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
* 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).