Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


Hirequip NZ to Sell Equipment Hire - Update

Hirequip New Zealand to Sell its Equipment Hire Business to Pes Finance Limited - Update

Further to its announcement on 27 November 2006, that it had conditionally sold its equipment hire and related businesses to PES Finance Limited, listed hire company Hirequip New Zealand Limited today announced that the purchaser has confirmed satisfaction of three of the five conditions under the agreement for sale and purchase.

The satisfied conditions are:
* the consent of the New Zealand Overseas Investment Office
* the approval of the transaction by the investment committee of Nikko Principal Investments Limited
* the approval of the transaction by the board of directors of Nikko Principal Investments Japan Limited; and

The two remaining conditions are:
* Hirequip shareholder approval by way of an ordinary resolution at the meeting to be held next Monday, 18 December 2006; and
* No event occurring which would entitle the financiers of the purchaser to withhold finance to fund the settlement of the purchase (a "no material adverse change" type clause will be included within the purchaser's financing documents in accordance with common market practice).


© Scoop Media

Business Headlines | Sci-Tech Headlines


Voluntary Administration: Renaissance Brewing Up For Sale

Renaissance Brewing, the first local company to raise capital through equity crowdfunding, is up for sale after cash flow woes and product management issues led to the appointment of voluntary administrators. More>>


Approval: Northern Corridor Decision Released

The approval gives the green light to construction of the last link of Auckland’s Western Ring Route, providing an alternative route from South Auckland to the North Shore. More>>


Media Mega Merger: Full Steam Ahead For Appeal

New Zealand's two largest news publishers have confirmed they are committed to pursuing their appeal against the Commerce Commission's rejection of the proposal to merge their operations. More>>

Crown Accounts: $4.1 Billion Surplus

The New Zealand Government has achieved its third fiscal surplus in a row with the Crown accounts for the year ended 30 June 2017 showing an OBEGAL surplus of $4.1 billion, $2.2 billion stronger than last year, Finance Minister Steven Joyce says. More>>


Mycoplasma Bovis: One New Property Tests Positive

The newly identified property... was already under a Restricted Place notice under the Biosecurity Act. More>>

Accounting Scandal: Suspension Of Fuji Xerox From All-Of-Government Contract

General Manager of New Zealand Government Procurement John Ivil says, “FXNZ has been formally suspended from the Print Technology and Associated Services (PTAS) contract and terminated from the Office Supplies contract.” More>>