THL sells Roadpass Digital shareholding for NZ$23.9M

Thursday 17th March 2022

THL advises that it has today sold its minority shareholding interest in TH2connect, LLC (trading as Roadpass Digital) to its joint venture partner, THOR Industries, for approximately NZ$23.9 million. The sale represents a one-off gain on sale of approximately NZ$1.6 million against the carrying value of the shareholding.

THL has also received a payment of approximately NZ$823,000, reflecting the pro rata proportion of the fixed annual dividend that was due to be paid by Roadpass Digital to thl in April 2022.

THL first commenced a managed exit from Roadpass Digital in April 2020. At that time, thl granted THOR an option exercisable by March 2024 to purchase thl’s remaining interest in Roadpass Digital for approximately US$20 million.

Grant Webster, thl Chief Executive Officer, said “given thl’s focus on preparing for the return of international tourism, it is an appropriate time for thl to exit its remaining shareholding in the Roadpass Digital joint venture and for THOR to become sole shareholder. With the ongoing support that THOR can provide, we believe that the Roadpass Digital business has an exciting future ahead.”

“THL has valued its digital partnership with THOR originally formed in 2018 and we will continue to work together on various industry opportunities and initiatives.”

ENDS

NZX Release - thl sells Roadpass Digital shareholding for NZ$23.9M

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