tourism holdings ltd asx

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Tourism Holdings Ltd

Company profile, business description.

Tourism Holdings Ltd is a New Zealand-based company engaged in the design, manufacture, rental, and sale of motorhomes and other tourism-related activities. The company operates in the following segments namely New Zealand Rentals; Action Manufacturing; Tourism Group; Australia Rentals; United States Rentals and other. It generates maximum revenue from United States Rentals segment. United States Rentals segment includes rental and sale of Road Bear, Britz, Mighty and El Monte RVs.

83 Beach Road Level 1, P.O. Box 4293 The Beach House Auckland NTL 1010 NZL

T: +64 93364299

https://www.thlonline.com

Consumer Cyclical

Recreational Vehicles

Fiscal Year End

30 June 2024

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• Tourism Holdings Ltd (ASX: THL)

Tourism Holdings Ltd (ASX: THL) Share Price and News

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Tourism holdings ltd chart and price data, fundamentals data provided by morningstar., share price, yesterday's close, today's open, avg. volume (1 month).

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Tourism Holdings Ltd (ASX: THL) Latest News

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About Tourism Holdings Ltd

Tourism Holdings Ltd is a New Zealand-based company engaged in the design, manufacture, rental, and sale of motorhomes and other tourism-related activities. The company operates in the following segments namely New Zealand Rentals; Action Manufacturing; Tourism Group; Australia Rentals; United States Rentals and other. It generates maximum revenue from United States Rentals segment. United States Rentals segment includes rental and sale of Road Bear, Britz, Mighty and El Monte RVs.

THL Share Price History Data provided by Morningstar.

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Tourism Holdings Ltd

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• THL:NZC New Zealand Stock Exchange
• UCH:BER Berlin Stock Exchange
• UCH:STU Stuttgart Stock Exchange
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• UCH:FRA Frankfurt Stock Exchange
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About the company

Tourism Holdings Limited is a New Zealand-based tourism company. The Company is a commercial recreational vehicle (RV) rental operator. It also operates tourism adventure, travel technology and commercial vehicle manufacturing businesses. In New Zealand/Australia, it operates rental brands (Maui, Britz, Apollo, Mighty, Hippie, Cheapa Campa), manufacturing (Action Manufacturing, Apollo), retail bra nds (Talvor, Kea, Winnebago, Adria, Coromal, Windsor), retail dealerships (RV Super Centre, Apollo RV Sales, Kratzmann, George Day, Sydney RV, E-Camperco), travel technology (TripTech) and tourism attractions (Kiwi Experience and the Discover Waitomo Group, which includes Waitomo Glowworm Caves, Ruakuri Cave, Aranui Cave and The Legendary Black Water Rafting Co.). In North America, it operates the Road Bear RV, El Monte RV, CanaDream, Britz and Mighty rental brands. In the United Kingdom and Europe, it operates the Just go, Apollo and Bunk Campers rental brands.

• Revenue in NZD (TTM) 851.99m
• Net income in NZD 64.43m
• Incorporated 1984
• Employees 909.00
• Location Tourism Holdings Ltd The Beach House, Level 1, 83 Beach Rd, PO Box 4293 AUCKLAND 1010 New Zealand NZL
• Phone +64 93364299
• Fax +64 93099269
• Website https://www.thlonline.com/

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THL completes Apollo merger on eve of ASX listing

1st December 2022 By Staff Reporter | [email protected] | @tourismticker

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Apollo Tourism & Leisure

Au000000atl0, apollo tourism & leisure : proposed merger with tourism holdings limited.

10 December 2021

Proposed merger with Tourism Holdings Limited

only Apollo Tourism & Leisure Ltd (ASX:ATL) (" Apollo " or the " Company ") today entered into a Scheme Implementation Deed with Tourism Holdings Limited (NZX:THL) (" thl ") in relation to a proposed merger via Scheme of Arrangement.

HIGHLIGHTS:

For Apollo is pleased to announce that it has entered into a Scheme Implementation Deed (" SID ") with thl under which the companies have agreed a proposed merger to establish a leading diversified travel company across the key markets of Australia, New Zealand, North America, the United Kingdom and Europe.

