IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

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Global Equity Research Ltd

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Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tourism-holdings-ltd" target="_blank" data-smartkarma-citation="entities:2787:1" rel="noopener">Tourism Holdings (THL NZ)</a> has disclosed a revised non-binding proposal from the BGH/Trouchet consortium at NZ$3.10, a 34.8% premium to the previously rejected NZ$2.30 offer.</li>
<li>The offer warrants engagement, as it meets the Board's previous valuation assertion that THL is worth “well north of NZ$3.00 per share” and is supported by significant shareholder backing. </li>
<li>The offer is conditional on due diligence, financing and the Board’s recommendation. The offer expires on 12 June. There is a high probability of a binding proposal. </li>
</ul>



Tourism Holdings (THL NZ) has disclosed a revised non-binding proposal from the BGH/Trouchet consortium at NZ$3.10, a 34.8% premium to the previously rejected NZ$2.30 offer.
The offer warrants engagement, as it meets the Board's previous valuation assertion that THL is worth “well north of NZ$3.00 per share” and is supported by significant shareholder backing. 
The offer is conditional on due diligence, financing and the Board’s recommendation. The offer expires on 12 June. There is a high probability of a binding proposal. 


Tourism Holdings (THL NZ/THL AU): BGH/Trouchet Consortium Return with a Revised NBIO at NZ$3.10

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>Back on the 16th June 2025, dual-listed <a href="https://www.smartkarma.com/entities/tourism-holdings-ltd" target="_blank" data-smartkarma-citation="entities:2787:1" rel="noopener">Tourism Holdings (THL NZ/AU)</a> announced an unsolicited NBIO from a consortium comprising BGH Capital and the founding Trouchet family.</li>
<li>The consortium, holding 19.9% of shares out, offered NZ$2.30/share for the world's largest commercial recreation vehicle rental operator. THL summarily rejected terms. Then crickets. </li>
<li>THL announced this morning a profit downgrade; and a revised NBIO from the consortium of NZ$3.10/share. ~16% of the register is supportive. The proposal expires on the 12th June. </li>
</ul>


Back on the 16th June 2025, dual-listed Tourism Holdings (THL NZ/AU) announced an unsolicited NBIO from a consortium comprising BGH Capital and the founding Trouchet family.
The consortium, holding 19.9% of shares out, offered NZ$2.30/share for the world's largest commercial recreation vehicle rental operator. THL summarily rejected terms. Then crickets. 
THL announced this morning a profit downgrade; and a revised NBIO from the consortium of NZ$3.10/share. ~16% of the register is supportive. The proposal expires on the 12th June. 


Tourism Holdings (THL NZ/AU): BGH & Trouchet Family Return To The Well

New Zealand Professional Investment Services Firm, Forsyth Barr

Forsyth Barr

New Zealand Professional Investment Services Firm

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Research is the cornerstone of our advice. We have one of New Zealand's leading teams of analysts. Our global affiliations ensure comprehensive research coverage of all major investment markets.

Equity Bottom-Up

<ul><li>Tourism Holdings (THL) reported a solid 1H26 result, demonstrating progress towards: (1) its medium-term NPAT target; and (2) balance sheet deleveraging.</li><li>Management is making progress towards its NZ$100m NPAT target.</li><li>THL is now trading at ~1.2x net tangible assets (NTA).</li></ul>

Tourism Holdings (THL) reported a solid 1H26 result, demonstrating progress towards: (1) its medium-term NPAT target; and (2) balance sheet deleveraging.Management is making progress towards its NZ$100m NPAT target.THL is now trading at ~1.2x net tangible assets (NTA).

Tourism Holdings 1H26—On Road To Recovery And Redemption

<ul><li>Tourism Holdings (THL) will exit the majority of its UK/Ireland business through a disposal to Indie Campers for ~NZ$58m.</li><li>This represents a favourable exit with a modest gain on sale (we suspect THL would have been happy to exit at book value) and helps management further strengthen its balance sheet to more comfortable gearing levels.</li><li>Since consolidating its ownership of the previous JV business in late 2022, shortly before integrating Apollo's European business, UK/Ireland has been a loss-making venture for THL and consequently a drag on group performance.</li></ul>

Tourism Holdings (THL) will exit the majority of its UK/Ireland business through a disposal to Indie Campers for ~NZ$58m.This represents a favourable exit with a modest gain on sale (we suspect THL would have been happy to exit at book value) and helps management further strengthen its balance sheet to more comfortable gearing levels.Since consolidating its ownership of the previous JV business in late 2022, shortly before integrating Apollo's European business, UK/Ireland has been a loss-making venture for THL and consequently a drag on group performance.

Tourism Holdings Ticking Off Another Strategic Initiative

<ul><li>Tourism Holdings (THL) is making further progress with its key strategic initiatives following the decision to exit Australian manufacturing.</li><li>The closure of its Brisbane manufacturing site will result in a headcount reduction of ~110 frontline and support staff.</li><li>THL previously outlined three other priorities in addition to its Australasian manufacturing and has made meaningful progress in two of them.</li></ul>

Tourism Holdings (THL) is making further progress with its key strategic initiatives following the decision to exit Australian manufacturing.The closure of its Brisbane manufacturing site will result in a headcount reduction of ~110 frontline and support staff.THL previously outlined three other priorities in addition to its Australasian manufacturing and has made meaningful progress in two of them.

Tourism Holdings Pulling Up Stumps in Brisbane

New Zealand

Tourism Holdings Limited provides tourist services in New Zealand and Australia. The Company's services include campervan and motor homes, car rentals and coach services.  The Company also offers sightseeing tours, Antarctic tourist centers, boating tours and cave expeditions.

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Tourism Holdings (THL NZ)