REX told off for blabbing to media rather than ASX

The corporate regulator has slammed airline Regional Express Holdings Ltd (ASX: REX) for “continuous disclosure failures” to shareholders and the ASX.

The Australian Securities and Investments Commission (ASIC) on Wednesday slapped a one-year ban on the company from issuing reduced-content prospectuses to raise money on the ASX.

Regional Express must now produce a full prospectus to ask investors for further cash.

The corporate regulator didn’t mince words in explaining the prohibition.

“ASIC’s decision was based on REX’s failure to disclose to the market that it was considering the feasibility of commencing domestic operations, such as flying to capital cities, in addition to its regional operations,” stated the…