Rex lists on ASX
Airline Regional Express (Rex) debuted yesterday on the Australian Stock Exchange at a five cent premium to its listing price.
Rex managing director Geoff Bruest was quoted as saying the company was “very happy” with the response to the float.
“There’s also a bit of trading interest going on at the moment,” Mr Bruest said.
The offer raised $32.3 million after expenses. Mr Bruest said the proceeds would be used to fund “significant growth opportunities” . These include a 50 per cent stake in aircraft freight and passenger charter company Pel-Air for $12 million.
“We also have the ability to purchase another two 25 per cent amounts of their shares over the next two years so we get full ownership of it in two years time,” he said.
Also on the shopping list are additional aircraft from Europe, and possibly two more in Australia for charter purposes to add to the 33 aircraft currently in its fleet.
The company has forecast a net profit of $15.1 million for 2005/06 after posting a net profit of $11.3 million in the previous year.
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