Essex Rental Corp fka ESSX

[Sobek]

Link to the ESSX Coast Crane website, getting bought out by Maxim Crane Works for $72.5 million for all the issued and outstanding shares.

https://www.coastcrane.com/about-us/news

Their Q3-2016 financials are in the PR below the buyout news.

I confirmed the share structure with their IR guy already, authorized shares 40 million, outstanding shares 25 million shares.
[e-mail]

Appears the market is waiting to see how much of their $62 million in debt will be paid down, proxy reports are supposed to be released soon containing the details per IR. The deal has been confirmed as outlined in the PR and the closing is scheduled before the end of this quarter.

Estimated pps buyout will depend on how much debt they leave on the books. If all the debt is paid off the buyout can be estimated at approx. .40 cents a share.

For every $10 million in debt left on the books, add approx. .40 cents per share... e.g. if they leave $10 million in debt, pps buyout should be .80, if they leave $20 million in debt pps should be 1.20, etc...

GLTA