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When Leverage Just Becomes Too Much

by Willem Reitsma, Imperial Holdings, and Barry Martin, Debt Capital Markets team, Rand Merchant Bank

Following a strategic decision taken by the Imperial Board during 2007, the integrated leasing and capital equipment division, (subsequently rebranded as ‘Eqstra’), was unbundled from Imperial and listed on the JSE during May 2008. As is typical for many of Imperial’s divisions, Eqstra operated as an autonomous division within the Imperial Group.

Eqstra’s businesses include leasing, distribution and value-added services, with the following main asset classes: