Tourism Holdings Limited (NZX: THL) Sells Mighway and SHAREaCAMPER to Camplify

Tuesday 26th October 2021

SALE OF PEER TO PEER BUSINESSES MIGHWAY AND SHAREACAMPER TO ASX LISTED CAMPLIFY HOLDINGS (ASX:CHL)

Summary:

• thl has entered into an agreement to sell Mighway and SHAREaCAMPER to Camplify Holdings Limited (CHL) for a purchase price of AUD$7.37M (subject to closing adjustments).

• The purchase price is to be satisfied by CHL issuing new fully paid ordinary shares to thl.

• Shares will be issued in two equal tranches. The first tranche will be issued on completion and the second tranche will be issued 12 months after completion.

• The issue price for the first tranche is AUD$3.34, being the 20 day volume weighted average price (VWAP) for CHL shares prior to signing of the agreement. The issue price for the second tranche will be the lesser of the first issue price and the 60 day VWAP for CHL shares prior to the second issue date (with the VWAP subject to a minimum of AUD$1.42).

• An ongoing strategic relationship formed between thl and CHL including thl providing managed services for Camplify RV owners through the thl owned RV Super Centre (RVSC) network.

thl today announces that it has entered into an agreement to sell the Mighway and SHAREaCAMPER businesses to ASX listed entity Camplify Holdings Limited for AUD$7.37M. Based on the purchase price, the sale represents a profit on sale of the businesses of approximately NZD$6.3M, subject to closing adjustments.

As part of the transaction, additional commercial agreements will be entered into providing the basis for a strategic relationship between the two companies. thl will provide managed services to Camplify RV owners and the two companies will work together on opportunities to grow both Camplify and thl’s RVSC business.

Grant Webster, thl Chief Executive Officer, said “this transaction ensures that thl maintains a presence in the peer-to-peer sector in New Zealand, and benefits from the scale that Camplify has achieved in Australia.

“We will be able to continue to leverage the benefits of the RV owner network for the thl RVSC sales, service and retail businesses, while minimising the financial risks to thl.

As a shareholder of Camplify we look forward to benefiting from the opportunities Camplify creates, which are different to the commercial owned-fleet model that thl operates globally, and delivering on the growth opportunities that exist for our RVSC business.

We thank all the thl crew that have been involved in creating these businesses in New Zealand and enabling this opportunity.”

Camplify CEO and founder Justin Hales said “we’re excited about the opportunities that will be created by establishing a relationship between our companies. This acquisition delivers Camplify a strategic and targeted growth opportunity in two of our key markets that complements our growth and enables the benefit of thl joining our share register.”

The sale is expected to complete on 30 November 2021 and is conditional on approval being obtained for the assignment of Mighway’s customer insurance contract to Camplify.

Please see the link below for details

NZX Release - thl sells Mighway and SHAREaCAMPER to Camplify

Source: Tourism Holdings Limited

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