New Zealand Professional Investment Services Firm

Forsyth Barr

We are proud to be a New Zealand owned firm, with 21 offices throughout the country and over 300 employees. We assist personal, institutional and corporate clients providing a full range of investment services.

Forsyth Barr is a foundation New Zealand Exchange firm (NZX) and accredited market participant. We have been confirmed by the Financial Markets Authority as a Qualifying Financial Entity (QFE).

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.

New Zealand Professional Investment Services Firm, Forsyth Barr

Equity Bottom-Up

<ul><li>Tourism Holdings (THL) received a non-binding indicative offer from a consortium led by BGH Capital, offering NZ$2.30 per share, which represents a 57% premium to the previous closing price.</li><li>The THL board is expected to reject the offer as it undervalues both the company's asset and earnings potential.</li><li>BGH Capital has a history of increasing its initial bids for listed companies, suggesting a higher offer might be forthcoming.</li></ul>

Tourism Holdings (THL) received a non-binding indicative offer from a consortium led by BGH Capital, offering NZ$2.30 per share, which represents a 57% premium to the previous closing price.The THL board is expected to reject the offer as it undervalues both the company's asset and earnings potential.BGH Capital has a history of increasing its initial bids for listed companies, suggesting a higher offer might be forthcoming.

Tourism Holdings - Someone's Knocking on the Motorhome Door