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Appointment of Joint Chief Executives

19 August 2005

Hirequip Announces the Appointment of Joint Chief Executives

Dunedin based listed hire company, Hirequip New Zealand Limited, today announced the appointment of George Paterson and Brian Stephen as joint Group Chief Executives reporting to the Board. The appointments are effective immediately.

Other changes announced see the company's Executive Chairman Graeme Wong relinquishing his management role but remaining company Chairman. Current Managing Director Stuart McKinlay takes on a new asset management role within the company and also remains an Executive Director.

Hirequip Chairman Graeme Wong said, "The appointment of Brian and George as joint chief executives is a significant milestone for the company. They take over the role of Group Chief Executive from me. Stuart McKinlay has also taken this opportunity to relinquish his role as Managing Director of Hirequip Limited."

Mr McKinlay says, "I signalled some time ago that I wanted to step back from responsibility for the day-to-day management of the hire equipment operation. With the appointment of Brian and George this is now possible. It also allows Graeme Wong to move from being Executive Chairman with an active full-time involvement with the company to become Chairman of the Board."

"I will remain an Executive Director of Hirequip and have an asset management role within the company with responsibility for the acquisition and disposal of the hire company's plant and machinery," Mr McKinlay said.

Brian Stephen, is Auckland based and is currently Chief Operating Officer of Hirequip Limited. He has been with the company for over 20 years managing various divisions and special projects throughout New Zealand. Brian has an extensive knowledge of the construction industry its participants and has been a major contributor to Hirequip's growth. He primarily will be responsible for the performance of the company's core equipment hire activities.

George Paterson is currently Hirequip's Company Secretary and General Manager of its Power Hire subsidiary. Mr Paterson was formerly Chief Financial Officer of Southern Capital Limited and was previously a partner of Gisborne chartered accountancy firm McCullochs, an associate firm of KPMG. He has a B Com from the University of Canterbury and is a member of the Institute of Chartered Accountants of New Zealand.

George, who will relocate to Auckland, will have primary responsibility for acquisition and generic growth initiatives, the performance of the subsidiary company, Projex Equipment Sales Ltd, along with investor relations.

Mr McKinlay and Mr Wong's holdings in the company, together with their respective associated interests, remain unchanged; with Mr McKinlay and his associates holding 25.2% of the company's ordinary shares and Mr Wong and associates 7.27%. The number of ordinary shares issued is 117,325,572.

Mr Wong said, "While each has different executive management roles, Brian and George both will be responsible for strategic planning, and be jointly accountable to the Board for the overall company's performance.

We also need to acknowledge the role Stuart has played in building New Zealand's largest hire equipment company. "Stuart in partnership with his father purchased Dunedin Hire Service in 1969. Over the next 35 years Stuart built New Zealand's only nationwide equipment hire business acquiring more than 17 businesses along the way. Today Hirequip employs more than 500 staff, has 60 trading locations and has New Zealand's largest inventory of hire equipment.

Hirequip's head office and financial administration centre will continue from it's Dunedin base.

"The challenge for the new team is to capitalise on the foundation laid by Stuart and further grow its core hire equipment business, and also develop the related equipment leasing and financing businesses. We have every confidence in their ability to meet the challenge, and Stuart and I will continue to provide them all the assistance we possibly can," Mr Wong said.


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