Board changes & Withdrawal of meeting request

MARKET RELEASE
18 March 2025

BOARD CHANGES & WITHDRAWAL OF MEETING REQUEST
Bremworth Limited (NZX: BRW) announces that Rob Hewett, Julie Bohnenn, Murray Dyer and Trevor
Burt have been appointed to the Board as new independent directors with immediate effect. Paul
Izzard, Katherine Turner and Dianne Williams are stepping down from the board concurrently. Rob
Hewett will be the new chair of Bremworth, with George Adams and John Rae staying on as board
members.
As required by Bremworth’s constitution, as the new directors have been appointed by the current
Board, each will stand for election by shareholders at Bremworth’s next Annual Meeting of
shareholders. Biographies of each incoming director are included at the end of this announcement.
In accordance with the NZX listing rules, the Board has determined that all incoming directors are
independent.
Rob Hewett, the outgoing co-chair of Silver Fern Farms and current chair of WoolWorks and
Farmlands Co-operative, is widely regarded for his strategic leadership and deep expertise in New
Zealand’s primary industries. He was named Chairperson of the Year at the 2023 Deloitte Top 200
Awards. Under his leadership, the refreshed Board will conduct a comprehensive review of
Bremworth’s operations, ensuring disciplined financial management and a renewed commitment to
the company’s core business and growth opportunities.
“Bremworth is at a crucial crossroads. We appreciate the hard work and dedication of the Board
under George’s leadership during a very challenging period for Bremworth, and its settlement of the
long-running insurance claims process. We will need to call on the experience of all directors as we
take Bremworth into its new era, which demands a fresh approach to drive growth and earnings.
“The new directors and I are committed to bringing our collective agri, operating and governance
experience and skills to stabilising the business, protecting shareholder value, and unlocking the
potential of Bremworth,” says Hewett.
A key priority for the revamped Board is to ensure the latest $42.2 million insurance settlement is
strategically allocated for maximum impact, starting with a period of consolidation and business
transformation. They will also evaluate the ongoing Bremworth strategic review working towards
the best outcome for shareholders.
Despite recent challenges, the fundamentals of Bremworth remain strong. The Board will work with
employees, shareholders and industry stakeholders, alongside experienced carpet industry experts
Warwick Norman and Craig Woolford, to define a clear path forward that prioritises value creation.

Outgoing Chair George Adams commented: “We look forward to working together as a Board to
realise Bremworth’s potential and deliver value for shareholders as we focus on creating the
desirable and superior natural-fibre products that Bremworth is known for.”
Hewett adds: “This transition is about securing the company’s future while preserving its heritage.
There will be a focus on working with Bremworth’s talented staff to maintain operational stability
and business continuity as we set our sights on the opportunities ahead.”
As a result of the constructive engagement since the 1 March 2025 notice requesting that a special
shareholders meeting be convened to consider proposed director changes, the requesting
shareholders have withdrawn their notice.
Incoming Director Biographies

Rob Hewett
Rob has significant governance experience spanning agriculture, horticulture, exporting, renewable
energy, and retail. He is currently Chair of Silver Fern Farms, Farmlands Co-operative and
Woolworks, a former Councillor of Lincoln University and past Chair of Wool Impact. He was
awarded the Deloitte Top 200 Chair of the Year in 2023 and in 2019 received the Co-operative
Business New Zealand Outstanding Contribution Award.

Trevor Burt
Trevor has significant experience leading large and complex corporate organisations, and a proven
record of implementing change and achieving results. Trevor has held significant executive roles in
the global industrial gas sector in Australia, China, the USA and Germany. He currently sits on the
boards of New Zealand Lamb Company (Chair), Market Gardeners, Landpower NZ, NZ Drinks and
Hossack Station. Previously, Trevor has been a board member of MHM Automation (Chair), Ngāi
Tahu Holdings Corporation (Chair), Lyttelton Port (Chair), PGG Wrightson (Deputy Chair), Silver Fern
Farms and Mainpower NZ (Director).

Julie Bohnenn
Julie is an experienced Director and Business Advisor with expertise across agriculture, retail, health,
leisure and corporate travel, and wealth management sectors. She is a Fellow Chartered Accountant
with a proven track record as both a Chair and Audit & Risk Chair. Julie has extensive experience in
business restructuring, market disruption, mergers & acquisitions, stakeholder engagement,
regulatory compliance and project governance. Her current board roles are with Farmlands Co-
operative Society (Chair of Audit and Risk), Forte Health Group, Reform Radiology and Moana
Heights. Previously she has held board positions with J Ballantyne (Chair) and House of Travel Group
(Executive Director).

Incoming Director Biographies (continued)

Murray Dyer
Murray has 30 years of agribusiness, energy and international trade experience. Murray’s career
started in the wool industry with Reid Farmers, has included executive and director roles in textile
trading and co-founding an energy and commodity services business in London. Murray founded and
was Managing Director of Simply Energy. Murray is a shareholder and director of Utility Data
Services and an investor in agritech. He is a Chartered Member of the Institute of Directors, a
graduate of the Kellogg Rural Leaders Program and completed an MIT Sloan Management Executive
program on AI.
ENDS

Approved for release by the Board of Bremworth Limited

For further assistance, please contact: Jack Wheeler | jack.wheeler@pead.co.nz | 021 0233 5803