Ann: Chairman's Address to Shareholders , page-2

A "significant deterioration" for FY2014, REX says. Now unable to Blame the Labor Party (as the constantly and always do), REX blames the high AUD (but it isn't), high fuel prices (but that's their business), and weak economic growth.

REX made a profit of $14m last year. I wonder what a significant deterioration from that means. Still, REX is doing the right things eith its money- a share buyback of 10% of shares, which will leave 100m shares only- probably cost them about $8-$9m to do so. They have $44m cash, and have a capex program of $50m. They are yet to decide on a FY214 dividend, but the conservative management that REX is always said to have, might decide not to give that.

So, how do they stretch their cash to buying their planes and doing the buy-back? Anyone have any ideas? Would they do a capital raising?