Tourism Holdings Limited (thl) has today released a Replacement Scheme Booklet in relation to the proposed merger of thl and Apollo Tourism & Leisure Ltd (ATL) by way of scheme of arrangement (Scheme).
An updated analysis of expected synergies relating to the merger has indicated an increased quantum, with a steady-state EBIT uplift of NZ$23 – 24m (or a steady-state pre-tax cash synergy of NZ$27 – 31m) on an annually recurring basis.
The ATL directors have recommended that shareholders vote in favour of the Scheme, and the independent expert has concluded that the Scheme is fair and reasonable and in the best interests of ATL shareholders.
Subject to all conditions being satisfied, it is expected that the Scheme will be implemented on 30 November 2022.
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