Rex shareholders endorse PAG investment deal

©Rex Boeing 737 aircraft

Rex shareholders have endorsed the airline’s investment deal with PAG to fund its domestic operations, starting on March 1. Shareholders voted to approve the deal at Rex’s Annual General Meeting on January 29.

Under the deal, PAG Regulus Holdings will fund up to AU$150 million to be used exclusively to support the launch and operation of Rex’s domestic services. A first tranche of AU$50 million will be disbursed within two weeks. The funding comprises first ranking senior secured convertible notes.

Since announcing last June its intention to launch domestic services, Rex has gained a high-capacity Air Operator’s Certificate for Boeing 737 jet operations, leased six Boeing 737-800NG aircraft and prepared the aircraft in Rex livery. Furthermore, Rex recruited highly qualified pilots and cabin crew.

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