• thl currently holds 898,150 Apollo Shares, representing ~0.5% of Apollo Shares on issue as at 10 December 2021. Whilst the percentage of the Combined Group attributable to all Apollo shareholders including thl is 25.0%, the percentage of the Combined Group attributable to Apollo shareholders excluding thl is 24.9%.
• Conversion at NZDAUD FX rate of $0.9503 as at 9 December 2021.
• See the investor presentation lodged with ASX in relation to the Proposed Transaction for additional details. References to synergies in this announcement are to estimates only. While Apollo and thl have undertaken due diligence to ensure there is a reasonable basis for such estimates, the synergies are subject to a number of assumptions and actual results may differ due to a variety of risks, uncertainties and other factors. There can be no assurance that the

synergies will be achieved. Apollo shareholders should refer to the section entitled "forward-looking statements" at the end of this announcement.

While earnings to date in FY22 gives the Apollo Board confidence that Apollo will achieve improved results when compared with FY21, an underlying loss is still anticipated in FY22. Due to the ongoing uncertainty of the current trading environment,

only Apollo is not in a position to provide earnings guidance for FY22. Refer to the investor presentation lodged with ASX in relation to the Proposed Transaction for additional information on trading conditions generally.

The Proposed Transaction will provide the Combined Group with the financial strength to:

• emerge faster from COVID-19;
• take advantage of near-term growth opportunities as borders reopen and cross-border tourism ramps up; and
• improve operational agility and resilience against any ongoing or new impacts from the pandemic such as the continuation of travel restrictions and supply chain challenges.

use The Apollo Board believes that the merger will accelerate the timeframe to re-establish normalised earnings and recommence the payment of dividends more quickly than Apollo on a standalone basis.

Transaction Summary

The Proposed Transaction will be implemented under the Scheme, pursuant to which Apollo shareholders will receive 1 thl Share for every ~3.68 Apollo Shares held as at the Scheme record date. 4 Following implementation of the Proposed Transaction, Apollo shareholders together will own 25% of thl Shares on issue, with existing thl shareholders owning the remaining 75%. 5 This implies a value of:

thl is currently listed on New Zealand's Exchange (" NZX "). As part of the Proposed Transaction thl has agreed to apply for a foreign exempt listing on ASX, with approval for such listing a condition precedent of the Proposed Transaction.

The commercial rationale for combining Apollo and thl is underpinned by:

Of these synergies, 69% are fixed cost synergies relating to the duplication of corporate costs or property, the majority of which are expected to be realised by the end of FY23. The remaining 31% of these synergies are variable, and realisation will

For be dependent upon the pace of the global recovery from COVID-19 and its associated impacts.

A significant fleet rationalisation of up to ~1,250 vehicles is expected as the Combined Group will be able to service rental perations with a smaller, more optimised fleet. This is expected to result in a one-off debt reduction of ~A$38 million 6

(~NZ$40 million) with a potential additional ~A$28.5 million 6 (~NZ$30 million) one-off debt reduction subject to the execution of operational efficiency improvements. The Combined Group will also benefit from a lower net replacement capital expenditure resulting from the operation of a smaller fleet. This benefit has not been quantified.

• The consideration shares of shareholders with an address other than in Australia, New Zealand, the United Kingdom or other jurisdictions agreed by Apollo and thl will be issued to a nominee and sold with the proceeds paid to the shareholder.
• See footnote 1 above.

Total one-off implementation costs are expected to be between ~A$3.8 million - ~A$6.7 million 7 (~NZ$4 million - ~NZ$7 million), with the majority of these to be incurred by the end of FY23. Refer to the investor presentation lodged with ASX in

only relation to the Proposed Transaction for additional disclosures on synergies and costs.

Grant Thornton Corporate Finance Pty Ltd (" Independent Expert ") has been engaged to provide an independent expert's report as to whether the Proposed Transaction is in the best interests of Apollo shareholders. Additional details on the Scheme, consideration and timetable will be included in the Scheme Booklet that will be sent to shareholders in due course.

Apollo directors and founding family shareholders

The directors of Apollo consider the Proposed Transaction to be in the best interests of the Apollo shareholders and unanimously recommend that Apollo shareholders vote in favour of the Scheme, in the absence of a superior proposal and

use Apollo was founded by the Trouchet family in 1985. Entities associated with Luke Trouchet and Karl Trouchet (" Founding Family Shareholders ") own ~53.4% of Apollo Shares on issue and intend to vote in favour of the scheme on the same basis.

subject to the Independent Expert concluding that the Proposed Transaction is in the best interests of Apollo shareholders. All Apollo Directors intend to vote all their shareholdings which they own, control or have a relevant interest in, consistent with their recommendation.

