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Rex – Sunshine deal falls through
The proposed acquisition of Queensland’s Sunshine Express regional airline by Regional Express (Rex) will not go ahead.
Rex Managing Director Geoff Breust said Sunshine Express had introduced new conditions last week which were not acceptable to Rex.
When the merger plan was made public less than two weeks ago Sunshine Express said it needed significant investment in aircraft and resources to better serve its market and remain viable in the long term.
However, Rex said the latest conditions put forward by Sunshine Express were not in the interests of its shareholders.
“We are sorry that this (intended acquisition) will now not materialise,” Mr Breust said.
“We extend our best wishes to Sunshine Express and hope that its management and owners are able to overcome its current difficulties.
“We have been assured that its current owners Aeromil will continue to provide full backing to the airline.
Graham Muldoon
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