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- Release Date: 25/05/12 16:32
- Summary: BUYBACK: CVT: Comvita Announces Share Buy-Back
- Price Sensitive: No
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CVT
25/05/2012 14:32
BUYBACK
REL: 1432 HRS Comvita Limited
BUYBACK: CVT: Comvita Announces Share Buy-Back
Global natural health and beauty products company Comvita plans to acquire on
market up to 200,000 of its ordinary shares.
Comvita Chairman Neil Craig said, "these shares will be held as treasury
stock and subsequently used as part of a value-add bonus scheme to reward our
most loyal beekeeper suppliers who have contributed to the continued growth
of Comvita. Shares provide a way for suppliers to participate in the
value-add that Comvita has been able to achieve by selling premium branded
products in local and overseas markets."
"It was felt a share buyback was the most appropriate mechanism to use as it
would not dilute our existing shareholders holdings in Comvita."
Comvita therefore proposes to acquire its own shares by offers made through
NZX's order matching market as follows:
(a) Offer period: The maximum period during which offers will be made is
from and
including 31 May 2012 (being three clear Business Days' notice after the date
of this notice) to 31 July 2012.
(b) Equity securities to be acquired: The equity securities to be acquired
during the
offer period are up to 200,000 Ordinary Shares, being less than 0.8 percent
of Comvita's total Ordinary Shares.
The cost of this buyback has been provided for in our 2012 financial result.
Dated the 25 day of May 2012.
# Ends #
For further information, please contact:
Comvita Chairman Neil Craig, 021 731 509
Comvita CEO, Brett Hewlett, 021 740 160
About Comvita www.comvita.co.nz
Comvita is an international natural health and beauty products company with a
strong New Zealand heritage. We are committed to the development of
innovative natural health and wellbeing products, backed by credible
scientific research.
We develop and manufacture products in the categories of Health Care,
Personal Care (Skincare and Wound Care) and Functional Foods (Health Foods).
Manuka (leptospermum) honey is at the core of the Comvita product range and
we are the largest manufacturer and marketer of this uniquely New Zealand
resource.
We sell into more than 18 countries through a network of wholesale and
third-party outlets, more than 470 branded retail outlets throughout Asia -
including 400 stores in 40 cities in mainland China and online. We have
offices in New Zealand, Australia, Hong Kong, Japan, Taiwan, South Korea and
the United Kingdom.
End CA:00223276 For:CVT Type:BUYBACK Time:2012-05-25 14:32:16