The Founding Family Shareholders remain committed to the long-term value creation opportunities available to the Combined Group and will enter into voluntary escrow arrangements in relation to 90% of their thl Shares received under the Proposed Transaction (90% for 12 months, and 50% for 24 months, from the implementation date of the Scheme) (" Escrow Arrangements ").

Combined Group governance

The Combined Group will benefit from a highly experienced Board and senior executive team that draws on the broad skills and experience from both Apollo and thl .

Managing Director comment

Apollo Managing Director, Luke Trouchet said, "The two businesses have similar operations and like-minded cultures, and we both strongly believe in the potential of the global RV market. The proposed merger would give us a better platform to meet For the ongoing impacts of COVID-19, continue to offer our guests the best combination of products, services and prices possible,

and better leverage the re-opening of global travel.

"With a more diverse portfolio of brands, strong presences in the key RV travel markets and a more robust balance sheet, the combined business will be better able to capitalise on near-term growth opportunities as borders re-open and cross-border tourism begins to return to pre-pandemic levels.

"I am very much looking forward to joining the Board and executive of thl and am excited by the prospects of what the two companies can achieve together. Karl and I will have a substantial holding and intend to be long term shareholders of the Combined Group, reflected in the voluntary escrow of 90% of our thl shares."

7 Conversion at NZDAUD FX rate of $0.9503 as at 9 December 2021.

thl Chief Executive Officer Comment

thl Chief Executive Officer, Grant Webster, said, "Being able to deliver value uplift for shareholders of both companies,

creating a more resilient business in terms of navigating our next phase on the world stage is a very significant step for us both. I'm looking forward to the opportunity to work with Luke and his crew to create a new future."

Scheme Implementation Deed

The SID includes exclusivity arrangements (including "no shop", "no talk" and "no due diligence" restrictions and notification obligations, subject to customary fiduciary carve-outs), a matching right regime in favour of thl , and reciprocal break fees in favour of both parties.

Timetable and next steps

Apollo shareholders do not need to take any action in relation to the Proposed Transaction at this stage.

A Scheme Booklet containing information in relation to the Proposed Transaction, reasons for the Apollo Directors' recommendation, an Independent Expert's Report and details of the Scheme will be sent to shareholders in due course.

It is anticipated that the Proposed Transaction will complete prior to the end of financial year 2022.

Apollo is being advised by Morgans Corporate Limited and Ernst & Young as financial advisers, Hamilton Locke as lead For corporate legal counsel, Jones Day as competition legal counsel and Deloitte as tax adviser.

Analyst / Investor call

Apollo will host an investor call at 10.00am AEDT / 9.00am AEST on 10 December 2021. Investors must pre-register to attend this call by following this link: https://s1.c-conf.com/diamondpass/10018479-rh5ms2.html .

Authorised by:

only Luke Trouchet

Managing Director and Chief Executive Officer Apollo Tourism & Leisure Ltd

For more information please contact:

Luke Trouchet, Managing Director and CEO T: 07 3265 9222

E: [email protected]

W: www.apollotourism.com use About Apollo Tourism & Leisure Ltd

Apollo Tourism & Leisure Ltd is listed on the Australian Securities Exchange (ASX code: ATL). Apollo is a multi-national, vertically integrated manufacturer, rental fleet operator, wholesaler and retailer of a broad range of RVs including motorhomes, campervans and caravans.

Forward-looking statements

This announcement contains forward-looking statements concerning Apollo , thl and the Combined Group which are made as at the date of this announcement unless otherwise specified, including statements about intentions, beliefs and expectations, plans, strategies and objectives of Apollo , thl and the Combined Group, the anticipated timing for and outcome and effects of the Scheme (including expected

personal benefits to shareholders of Apollo and thl ), indications of and guidance on synergies, future earnings or financial position or performance, expectations for the ongoing development and growth potential of the Combined Group and the future operation of Apollo , thl and the Combined Group.

