My observations/questions on the REX announcement:
- There is no mention of the coupon interest rate that the convertible notes will attract pre conversion.
- I assume the choice on conversion or redemption of the convertible notes sits with PAG rather than REX. I assume conversion is not mandatory.
- What date does the conversion option occur?
- What are the events of default?
- If B737 trunk services are a success, PAG wins in a big way, existing REX shareholders win in a smaller way. If they are not a success, PAG has the security of the REX regional business and aircraft to shelter its losses, existing REX shareholders loose big time.
- I assume that funding the expansion is beyond the ability of existing shareholders? If existing shareholders could fund the expansion, they could keep all the upside.
- REX suggested back in May that $200m of additional equity was required for the Golden Triangle services. Assuming convertible notes count as equity, does this mean existing shareholders are also going to be tapped for a $50m equity raise? Admittedly the $200m was an estimate - is this still the estimate?
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