Stock of the day: REX
Rex Airlines experiences a trading halt on the ASX due to internal tensions and financial advisory from Deloitte. The Transport Workers' Union pledges support to help the airline regain financial stability.
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This video was created on 29 July for IG audiences by ausbiz.
Stock of the day: Regional Express Holdings (ASX:REX)
Internal strife leads to trading halt
Rex Airlines has been placed on a trading halt on the ASX following rumours of internal strife and tension among its directors. The trading suspension, announced on Monday, references a report in The Australian’s Margin Call column and confirms that Rex has engaged Deloitte for financial advice. The halt will last until a material announcement is made or until trading resumes on Wednesday.
Union calls for regulatory oversight
The Transport Workers’ Union has confirmed Rex's engagement with Deloitte and has pledged to help restore the airline's financial stability, calling for more regulatory oversight of the aviation industry, particularly concerning Qantas's competitive practices. Rex has not recorded a profit since the COVID-19 pandemic and fears it may face a fate similar to budget airline Bonza, which went into voluntary administration in April 2024.
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