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THL Acquires Fullers Bay of Islands

16 November 2004

Tourism Holdings Limited Acquires Fullers Bay of Islands

Tourism Holdings Limited will acquire the Paihia based tourism business of Fullers Bay of Islands from Marine Tourism Holdings (MTH) owned by entrepreneurs Chris Jacobs, Roger Dold and Peter Murphy on the 1st December 2004.

The business operates two well known brands – Fullers Bay of Islands and Awesome Adventures. It operates four cruising products including the famous Cape Brett Hole in the Rock and Cream Trip cruises, Dolphin Adventures and the Excitor Fast Boa t. Other boat operations include the Russell / Paihia passenger ferry and vehicle ferries at Opua . Fullers also operate coach tours to Cape Reinga via Ninety Mile Beach. Fullers Bay of Islands is one of New Zealand’s great tourism companies.

They were recognised as such in 2000 by winning the ‘Supreme Award’ in the New Zealand Tourism Awards.

“Fullers is a great fit with THL’s existing opera tions and the two companies have the benefit of a long standing and rewarding business association. THL’s coaching operation of Johnston’s, Great Sights and Kiwi Experience together with our NZ Maui and Britz motorhome and car rental businesses all feed o nto Fullers’ products” said Dennis Pickup THL’s Managing Director. THL will take over the business and trademarks on 1st December 2004.

The purchase price for these is $22 million payable in two instalments, $18 million on settlement and $4 million on or about 31 May 2005. Funding for this acquisition is from THL’s Bank facilities. THL expects this acquisition to increase reported EBITA (Earnings Before Interest Tax and Goodwill Amortisation) by $3.3 million for the remaining seven months of this financial year.

All existing Fullers Bay of Island staff will be retained under their current Chief Executive, Kit Nixon who will report to THL’s Managing Director, Dennis Pickup. MTH will continue to operate its Fiji and Whitsundays cruise businesses.

ENDS


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