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) 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