Very interesting question. The rules are actually clear in my mind - reposition is definitely not an action, as it is not listed under actions. It is listed under "Damage tree results", so that is all it is, I guess.
So yeah, you should be able to do it, as I see - but I do think it seems a bit weird. Basically, they are using the reposition as a kind of pseudo-move action, so I agree that it feels intuitively like exhausted models shouldn't be able to do it.
So it's a very valid question of intent, I think.
You could make a similar hypothetical question about wild attacks, and tactics for that matter. If, for some reason, we imagine a beast still being exhausted during a clear turn - could that beast make a wild attack? Since it is not an action, yes, but it feels unintentional to me.
(Which is theoretically possible to engineer... say if you have two exhausted beasts in your cohort. First, you clear fatigue from both beasts. Then beast one goes wild and attacks Ur-Kek, defeats him, and he makes his Spite attack, attacks beast two, and pushes it into a wall. Now beast two would be ready to make its wild attack, but is exhausted at the same time.)
So... we know from the FAQ that models may not declare actions once they are exhausted, even if those actions do not cost fatigue. The follow-up question here is if exhausted models are allowed to do the other stuff that involves moving and attacking, but which are not technically actions.
I think that as written, yes they can, since nothing technically disallows it, but it would be nice to confirm.
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And it wouldn't bother me at all if all these non-action activities are allowed while exhausted. I just like having a mental guideline for how the rules are intended to work. Right now I see two options when it comes to exhaustion.