REX entered into an agreement to acquire National Jet Express Pty Ltd

Regional Express Holdings Limited (ASX: REX) announced that it had entered into a sale and purchase agreement in which its subsidiary Rex Freight and Charter Pty Ltd will buy 100% of National Jet Express Pty Ltd, the regional services arm of Cobham Aviation Services Australia. The total consideration of the purchase will be approx. AU$48 million subject to certain adjustments for working capital and other matters.

The funding will be provided by drawing down an additional AU$15 million under its convertible note facility with PAG and from its own cash resources to fund 50% of the purchase price. The rest of the 50% of funding will be provided by its joint venture partners, one of whom is Rex's Chairman, who will be funding their 50% share with private funds.

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