Bremworth Says Largest Shareholder to Vote Against Floorscape Deal; Shares Dive 16%

Bremworth (NZE:BRW) said shareholder David Ferrier and associated investors, who collectively hold a 19.413% stake in the company, have indicated that they intend to vote against the proposed scheme of arrangement with Floorscape, according to a Monday filing with the New Zealand bourse. The board said it was disappointed that Ferrier opposed the deal before shareholders had received the scheme booklet and independent adviser's report, reiterating its view that the transaction delivers the best value for shareholders, per the filing. The company added that it is also in talks with Floorscape to extend the scheme implementation agreement following delays to the Commerce Commission's decision, the filing said. Bremworth's shares tumbled 16% in recent Monday trade.