Media Statement February 2019

AR R OW IN T ER N AT I ON AL ( N Z ) LIM I TED

The board of Arrow International (NZ) Limited confirms that the Directors have agreed to
appoint Voluntary Administrators pending Court approval.

The board says, “This is not the outcome we wanted or expected, but in light of a recent
adjudicator’s decision, we had no choice but to take this course of action. We were greatly
surprised by the adjudication in favour of another contractor in a disputed Auckland project, and
the financial obligation attached to the decision left Arrow with insufficient cashflow to meet its
day-to-day operating costs.

“We have managed the tough trading conditions which have stressed the entire sector, but this
unexpected result has affected solvency to the point that we could not sustain trading as we
have been.”

Arrow International’s founders Ron Anderson and Bob Foster say, “We started Arrow in
Dunedin in 1984 and have been very fortunate to work on many significant building projects with
great people, friends and work associates. In recent times, the construction industry has
become challenging and there is a disproportionate level of risk carried by contractors.

“It is the desire of the Directors to work with Voluntary Administrators as it provides Arrow
International with the opportunity to minimise disruption, while working to stabilise the business
after this unexpected adjudication outcome. Importantly, most of our large projects have been
completed or are near completion and wherever possible the project teams will be retained to
successfully complete the works.”

ends

For more information:

Alexander PR Alexander PR
Laura Burns Kate Alexander
+64 (0)9 347 1046 +64 (0)27 244 6094
laura@alexanderpr.co.nz kate@alexanderpr.co.nz