Is this slow moving train wreck heading towards an inevitable...

Is this slow moving train wreck heading towards an inevitable conclusion?

Only a month after Mr Lim Kim Hai handed over the chairmanship to the long serving and extremely loyal John Sharp, he’s changed his mind and wants nothing more to do with him. Worse than than, the rest of the Australian nationals on the board are also off side and he wants them out.

Given the lack of resignations, there is a huge scrap going on. How can this have not been foreseen when the early June changes were made? Or is it just a strong willed person who didn’t realise how much he missed being in total control?

Where is the ASX in all this, seeking some protection for minority shareholders?

What are the underlying issues at Rex that the independent directors are trying to move forward that the offshore shareholders disagree with?

Rex has played on John Sharp’s loyalty to present Rex to the market as an Australian airline, despite its largely offshore ownership. Has that Australianisation strategy been abandoned?

Given this unsettling development and the overall inability of Rex to trade profitability in what have been buoyant trading conditions for Australian airlines, I wouldn’t be taking a risk on purchasing a ticket for months out due to the possibility Rex won’t be flying when I turned up at the airport.