June 29, 2020 / 12:12 AM / 10 days ago

BRIEF-Rex Board Approved Plans For Domestic Operations

June 29 (Reuters) - Regional Express Holdings Ltd:

* REX BOARD HAS APPROVED PLANS FOR DOMESTIC OPERATIONS

* BOARD APPROVED AN INITIATIVE TO RAISE A MINIMUM OF AUD$30 MILLION

* FUNDRAISE TO AID LAUNCH OF LIMITED DOMESTIC OPERATIONS

* DISCUSSIONS WITH INTERESTED PARTIES INCLUDING LESSORS AND PRIVATE EQUITY FUNDS HAVE NOT BEEN FINALISED

* CONFIRMED EXECUTION OF NON-BINDING MOU WITH AVIONS DE TRANSPORT REGIONAL

* LESSORS WILLING TO PROVIDE AUD$30 MILLION FOR 15 OF REX’S FLEET OF 60 UNENCUMBERED SAAB 340 AIRCRAFT

* HAS CONFIRMED 1 MARCH 2021 AS TARGETED START DATE FOR DOMESTIC OPERATIONS, SUBJECT TO FUND AVAILABILITY AND REGULATORY APPROVAL

* HAS NOW FORMED VIEW THAT FUNDING WILL BE FORTHCOMING FOR MINIMUM TARGET SOUGHT

* AUTHORISED TO START PREPARATIONS IN EARNEST FOR OPERATIONS OF INITIAL FLEET OF 5-10 NARROW-BODY JET AIRCRAFT TO BE BASED OUT OF SYDNEY AND/OR MELBOURNE Source ( bit.ly/3dGUMDd) Further company coverage:

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