THL's valuation conundrum

A pickup towing a caravan overturned on State Highway 1 in Wellington around 11:30 am. Northbound traffic is blocked; no injuries reported.

From June 7, blue self-containment warrants for freedom camping will no longer be valid. Vehicle owners must switch to the new green warrant system by June 6. Camping on public land without a green warrant may result in a $400 infringement notice. The transition period, which began in December 2023, ends with over 68,000 vehicles already certified under the new system.

Starting June 7, 2026, new regulations for motorhomes used for freedom camping take effect in New Zealand. Traditional blue self-containment certificates are being replaced by 'green stickers,' which require a fixed toilet. A fine of NZ$400 applies for not having the green sticker.

From June 7, blue warrants for campervans are invalid. Drivers must switch to the new green warrant by June 6 or face a fine of up to NZ$400. The transition period that began in December 2023 ends; over 68,000 vehicles have been certified.

Tourism Holdings (THL), a campervan rental group, has downgraded its full-year net profit forecast for FY26 to $40–43 million from $43–47 million, citing softer consumer confidence, global travel disruption, and Middle East conflict impact on vehicle sales. The company also confirmed receiving a revised non-binding takeover proposal from a consortium led by BGH Capital and the Trouchet family, which already holds 19.9% of THL shares. The indicative offer is $3.10 per share in cash, expiring on June 12 if no response. THL shares rose nearly 30% on the NZX to $2.83.

Private equity firm BGH Capital and the Trouchet family have increased their offer for Tourism Holdings to NZ$3.10 per share in cash. The consortium already holds nearly 20% of the multinational motorhome and tourism operator, which operates a fleet of over 8,500 vehicles. The company has meanwhile downgraded its earnings forecasts and expects to carry $70 million more debt by year-end.