Scheme of Arrangement Update - NZ Commerce Commission

11/03/2026 08:30 NZDT, TRANSACT

Scheme of Arrangement Update - New Zealand Commerce Commission

On 2 October 2025 Bremworth Limited ("Bremworth") (NZX Code: BRW) announced it had entered into a scheme implementation agreement ("SIA") with Floorscape Limited ("Floorscape"), and Mohawk Industries, Inc. (as guarantor) under which Floorscape agreed to acquire all of Bremworth's shares through a Scheme of Arrangement ("Scheme").

The SIA is conditional upon the satisfaction of certain conditions, including New Zealand Commerce Commission ("NZCC") approval.

The NZCC previously advised that it would make a decision on Floorscape's clearance application by 13 March 2026. The NZCC has now advised that it requires an extension to this decision date and Floorscape has agreed to a revised decision date of 2 April 2026.

An extension of this nature is reasonably common during NZCC clearance processes – reflecting the NZCC's need to give careful consideration to all relevant evidence. Bremworth remains confident in the merits of the Scheme for shareholders and New Zealand consumers and will continue to work with the NZCC as it works towards its revised decision date.

The Board also refers to its announcement on 10 April 2025 relating to the appointment of Craig Woolford as interim Chief Executive Officer. The Board has extended Craig's appointment to 31 July 2026. It is expected that around this time, Bremworth will have greater clarity on its strategic direction, enabling the Board to provide an update on the ongoing role arrangements.

11 March 2026

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