REX INTERNATIONAL . Worth a buy now ?

The Board of Directors (the “Board”) of Rex International Holding Limited (the “Company” or “Rex”,
and together with its subsidiaries, the “Group”) refers to the Announcement and wishes to announce
that it has received confirmation from LPA on 31 May 2019, that the Divestment, involving a cash
consideration of USD 43 million and a contingent payment of a further USD 2 million upon no adverse
event materialising within a 12-month period from the completion of the Divestment, has been
completed on 29 May 2019.
The effective date of the Divestment will be 1 January 2019 (a standard practice for licence
transactions in Norway). Pursuant to the completion of the Divestment, LPA has ceased to have any
interest in the licences PL338C, PL338E and PL815 in the Norwegian North Sea.

Will have to see if its successful the first time round

REX has completed divestment for US$45 million but stock price is slow to react. still at 7.2 cents. Market cap S$93 million which severely undervalues the company as it is even lower than the sum of:


Divestment US$45m.
as at end-1Q19 .... cash and cash equivalents at US$3.3 million
quoted investments at US$27 million. .

Total already S101 million.

Zero value given to huge huge Oman oil assets and REX technology.

Rex has done its second share buyback. Shows it's grossly undervalued

13 Aug 2019: bought 1.4 million shares at 6.4 c/share
15 Aug 2019: Bought 897,000 shares at 6.4 c/share

Strong re-rating this morning: 7.5 cents currently.

Rex liquid assets comprising cash, cash equivalents and quoted investments = US$70.75 million (S$98.34 million).

Market cap only S$98 million.

Stock price of 7.5 cents values REX only on its cash.
What's yet to be priced in are its oil assets in Norway and Oman.

Rex bought back 2,279,200 at 7.6 cents today.

Hope they continue till at least 10.0 cents