Steel & Tube Confirms Bank Waiver and Property Settlement

Level 7, IBM Building, 25 Victoria
Street, Petone 5012
PO Box 30543
Lower Hutt 5040
P 04 570 5000
2 July 2018
STU / NZX ANNOUNCEMENT

STU CONFIRMS SENIOR DEBT FACILITY WAIVER AND SETTLEMENT OF
PROPERTY SALE

Steel & Tube Holdings Limited (NZX: STU) advises that following the market announcement on 23 May
2018, it has obtained a waiver from its banking partners for the covenant breach arising as a
consequence of the signalled non-trading write downs and impairments on its FY18 earnings. Steel &
Tube confirms that formal documentation on terms satisfactory to the Company, are now in place.

The company also advises that the sale of its property at 375 Blenheim Road, Christchurch for $21.1
million settled on 29 June 2018, as expected. Steel & Tube will lease back the property on a long term
basis, under favourable terms, from the new owners. The net proceeds have been applied to the
repayment of bank borrowings.

ENDS

For further information please contact:

Greg Smith
Steel & Tube CFO
Tel: +64 21 755 803
Email: greg.smith@steelandtube.co.nz
Jackie Ellis
Media and communications
Tel: +64 27 246 2505
Email: jackie@ellisandco.co.nz