4.1 Investment in Equity Securities
During 2015 and 2018 Briscoe Group Limited acquired a total of 42,673,302 shares in Kathmandu Holdings Limited
(Kathmandu) for a cost of $74,250,932.
In October 2019, as part of the capital raising programmes initiated by Kathmandu in
relation to their acquisition of the Rip Curl business, Briscoe Group Limited acquired a further 5,334,163 shares for a cost of
$13,602,116.
This increased holding represented a 16.27% ownership in Kathmandu Holdings Limited as at 26 January 2020.
These shares are equity investments, quoted in the active market, which the Group has elected to designate as a financial asset
at fair value through other comprehensive income (FVOCI). An adjustment was made at period end to reflect the fair value of
these shares as at 26 January 2020 (Note 1)
1. Fair value determined to be $3.21 per share as per NZX closing price of Kathmandu Holdings Limited as at 24 January 2020 (2019: $2.39) (Level 1 in the fair value hierarchy)..
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