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Hirequip Head Office Relocation

Press Statement 23rd January 2007

Hirequip, New Zealand’s largest general hire business, announced today its intention to relocate the company’s Head Office and associated administrative functions, currently domiciled in Dunedin, to a new facility that will be established in Auckland.

Brian Stephen CEO of Hirequip advised Head Office staff of the decision at a consultation meeting that was held in Dunedin this afternoon.

“We have discussed for some time the need to align our business with our largest markets and key opportunities. There are a significant number of strategic benefits to be gained by consolidating and focusing our national management and administrative functions in one location. For these reasons the new Board has decided to locate Hirequips Head Office function in Auckland.”

It is proposed to complete the relocation by the 1st July 2007

25 Management and Administrative staff are potentially affected by the relocation. Staff in Dunedin will be able to apply for positions at the new Head Office as this is progressively established in Auckland. The company is now entering a consultative process that is designed to ensure that all existing employees receive appropriate and professional assistance during the transition period.

The decision is one of several important changes that follow the acquisition of Hirequip by Nikko Principle Investments.

Staff have also been advised of Hirequip Founder and former Executive Director Stuart McKinlay’s intention to retire from his existing position within Hirequip.

Mr. Stephen, in making the announcement to Hirequip staff, paid tribute to Mr, McKinlay’s contribution and entrepreneurial skill.

“Stuart’s retirement is a critical event in the history of Hirequip. As the founder of the business in 1968 he has effectively led the company for 40 years. He is an icon of the New Zealand hire industry and is passing on to his successors a dynamic and vibrant business that will continue to grow and develop in the years ahead.”

ENDS

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