29 June 2015
Emeco advises that the Rentco acquisition will not complete on 31 July 2015 and has been terminated due to non-completion of conditions precedent to the deal.
The Rentco acquisition was extended on 30 April 2015 with completion scheduled for 31 July 2015 to provide additional time for conditions precedent to be satisfied. Unfortunately following a period of review both parties have agreed that conditions precedent cannot be satisfied and will not be waived.
Managing Director and Chief Executive Officer, Ken Lewsey, said "Emeco is focused on strengthening its cash flow generation through its core business by maintaining the improved utilisation levels and significantly reducing costs to serve our customers."