REX AIRLINES Trading Halt

[KRUSTY 34]

JHC! Talk about thread drift.

[KRUSTY 34]

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?

[Icarus2001]

The memo stated that the delisting of the company “does not impact the ownership of any shares you own”!?

​​​​​​​Well that's comforting.

[43Inches]

The memo stated that the delisting of the company “does not impact the ownership of any shares you own”!?

The right question is not whether you own the shares but how much are they worth. The only way a shareholder will get anything from them is by taking the board to court for misleading them in the 12 months before the company imploded. I'm surprised that no firms have come forward for a class action in this respect, it would seem a no brainer.

As for the sale, well I hope they have 'taken stock' of how many pilots they have. I see more and more posts from those I know there showing off the shiny jet at x company they are moving on to, and that includes a fair few senior ones. I'm not sure who is going to replace the experienced captains, when there are so many other jobs out there that are stable and on better equipment.

[KRUSTY 34]

With regard to the ultimate value of the shares, you are right.

What a cynical and attempted sleight of hand, was that little remark from the Administrator/Management to the employees!

[Skygazer98]

New owners

Rumour has it new owners announced 5th December. One Saab being flown to Bankstown for a C check to get it back in the air flying. One more closer to that 44 the Administration wants flying and keeping "the sales process is on track". 🙄 The circus continues.

[KRUSTY 34]

Originally Posted by Skygazer98

Rumour has it new owners announced 5th December. One Saab being flown to Bankstown for a C check to get it back in the air flying. One more closer to that 44 the Administration wants flying and keeping "the sales process is on track". 🙄 The circus continues.

Wow, lots to unpack here, and I guess some needed clarification.

5th December? Are you saying that the "New owners", by that I'm assuming the successful bidder, will not be announced until 10 days prior to the expiration of the now extended Administration period?

I am aware that due to a chronic shortage of engineers, REX have enlisted the services of Hawkers at Bankstown, so that would explain the C check being done there instead of at Wagga. Very expensive!

And finally, the 44 you refer to, is that the number of serviceable aircraft required by the successful bidder for the deal to go through?

[Slippery_Pete]

Have Rex sought IP payment for the TOLD cards that were ripped off by SAAB competitors?

Might make a difference in their bottom line.

[KRUSTY 34]

Originally Posted by Slippery_Pete

Have Rex sought IP payment for the TOLD cards that were ripped off by SAAB competitors?

Might make a difference in their bottom line.

Maybe they could go through the bins and hit the return and earn with the recyclables.

Seriously though, there’s probably more chance of that helping the bottom line, than the Administrators being able to put more than 2 dozen stripped SAABs back in the air!

[Icarus2001]

One more closer to that 44 the Administration wants flying and keeping "the sales process is on track

​​​​​​​So how many are flying at present?

[KRUSTY 34]

Originally Posted by icarus2001

so how many are flying at present?

Around 28 AFAIK.

[Slippery_Pete]

Originally Posted by KRUSTY 34

Maybe they could go through the bins and hit the return and earn with the recyclables.

Seriously though, there’s probably more chance of that helping the bottom line, than the Administrators being able to put more than 2 dozen stripped SAABs back in the air!

I wonder exactly how much IP was stolen by bitter ex employees? TOLD cards probably just the start. Whole document suites probably very valuable.

[43Inches]

Originally Posted by Slippery_Pete

Have Rex sought IP payment for the TOLD cards that were ripped off by SAAB competitors?

Might make a difference in their bottom line.

A negative one, firstly engage a lawyer to write a cease a desist letter at cost. Competitor desists using and destroys all offending TOLD cards, amends the template font so its not the same and reprints. Now there is no reason for proceeding further, no income was made from the the IP, so no reasonable basis for damages. You would also have to prove such an item is not generic in nature. Outcome, you have wasted time and money for an ego trip. As far as chasing a couple of individuals for taking home manuals and sharing them, good luck getting more money than it costs from them.

BTW, did the competitor copy the series of TOLD cards with the glaring errors on them? They were in circulation for years turning up here and there.

[KRUSTY 34]

More to the point you may find that many of the manuals are in fact the property of CASA. As such if CASA were to sanction the use of such documents, (say the FCOM for example) by another operator, then any such hand wringing in this area would be moot.

Just what I've heard. Happy to be corrected.

[C441]

Originally Posted by Slippery_Pete

I wonder exactly how much IP was stolen by bitter ex employees? TOLD cards probably just the start. Whole document suites probably very valuable.

Koala may be interested after having their attempt at an AoC stymied by CASA.

[Icarus2001]

More to the point you may find that many of the manuals are in fact the property of CASA.

​​​​​​​How does that work?

[KRUSTY 34]

Originally Posted by Icarus2001

How does that work?

Unless CASA approve them, they are essentially worthless as operational documents. Maybe owned by CASA is not the correct term?

[Lead Balloon]

"Owned by CASA" is definitely not the correct term, if it's used in the mistaken belief that CASA somehow owns intellectual property embodied in a document submitted to CASA, merely because CASA "approves" the document for some regulatory purpose. The intellectual property, if any, in any material submitted to CASA continues to be owned by whoever owns it. Ditto moral rights.

[KRUSTY 34]

Fair enough LB. Happy to be corrected.

As we know however, REX has far greater problems than just some “pirated” Told cards.

[V1 rotated]

https://www.afr.com/companies/transp...0250918-p5mw8h