Forward-looking statements are not statements of historical fact and actual events and results may differ materially from those contemplated by the forward-looking statements as a result of a variety of risks, uncertainties and other factors, many of which are outside the control of Apollo , thl and the Combined Group. Such factors may include, among other things, risks relating to funding requirements, COVID-19 impacts including border closures and travel restrictions, competition and market risks, regulatory restrictions and risks associated with general economic conditions. Any forward-looking statements, as well as any other opinions and estimates and statements regarding synergies, market and industry trends, provided in this announcement are based on assumptions and contingencies which are ubject to change without notice and may prove ultimately to be materially incorrect. Synergy estimates are based on fixed foreign exchange rates across its operating geographies at the time of calculation. Variations in foreign exchange rates will impact the degree to which synergies are able to be realised or how they are reflected in the Combined Group's reporting currency.

There can be no assurance that the Scheme will be implemented or that the plans for the Combined Group will proceed as currently xpected or will ultimately be successful. You are cautioned not to place undue reliance on forward-looking statements, including in respect of the financial or operating outlook for Apollo , thl or the Combined Group (including the realisation of any expected synergies), articularly in light of the current economic climate and the significant volatility, uncertainty and disruption caused by the ongoing COVID- 19 pandemic.

Except as required by law or the ASX listing rules, Apollo and thl assume no obligation to provide any additional or updated information or For to update any forward-looking statements, whether as a result of new information, future events or results, or otherwise. Nothing in this

announcement will, under any circumstances (including by reason of this announcement remaining available and not being superseded or replaced by any other presentation or publication with respect to Apollo , thl or the Combined Group, or the subject matter of this announcement), create an implication that there has been no change in the affairs of Apollo or thl since the date of this announcement.

Not for release or distribution in the United States

This announcement may not be released to U.S. wire services or distributed in the United States. This announcement does not constitute an offer to sell, or a solicitation of an offer to buy, securities in the United States or any other jurisdiction, and neither this announcement nor anything attached to this announcement shall form the basis of any contract or commitment. Any securities described in this announcement have not been, and will not be, registered under the U.S. Securities Act of 1933 and may not be offered or sold in the United States except in transactions registered under the U.S. Securities Act of 1933 or exempt from, or not subject to, the registration of the U.S. Securities Act of 1933 and applicable U.S. state securities laws.

This is an excerpt of the original content. To continue reading it, access the original document here .

Attachments

• Original Link
• Original Document

Apollo Tourism & Leisure Ltd. published this content on 09 December 2021 and is solely responsible for the information contained therein. Distributed by Public , unedited and unaltered, on 09 December 2021 22:01:09 UTC .

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Company Profile

• Stock Apollo Tourism & Leisure - Australian S.E.
• News Apollo Tourism & Leisure
• Apollo Tourism & Leisure : Proposed merger with Tourism Holdings Limited

Board of Directors

Cathy Quinn ONZM

Chair (auckland).

Independent Director appointed in September 2017. Cathy was appointed Chair of thl in June 2022 and serves on all of thl ’s Board Committees. Cathy is a former senior corporate partner at MinterEllisonRuddWatts. She served as the firm’s Chair for eight years during a period of transformation and growth. Cathy is a Director of Fletcher Building Limited, Fonterra Co-operative Group Limited, Rangatira Limited and is Chair of Fertility Associates. Cathy is also Pro-Chancellor of the University of Auckland. Cathy is a former member of the NZ Securities Commission and Capital Markets Development Taskforce, and was made an Officer of the NZ Order of Merit in 2016 for services to law and women.

Robert Baker

Independent director (brisbane).

Independent Director appointed in November 2022. Rob serves on the Audit and Risk Committee and Health, Safety and Sustainability Committee. Rob is an experienced Non-Executive Director, and his current ASX Board positions include Non-Executive Director and Chair of the Audit and Risk Committee of Flight Centre Travel Group Ltd (ASX: FLT) and NonExecutive Chairman of RightCrowd Limited (ASX: RCW). Rob is also Chairman of Goodman Private Wealth Ltd and has several pro bono Board or Advisory Board roles with organisations in the not-forprofit sector including Chairman of the Audit and Risk Committee of Australian Catholic University Limited.

Debbie Birch

Director (taupo).

