Ann: Dividend/Distribution - REX, page-4

yup they are pretty incompetent at saying what the div is , the accounts and presentation have 8 cents but some 10 cent announcement contradicts this ...

Results are ok , they have to be the only airline in the world that owns all its plances and has a zero net debt position and cash in the bank , there is also +16m of depreciation which is cash in the bank on top of the declared profit so FFO is strong.

The issue for rex is they are on average flying 20 punters each flight on 20+ year old planes with 33 seats and 3 crew , this is why they are so sensitive to pilot cost as most airlines as the crew passenger ratio is so low. At some point they will need to buy/lease some newish planes but there are no 20-30 seater turboprops , they can fly even more empty 50 seat ATRs or try to go with a large and small mix with the 9 seater Pilatus maybe with 2 crew and an even worse ratio they will need to charge a lot more for ...

given the strong balance sheet these are still pretty cheap-ish , I hold a small ammt of them but think aqz is still better value / better run ....