Rex shareholders have overwhelmingly 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 this afternoon.
Under the deal, PAG Regulus Holdings Pte Ltd will fund up to AUD150m to be used exclusively to support the launch and operation of Rex’s domestic services. A first tranche of $50m will be disbursed within 2 weeks.
The funding comprises first ranking senior secured convertible notes.
Rex Deputy Chairman, The Hon John Sharp AM, said, “This is the final major step in Rex’s preparation for launching domestic services to all the major cities. It’s a historic moment for Rex and for Australian aviation, providing Australians for the first time a premium reliable service at affordable fares.”
Since announcing last June its intention to launch domestic services, Rex has achieved the following:
- - gained a High Capacity Air Operator’s Certificate for Boeing 737 jet operations
- - leased six Boeing 737-800NG aircraft
- - prepared the aircraft in Rex livery
- recruited highly qualified pilots and cabin crew
“I’d like to thank all of those involved in getting to this stage. It’s been a challenging year in aviation, and to achieve what Rex has achieved is remarkable.”
100,000 fares have been made available on rex.com.au for the Sydney to Melbourne service at just $79.