I have my own answer here- REX has already spent some of the...

I have my own answer here- REX has already spent some of the capex earlier this FY. They have a commitment of >$22m to buy the fleet in March. They also like to keep $10m cash at the end of the year or financial year. REX has an NTA of $1.62 now, and with $50m capex FY2014, could have an NTA of >$2.00ps, and a share price of about 80c (downgrade coming, it seems). Still, no-one seems to sell much into the buy-back, and no-one seems to buy much either- except the company. The Singaporean shareholders have a hold on this one. A great one to watch, particularly with all their peers jostling for position elsewhere.