Scheme of Arrangement Update - NZ Commerce Commission

NZX Statement 11 March 2026

Scheme of Arrangement Update – New Zealand Commerce Commission
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 Industries, 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 13 March 2026. The NZCC has now advised that it requires an extension to this
decision date and Floorscape has agreed to a revised decision date of 2 April 2026.
An extension of this nature is reasonably common during NZCC clearance processes –
reflecting the NZCC's need to give careful consideration to all relevant evidence. Bremworth
remains confident in the merits of the Scheme for shareholders and New Zealand consumers
and will continue to work with the NZCC as it works towards its revised decision date.
The Board also refers to its announcement on 10 April 2025 relating to the appointment of Craig
Woolford as interim Chief Executive OƯicer. The Board has extended Craig's appointment to 31
July 2026. It is expected that around this time, Bremworth will have greater clarity on its
strategic direction, enabling the Board to provide an update on the ongoing role arrangements.

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