www.asx.com.au/asx/research/C...Code=REX#price
Hardly the sort of performance to inspire shareholder confidence in REX's supposed 'excellent' management I'd have thought.
Personally I think it will be a great shame if REX closes it's doors, but that's the price that the company's going to pay if management don't get off their ar5es and do something quick smart pronto and offer REX pilots a better financial return for their skills.
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20K would easily stop a lot of people leaving. At the moment the alarming fact is that many of those leaving are senior captains (i.e. not easily replaced). More than a few are off to fly turbo props at other regional operators who are paying a lot closer to the market rate...
There are people there who would happily stay for an extra 20G.
Rex are at the point where either they do something about retention or they close the doors.
The REX closing share price went from from $2.35 on 01 Oct 2007 to $2.12 on 07 Oct 2007, and this morning's latest ASX closing price for REX is $2.06.
When fuel gets expensive they are happy to introduce a fuel levy - why not a pilot levy. My simple maths:
Captain $200,000pa
F/O$120,000pa - enough to entice pilots to stay, hell i'd look at it.
Both work 18 days a month, so 216 days a year. Move about 100 pax a day (?) 21,600 pax a year. Divide $320,000 by 21,600 pax - $15 per ticket should cover the entire wage bill.
Captain $200,000pa
F/O$120,000pa - enough to entice pilots to stay, hell i'd look at it.
Both work 18 days a month, so 216 days a year. Move about 100 pax a day (?) 21,600 pax a year. Divide $320,000 by 21,600 pax - $15 per ticket should cover the entire wage bill.
Nope................if I was an investor in REX, which I'm not, then I'm certainly wouldn't be getting too excited about the REX share price.
However, what I would be getting pretty excited about is the announcement that the REX Managing Director has just given notice of his resignation and is now serving a 4-week notice period before he goes.
Source: http://www.asx.com.au/asx/research/C...Code=REX#chart
REGIONAL EXPRESS HOLDINGS LIMITED announcements
12/11/2007 Rex Discloses Retirement of its Managing Director
However, despite the notice, REX don't regard it as being 'price sensitive'. I wonder if the market will share its sentiments?
However, what I would be getting pretty excited about is the announcement that the REX Managing Director has just given notice of his resignation and is now serving a 4-week notice period before he goes.
Source: http://www.asx.com.au/asx/research/C...Code=REX#chart
REGIONAL EXPRESS HOLDINGS LIMITED announcements
12/11/2007 Rex Discloses Retirement of its Managing Director
However, despite the notice, REX don't regard it as being 'price sensitive'. I wonder if the market will share its sentiments?
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There probably would be 1 or 2 that would stay on - but no more.
Aircraft and his adversaries are half right. While a 20k increase is justified for the pilots, and yes, it would still not stop those that want to fly jets leaving, and lets face it, you simply cannot generate the revenue from 36 seats to pay comparable to an aircraft with 400 seats.
But.........there are many guys who for their own reasons, a regional airline suits them down to the ground and are not looking to go anywhere else. There are many in such situation. The fact that these guys are leaving is the real concern. But to simply put it down to the salary is lookign at it simplistically. Lifestyle, home every night or close to, the working environment often means more than the salry. In most studies, money is number 5 on this list, first is usually personal fulfilment and sense of being valued by the company. In short, if people love comming to work, then money or lack of is not so important.
However, while there is the continuing Kendal/Hazo bitch fight happening within the company, un realistic standards being imposed(FFS the SAAB is not a space shuttle). I'm told by somoene who knows just a little about the SAAB(said tongue in cheek) that SAAB's philosophy was there should be no recal items......but how many do the Rex guys have to memorise?
Lastly there is a poisonous atmosphere that is coming from certain C & T ers, any sim ride, line check is just a way for them to get rid of someone, some of these characters it seems, take pleasure in ruining someone elses life.
Rex can never pay that to match Virgin, QF, etc etc, so it has to make up in life style and more eimportantly, employes enjoying thewir work, not hating comming to work as is the case now.
But.........there are many guys who for their own reasons, a regional airline suits them down to the ground and are not looking to go anywhere else. There are many in such situation. The fact that these guys are leaving is the real concern. But to simply put it down to the salary is lookign at it simplistically. Lifestyle, home every night or close to, the working environment often means more than the salry. In most studies, money is number 5 on this list, first is usually personal fulfilment and sense of being valued by the company. In short, if people love comming to work, then money or lack of is not so important.
However, while there is the continuing Kendal/Hazo bitch fight happening within the company, un realistic standards being imposed(FFS the SAAB is not a space shuttle). I'm told by somoene who knows just a little about the SAAB(said tongue in cheek) that SAAB's philosophy was there should be no recal items......but how many do the Rex guys have to memorise?
Lastly there is a poisonous atmosphere that is coming from certain C & T ers, any sim ride, line check is just a way for them to get rid of someone, some of these characters it seems, take pleasure in ruining someone elses life.
Rex can never pay that to match Virgin, QF, etc etc, so it has to make up in life style and more eimportantly, employes enjoying thewir work, not hating comming to work as is the case now.
OUCH!
Oh dear................
REX closing price today is now down $2.00. That's a $0.75 loss per share since it's
Lowest traded price for REX shares today was $1.97. So, another 3.85% drop in REX shares today, making a total of about a 37.5% theoretical loss on an 'investment' in REX shares in just over a month. OUCH!
Obviously not every REX shareholder bought their shares at $2.75. However, looking at the ASX REX share price graph there wouldn't be too many (actually, any??) REX shareholders who have made a profit on their investment.
However, according to the same post (#113), apparently we shouldn't be getting 'too excited about the [REX] share price.'
Wonder where it will go tomorrow?
REX closing price today is now down $2.00. That's a $0.75 loss per share since it's
steady rise up to about $2.75 in early October (Refer post #113)
Obviously not every REX shareholder bought their shares at $2.75. However, looking at the ASX REX share price graph there wouldn't be too many (actually, any??) REX shareholders who have made a profit on their investment.
However, according to the same post (#113), apparently we shouldn't be getting 'too excited about the [REX] share price.'
Wonder where it will go tomorrow?
