Hellaby break up option shows lack of confidence

Bapcor Limited
(ASX: BAP)
New Zealand Media Release

Hellaby break up option shows lack of confidence

9 December 2016: Bapcor Chief Executive Darryl Abotomey says Hellaby’s announcement that it may consider breaking up the company will only serve to provide further uncertainty to shareholders.

“We find it extraordinary that the Hellaby Board has raised this possibility now, when they’ve had all year to consider their options since we first approached them in January.

“A break up option is an admission that they are not confident in their growth strategy, something that has been recognised by shareholders representing 40 per cent of Hellaby’s shares who have already accepted our offer.
“A break up process would likely be a long, drawn out affair – consider the fact Hellaby has been trying to sell their Footwear division for a very long time – and is far from certain to deliver better value than the option from Bapcor which is in front of them now.

“We are offering an attractive value and certainty for Hellaby shareholders - $3.60 cash per share. Hellaby shareholders are encouraged to accept now if they want to realise this attractive value for their shareholding.”

Ends

About Bapcor
Bapcor (ASX: BAP) is Australia’s leading automotive aftermarket parts, accessories and services business with 750 sites across Australia and a market capitalisation as at 6 October of $1.67 billion. Led by Burson Auto Parts, the jewel in the company’s crown, the company employs almost 2,600 people across Australia. Bapcor has three key business segments: Specialist Wholesale; Trade; and Retail, which includes multi-million dollar brands such as Autobarn, Opposite Lock and Midas. Its trade segment supplies over 500,000 units each year to a large distribution network of 30,000 customers. With forecasts showing continued growth in population and the number of vehicles on our roads, Bapcor’s goal is to become the leading provider of aftermarket parts, accessories and services in Australasia. For more information please visit: http://www.bapcor.com.au

This announcement does not constitute an offer to sell, or a solicitation of an offer to buy, securities in the United States or any other jurisdiction in which such an offer would be illegal. Any securities described in this announcement have not been, and will not be, registered under the U.S. Securities Act of 1933 (the “Securities Act”), or the securities laws of any state or jurisdiction of the United States. Accordingly, the securities may not be offered or sold directly or indirectly in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable United States state securities laws.

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