The Eclipx Group Ltd (ASX: ECX) share price has been on a downward spiral for over a year and today was no exception — it was down another 12%.
Eclipx is vehicle financing, fleet management and leasing business in Australia and New Zealand. McMillian operates in a similar space but is larger.
As we wrote last week, even Eclipx recognises a deal is unlikely and has since announced a “transformation plan”.
“Eclipx has not been able to reach agreement with MMS…” it said in an ASX update.
While the cost reduction could bear fruit it may be time for shareholders to look elsewhere.