Ann: Chairman's Address to Shareholders , page-5

farmboy, I am very fond of REX. I do find the constant political references by them, to be tedious. Then again, I found the same with NHC. Not much place for it in the investment community, imo, and I think the market gets fatigued by it.

Yes, REX is well managed, and has been a great performer. With it buying up its fleet, instead of hiring them, it will be in a much better position going forward. I note that investors are looking to buy Qnatas' fleet and rent them back to Qantas, so the obvious money is in owning the fleet, not renting them, and investors know that.

Unfortunately, the words "significant deterioration" in REX's ANN, is a concern. I had thought, with the buying of the fleet, that H2/2014, would be a good one for REX, but 2015 may bea better one, with the fleet buying savings floating through. Nothing wrong with the business. In bad times, the share price usually hangs around 80c.