thl acquires remaining 50% interest in Action Manufacturing

Tourism Holdings Limited
Tel: +64 9 336 4299
The Beach House
Fax: +64 9 309 9269
Level 1, 83 Beach Road
www.thlonline.com
Auckland City

PO Box 4293, Shortland Street

Auckland 1140, New Zealand



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26 February 2021

MEDIA | NZX RELEASE
TOURISM HOLDINGS LIMITED (thl)

THL ACQUIRES REMAINING 50% INTEREST IN ACTION MANUFACTURING

thl today advises that it has entered into an agreement to acquire the remaining 50%
interest in Action Manufacturing from its joint venture partner, Grant Brady.

Action Manufacturing (Action) is Australasia’s leading quality vehicle specialiser, with a team
of 150 crew across three factories in New Zealand, and has operated as a joint venture
partnership between thl and Alpine Bird Manufacturing (owned by Grant Brady) since 2012.

Action is the primary supplier of thl’s motorhome fleet in New Zealand and Australia and
designs and manufactures specialist light commercial vehicles for a number of public and
private organisations in New Zealand and Australia. In 2018, Action expanded by acquiring
Fairfax Industries, a leader in the design and manufacture of refrigerated truck and trailer
bodies in New Zealand.

The acquisition has a purchase price of $9 million, which is to be paid by thl issuing ordinary
shares to the value of $7.5 million to Alpine Bird Manufacturing, with the remainder payable
in cash. A total of 3,260,870 ordinary shares in thl will be issued at a price per share of
$2.30, equating to the volume weighted average price for thl shares for the 30 trading day
period prior to the agreement date. The shares will be subject to escrow arrangements that
will lift periodically over a two year period.

Grant Brady, who has been the Managing Director of Action since its formation, will be
remaining as an Executive Director of Action while also providing transitional support to
current Chief Operating Officer, Chris Devoy, as he steps into a new Chief Executive Officer
role. Chris has been with Action and the broader thl group for 15 years and has successfully
led the specialist commercial vehicle business through several years of growth and
expansion.

thl Chief Executive, Grant Webster, said “the Action businesses have long, local histories and
operate at the forefront of their respective industries in New Zealand manufacturing. Action
is known for its world class ability to design and manufacture bespoke vehicles that deliver
exactly to what the customer use case is. Action has continued to remain profitable
throughout the COVID-19 pandemic and has generated an exciting pipeline of new
business.”

“We are very pleased to be able to accommodate for Grant to take a step back from the
Action business operationally, whilst continuing to remain closely connected to thl through
his role as an Executive Director of Action, as well as through his shareholding in thl. This is
another example of the long history that thl has of working closely with the former owner-
operators within its business.”

thl Chair, Rob Campbell, said “The Action business has a significant amount of potential to
support and grow high value New Zealand manufacturing exports, and is a fundamental part
of thl’s ‘Build – Rent – Sell’ model. We are excited to be able to support the business
through its next stage of growth, with the backing of thl’s balance sheet strength.”

The transaction has an effective date of 28 February and is expected to complete in early
March.

ENDS

Authorised by:

Rob Campbell
Chairman, Tourism Holdings Limited

For further information contact:

Grant Webster
thl Chief Executive Officer
Direct Dial: +64 9 336 4255
Mobile: +64 21 449 210

About thl (www.thlonline.com)

thl is a global tourism operator. We are listed on the NZX and are the largest provider of RVs for rent and sale in
Australia and New Zealand, and the second largest in North America. In the USA, we own and operate the Road Bear
RV Rentals & Sales brand and El Monte RV Rentals & Sales. In the UK, thl owns 49% of Just go Motorhomes. Within
New Zealand, we operate Kiwi Experience and the Discover Waitomo group, which includes Waitomo Glowworm
Caves, Ruakuri Cave, Aranui Cave and The Legendary Black Water Rafting Co. thl also owns and operates Action
Manufacturing LP, New Zealand’s largest motorhome and specialist vehicle manufacturer.