Independent Director appointed in September 2016. Debbie Chairs the Health, Safety and Sustainability Committee (appointed June 2022) and serves on the Audit and Risk Committee and Market Disclosure Committee. Debbie has held various Director and trustee positions for the last 10 years and is currently Chair of Taupō Moana Investments Limited and Raukawa ki te Tonga AHC Limited. Debbie is a Board member of Ngāti Awa Group Holdings Limited and associated subsidiaries, Te Pūia Tāpapa GP Limited, Eastland Group Limited and associated subsidiaries, a Member of Treasury’s Capital Markets Advisory Committee and Te Puna Whakaaronui Thought Leaders Group. Debbie has significant financial, commercial and strategic experience gained in Asia, Australia and New Zealand with more than 30 years’ working in global capital markets.

Rob Hamilton

Director (auckland).

Independent Director appointed in February 2019. Rob Chairs the Audit and Risk Committee (appointed November 2019) and serves on the Remuneration and Nomination Committee and Market Disclosure Committee. Rob is a respected member of the finance community, with more than 30 years’ experience in senior roles. Rob is currently a Director of Westpac New Zealand Limited and Oceania Healthcare Limited. He was previously Chief Financial Officer at SkyCity Entertainment Group Limited and Managing Director and Head of Investment Banking at Jarden (formerly First NZ Capital). Rob has previously been a Board member on the New Zealand Olympic Committee and Auckland Grammar School.

Sophie Mitchell

Independent Director appointed in November 2022. Sophie Chairs the Remuneration and Nomination Committee (appointed October 2023 ) and serves on the Audit and Risk Committee and the Market Disclosure Committee. Sophie is an experienced professional in the finance industry and holds Non-Executive Director roles in Corporate Travel Management Limited (ASX: CTD), Myer Family Investments Limited, Firstmac Limited and Morgans Holdings (Australia) Limited. Sophie was previously Chair of Apollo Tourism & Leisure Ltd, prior to the merger with thl.

Luke Trouchet

Executive director (brisbane).

Luke moved into the Executive Director role as part of the merger between thl and Apollo Tourism & Leisure in December 2022. In 2001, Luke was appointed as CEO and Managing Director of Apollo Tourism & Leisure Ltd, when he took over the management control of the business his parents founded, with his brother Karl. Luke led Apollo through a strong growth period, expanding internationally into New Zealand, USA, Canada, United Kingdom and Europe. Luke’s entrepreneurial mindset helped the business make a number of strategic acquisitions that delivered strong financial performance. Luke continued to drive Apollo forward to become a global RV solution.

Gráinne Troute

Independent Director appointed in February 2015. Gráinne serves on the Remuneration and Nomination Committee, Audit and Risk Committee and Health, Safety and Sustainability Committee. Gráinne is a Chartered Member of the Institute of Directors and is also a Director of Summerset Group Holdings Limited, Investore Property, Duncan Cotterill, and is Chair of Montana Group. Gráinne is a professional Director with many years’ experience in senior Executive roles. Gráinne was General Manager, Corporate Services at SkyCity Entertainment Group and Managing Director of McDonald’s Restaurants (NZ). Gráinne also held senior management roles with Coopers and Lybrand (now PwC) and HR Consultancy Right Management. She has also spent many years as a Trustee and Chair in the not-for-profit sector, including having been the Chair of Ronald McDonald House Charities New Zealand for five years.

Grant Webster

Chief executive officer, tourism holdings limited (thl).

Grant was appointed Managing Director in December 2022 and was originally appointed as Chief Executive Officer in December 2008. Grant has served on various industry and Government bodies including nine years on the Tourism Industry Aotearoa Board including periods as Chair and Deputy Chair. Grant was also a co-Chair for the New Zealand Government’s Tourism Futures Taskforce in 2020.  Grant was awarded the CEO of the Year award at the New Zealand Deloitte Top 200 awards in 2023.

Grant’s background includes senior executive roles across the tourism, hospitality, gaming and retail industries, where he held Director and general management roles within the retail sector before moving into tourism. Grant holds a Bachelor of Commerce degree from Victoria University and has completed executive studies at the Insead Advanced Management Programme in Fontainebleau and Monash University, Melbourne Australia. Outside of thl , Grant is on the Board of Les Mills Holdings NZ.