CVT
04/12/2012 17:17
CONV
REL: 1717 HRS Comvita Limited
CONV: CVT: Conversion of Shares Under Partly Paid Share Scheme
Comvita Limited established the Comvita Limited Partly Paid Share Scheme
("the Scheme") by Deed dated 26 May 2006 to enable certain senior employees
of the company to acquire shares issued in the company. It is designed to
create an alignment of interest between Comvita's senior employees and its
shareholders through incentivising them to grow the value of the Company.
The Scheme has been expanded significantly since 2006 and now covers 30
senior employees of the Company. Two tranches totalling 628,000 redeemable
shares in the Scheme have met designated share price hurdles and under the
terms of the Scheme, convert into ordinary shares at the election of the
employee and upon them paying the relevant issue price. 132,000 shares are
being issued to 18 senior employees at $1.18 and a further 496,000 shares are
being issued to 17 senior employees at $2.12 per share.
On 4th December 2012, the Trustees of the Scheme have transferred redeemable
shares in Comvita Limited to the relevant employees in accordance with the
Scheme. As a result of the transfer, 628,000 redeemable shares in Comvita
Limited have been converted into 628,000 ordinary shares. Total ordinary
shares on issue now total 29,096,681. 913,000 redeemable shares remain to be
converted under the Scheme.
For further information:
Comvita CEO, Brett Hewlett, 021 740 160
Comvita Chairman, Neil Craig, 021 731 509
Comvita Communications Manager, Julie Chadwick, 021 510 693
Background information
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.
Announcement to NZX
For immediate release
628,000 redeemable shares converted to ordinary shares and issued to
Executives as per the rules of the Scheme.
We hereby advise the NZX in accordance with NZSX Listing Rule 7.12.1 that
Comvita Limited ("CVT") has issued securities, the details of which are as
follows:
(a) Class of Security and ISIN: Partly Paid Redeemable Ordinary Shares
NZCVTE000157
(b) the number issued or acquired: 628,000;
(c) the nominal value (if any) and issue or acquisition price: 132,000 shares
at $1.18 per share and 496,000 shares at $2.12 per share;
(d) whether payment was in cash: Yes;
(e) any amount paid up (if not in full): fully paid up;
(f) the percentage of the total Class of Securities issued or acquired:
2.2059% of issued Ordinary Shares before this share issue;
(g) the reason for the issue or acquisition: Convert entitlements to Ordinary
Shares for Company Executives under the Comvita Limited Partly Paid Share
Scheme;
(h) the specific authority for the issue or acquisition (if any): Refer to
terms of the Comvita Limited Partly Paid Share Scheme and Directors
Resolution;
(i) any terms or details of the issue or acquisition (such as an escrow
provision): The key terms are set out in the initial disclosure of the offer;
(j) the total number of Securities of the Class in existence after the issue
or acquisition: 913,000 Partly Paid Redeemable Shares which are not quoted.
Quoted Ordinary Shares increased to 29,096,681;
(k) in the case of an acquisition of shares by an Issuer which is a company
registered under the Companies Act 1993, whether those shares are to be held
as Treasury Stock: N/A;
(l) the dates of issue or acquisition: 4th December 2012.
End CA:00230670 For:CVT Type:CONV Time:2012-12-04 17:17:08
