OldCar - I will go through the figures later but I believe that EHL took significant write downs on the value of the equipment. There were sales too but I think that their fleet didn't reduce by more than 20 - 30%.
I think if utilisation rates improve, EHL will be in position to renew contracts at much better pricing and
That said, I don't think that we will see a sp of $1. My estimate is 70 cents which is where they were before the crash in QLD and WA utilisation rates.
Emeco Holdings Acquisition, page-18
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