Rex, Australia's largest independent regional airline, has grown strongly since its formation three years ago following the collapse of Ansett. Last financial year, the company announced a net profit of $11.3m and achieved this while being fully exposed to sharply rising fuel prices. This financial year, the company is confidently forecasting a net profit of $15.1m.
Commenting on the initial reaction to the IPO, Rex Managing Director Geoff Breust said, 'The response from the financial institutions has been overwhelming. The tranche of $20m that we reserved for the institutions has been oversubscribed by more than 250%. The retail advisers of the underwriter have also requested more shares than are available for the entire retail tranche.'
'Despite being oversubscribed, we are reserving a significant portion of the remaining shares to those who have been so loyal and steadfast in their support for Rex so that they, too, can have a stake in our future. Our staff and frequent flyers will be given priority allotment and so will investors from the bush. Here I would like to pay a special tribute to our customers and supporters from regional areas and in so doing we will be undertaking a special investor road show to 12 regional cities next week in appreciation of their support,' Mr. Breust added.
Rex’s IPO road show will be from 10-14 October in venues throughout New South Wales, South Australia, Victoria and Tasmania, as indicated below. Everyone interested in the float is encouraged to attend one of the information seminars where they will also have the opportunity to present enquiries directly to the Senior Management and Board members of Rex.
A copy of the prospectus is available online at www.rex.com.au or interested parties may call the Investor Hotline at 1300 799 367. The offer closes 28 October, but may close earlier if fully subscribed.
Details of the IPO Presentations are as follows:
MONDAY 10 OCTOBER
LISMORE/BALLINA
7:30am Presentation and Light Breakfast
Mary Gilhooley's Irish Pub & Restaurant
Cnr Woodlark & Keen St
Lismore
ARMIDALE
2:30pm Presentation and Afternoon Tea
Cattleman’s Motel
31 Marsh St
Armidale
DUBBO
6:00pm Presentation & Cocktail Function
Dubbo RSL Club
Cnr Brisbane & Wingewarra St
Dubbo
TUESDAY 11 OCTOBER
ORANGE
9:30am Presentation & Morning Tea
Orange Ex-Services Club
241 Anson St
Orange
ALBURY
2:30pm Presentation & Afternoon Tea
Albury Country Comfort
Cnr Dean & Elizabeth St
Albury
WAGGA WAGGA
6:00pm Presentation & Cocktail Function
Rex Hangar
Don Kendell Drive
Wagga Wagga Airport
Forest Hill
WEDNESDAY 12 OCTOBER
GRIFFITH
12:30pm Presentation & Light Lunch
The Gemini Motor Inn
Banna Avenue
Griffith
MILDURA
6:00pm Presentation & Cocktail Function
The Theatre Club
Langtree Avenue (C/O Mildura Brewery)
Mildura
THURSDAY 13 OCTOBER
ADELAIDE
11:00am Presentation & Morning Tea
Mercure Grosvenor Hotel
125 North Terrace
Adelaide
PORT LINCOLN
5:30pm Presentation & Cocktail Function
The Port Lincoln Yacht Club
Eyre St
Port Lincoln
FRIDAY 14 OCTOBER
MOUNT GAMBIER
11:30am Presentation & Light Lunch
The Lakes Resort
17 Lake Terrace West
Mount Gambier
BURNIE
5:30pm Presentation & Cocktail Function
The Burnie Civic Centre
Wilmot St (access from Jones or King St)
Burnie
Those attending a presentation are asked to RSVP in advance for catering purposes to (02) 9023 3500.
Media contact: Sara-Jane Uden 0402 438 361
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