The announcement also followed finalisation of the company’s $104.2 million insurance settlement earlier this month, following the damage and disruption caused by Cyclone Gabrielle at its yarn-spinning plant in Napier two years ago.
In a note to the NZX yesterday, Bremworth said the review was expected to take several months and there was no certainty any transaction or other change would result. Independent investment banking firm Montarne had been engaged to assist with the review.
The company would provide its FY25 half-year results next week and, as well as providing an overview of financial performance and outlook for the remainder of the financial year, would outline performance ‘‘given the ongoing challenges to the business’’.
Earlier this month, Bremworth chief executive Greg Smith said the insurance settlement was significant as it provided the company with certainty as it continued to assess what the best approach was to rebuild the business to pre-cyclone capability.
