The largest shareholder of the regional carrier has called for a shareholder vote just a month after he stepped down as the airline’s executive chairman.
Already a subscriber?The largest shareholder of Regional Express is pushing to turf the carrier’s entire board just one month after he stepped down as the company’s executive chairman., when abruptly left the board and handed day-to-day management to the airline’s chief operating officer, Neville Howell.
Lim Kim Hai stepped down as the chairman of Rex last month but has now called for other directors to go.Rex told investors on Friday that Mr Lim had called for a shareholder meeting to remove Mr Lee and the airline’s new chairman, former federal transport minister John Sharp. The only director Mr Lim does not want to remove is the nominee of PAG Asia Capital, a major private equity firm that has provided $150 million in funding to the airline.
At the time, the market operator asked Rex to explain why it did not disclose a relationship between Mr Lim and his brother-in-law. Between them, they owned 50 per cent of National Jet Express. Rex said Mr Lim’s relative was not a related party.
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