New Zealand Professional Investment Services Firm

Forsyth Barr

We are proud to be a New Zealand owned firm, with 21 offices throughout the country and over 300 employees. We assist personal, institutional and corporate clients providing a full range of investment services.

Forsyth Barr is a foundation New Zealand Exchange firm (NZX) and accredited market participant. We have been confirmed by the Financial Markets Authority as a Qualifying Financial Entity (QFE).

Research is the cornerstone of our advice. We have one of New Zealand's leading teams of analysts. Our global affiliations ensure comprehensive research coverage of all major investment markets.

New Zealand Professional Investment Services Firm, Forsyth Barr

Equity Bottom-Up

<h2>Tourism Holdings (THL)<br>Final Exit from TH2/Togo/Roadpass Digital</h2>
<p>Tourism Holdings (THL) has sold its 26.5% minority stake in Roadpass Digital, formerly known as Togo or TH2, to its JV partner Thor for NZ$23.9m. The exit value provides THL a small (NZ$1.6m) gain on sale in 2H22. THL initially commenced a managed exit from Roadpass Digital in the early stages of COVID-19, at which time THL granted Thor an option to acquire THL’s remaining interest for ~US$20m by March 2024.</p>
<p>This early exit from Roadpass Digital, which we consider as value neutral, had been flagged by THL in the Apollo (<a href="http://atl.ax/" target="_blank" data-saferedirecturl="https://www.google.com/url?q=http://ATL.AX&amp;source=gmail&amp;ust=1647563618849000&amp;usg=AOvVaw3v57bQcdgahBLaN7Qy6GE0" rel="noopener">ATL.AX</a>) acquisition scheme booklet and therefore comes as no surprise.</p>
<p>THL’s digital strategy is now focussed on Australasia through Cosmos (fleet management, scheduling and bookings system), telematics (vehicle monitoring) and peer-to-peer rentals (through SHAREaCAMPER &amp; Mighway or if the sale of these business proceeds, through a shareholding in Camplify).</p>

Tourism Holdings (THL) Final Exit from TH2/Togo/Roadpass Digital
Tourism Holdings (THL) has sold its 26.5% minority stake in Roadpass Digital, formerly known as Togo or TH2, to its JV partner Thor for NZ$23.9m. The exit value provides THL a small (NZ$1.6m) gain on sale in 2H22. THL initially commenced a managed exit from Roadpass Digital in the early stages of COVID-19, at which time THL granted Thor an option to acquire THL’s remaining interest for ~US$20m by March 2024.
This early exit from Roadpass Digital, which we consider as value neutral, had been flagged by THL in the Apollo (ATL.AX) acquisition scheme booklet and therefore comes as no surprise.
THL’s digital strategy is now focussed on Australasia through Cosmos (fleet management, scheduling and bookings system), telematics (vehicle monitoring) and peer-to-peer rentals (through SHAREaCAMPER &amp; Mighway or if the sale of these business proceeds, through a shareholding in Camplify).

Tourism Holdings (THL): Final Exit from TH2/Togo/Roadpass Digital