Update on the Scheme of Arrangement

NZX Statement 19 December 2025
Scheme of Arrangement Update
On 2 October 2025 Bremworth Limited ("Bremworth") (NZX Code: BRW) announced it
had entered into a scheme implementation agreement ("SIA") with Floorscape Limited
("Floorscape"), and Mohawk, Inc. (as guarantor) under which Floorscape agreed to
acquire all of Bremworth's shares through a Scheme of Arrangement ("Scheme").
The SIA is conditional upon the satisfaction of certain conditions, including New
Zealand Commerce Commission ("NZCC") approval.
The NZCC previously advised that it would make a decision on Floorscape's clearance
application by 22 December 2025. The NZCC has advised that it is continuing to assess
the competitive effects of the proposed transaction, and so it intends to publish a
Statement of Issues and is seeking agreement from Floorscape to extend its decision
date. The proposed publication by the NZCC of a Statement of Issues is a regular part of
the merger clearance process – it is not a final decision and does not mean that the
NZCC intends to clear or decline a merger. Rather the publication of a Statement of
Issues reflects that the NZCC considers it requires additional time to consider relevant
issues, and will invite Floorscape, Bremworth and interested parties to provide further
information relating to those matters. The NZCC will publish its new target decision
date on its website once confirmed with Floorscape.
Bremworth remains confident in the merits of the Scheme for shareholders and New
Zealand consumers and will work with the NZCC as required to respond to the
Statement of Issues.
ENDS
For media enquiries, please contact:
Rob Hewett
Bremworth Ltd
M: +64 21 341 744