Shares In Australia’s Regional Express Halted Pending Further Announcement
Shares in Australia’s largest independent regional carrier Regional Express (Rex) have been halted, pending an announcement that may impact the value of the company or investors’ decisions.
The airline’s shares on the Australian Stock Exchange (ASX) were halted effective 8:04hr today local time, at the request of Rex. Yesterday Rex had disclosed to the exchange that it is interested in buying Cobham Aviation Services’ fly-in fly-out (FIFO) charter business which is up for sale.
No agreement has been reached with Cobham so far, says Rex, adding that it will make a further announcement if the acquisition proceeds.
When the ASX halted Rex’s shares today, it said Rex will be making another announcement, although it stopped short of saying what the announcement would be.
It says shares in Rex will resume trading on Friday (15 July) or when Rex makes its subsequent announcement.
Rex had made its initial disclosure to the exchange in response to news reports that Rex was interested in acquiring Cobham’s FIFO operations.
Cobham Aviation Services’ owner, US private equity company Advent International, put the business up for sale in February.
The FIFO business does not include Cobham Aviation Services’ maritime surveillance business, which is being sold separately.
Picture Source: Cobham