SOUTHERN CAPITAL LIMITED

SOUTHERN CAPITAL LIMITED

Previous company name
HIREQUIP NEW ZEALAND LIMITED
Name change date
12/21/2006
Company Overview
The company, formerly known as Hirequip New Zealand Ltd., is engaged in the rental and sale of used equipment in New Zealand. Established in 1969, it is headquartered in Dunedin, New Zealand.
The company offers a wide range of equipment, including access platforms, air tools/drill rigs, breakers, cleaning equipment, plates/rammers, equipment rollers, compressors, concrete equipment, drills, electrical equipment, excavators and attachments, fasteners, hand grinders, hoists and jacks, lawn and garden, lighting, measuring/survey, and painting scaffolding equipment. It also rents out heaters, fans and dehumidifiers; pumps; sanders and strippers; saws; sheetmetal tools; tractors and implements; trailers; trucks; and vehicles.
In addition, the company is involved in organizing special events such as weddings, corporate events, agricultural shows, open air concerts, and movie location infrastructure set ups. It provides marquees, cutlery, crockery, tables, chairs, displays, flooring, walls, interior decorations, portable toilets, jukeboxes, and white picket fences. The company serves its customers through its 52 branch locations in the country.
Business Summary
The Company today comprises two distinct divisions: the hire equipment business and the former Southern Capital investment assets.
Description and history
Background

The 2003 financial year started with Southern Capital Limited acquiring a 50% investment stake in Hirequip Limited from interests associated with Australian Investor, GS Private Equity. Then, at the beginning of the second half of the financial year, Southern Capital’s Directors resolved to purchase the other half of Hirequip Limited from the S D & M A McKinlay Family Trust and transform Southern Capital Limited from an investment company into an operating company, focusing on the hire equipment industry. To underscore that change, Southern Capital’s name was changed to Hirequip New Zealand Limited (the Company).

Company Structure

The Company today comprises two distinct divisions: the hire equipment business and the former Southern Capital investment assets. At present, the investment and public Company functions reside in Wellington and the hire equipment business is based in Dunedin. The investment assets are all under review and progressively will be realised, with the proceeds reinvested in the hire equipment business as opportunities present themselves or otherwise used to repay debt or returned to shareholders. It is envisaged that ultimately all head office functions will reside in Dunedin. Graeme Wong is Hirequip’s Executive Chairman and Stuart McKinlay is an Executive Director of the parent company and Managing Director of Hirequip Limited, the operating company.
The hire equipment business.

Scope of Activities

Hirequip is New Zealand’s largest general hire company. Its network of 37 branches provides full national coverage; the only general hire company in New Zealand to do so. The Company strength lies in its size (giving substantial buying power for plant and equipment), its strong branch network with workshop support and the extensive range of plant available for hire. This provides customers, many of whom operate on a regional or national basis, with a one stop shop for a wide range of items over a large number of locations. Hirequip’s New Zealand-wide geographic coverage provides a buffer against economic downturn, since there are generally one or two regions in the country doing well regardless of the overall performance of the national economy. The mobile nature of hire equipment means it can be relocated around the country according to regional demand. Consistent with the one stop shop philosophy, ancillary products such as consumables and certain building materials are sold in the depots. Projex Plant Services Ltd, a sales subsidiary of Hirequip, distributes Daewoo construction and forestry equipment and Hamm rollers.
The company shares are listed on New Zealand Stock Exchange on May 13, 1997. The company name changed from Hirequip New Zealand Limited to Southern Capital Limited on December 21, 2006.

The Company was delisted from the New Zealand Stock Exchange on April 13, 2007 due to takeover by Lynwalsh Holdings Limited.

Formerly known as Hirequip New Zealand Ltd.

Business Line
Engaged in the rental and sale of used equipment
Subsidiary
EASTERN MOLLUSCS LIMITED
Advisor
DELOITTE
IPO date
5/13/1997
US SIC Code
7359
Company Address
Level 4
31, Waring Taylor Street
City province or state postal code
WELLINGTON
Phone: +64 4 499 2033
Fax: +64 4 499 2032
Country address: NEW ZEALAND
Website url: www.southerncapital.co.nz