CVT
12/11/2014 09:31
GENERAL
REL: 0931 HRS Comvita Limited
GENERAL: CVT: Notice of Offer of Same Class Financial Products
Comvita Limited ("CVT") proposes to make a pro rata 1 for 5 renounceable
rights offer of new ordinary shares ("New Shares") at an issue price of
$3.55, and a shortfall bookbuild offer of New Shares attributable to rights
not taken up in the rights offer (together "the Offer"). The maximum number
of New Shares being offered under the Offer is 6,861,079. The New Shares will
have identical rights, privileges, limitations and conditions as CVT's
existing ordinary shares which are quoted on the NZX Main Board under the
ticker code "CVT". The New Shares are therefore of the same class as the
existing CVT shares for the purposes of the Financial Markets Conduct Act
2013 ("Act") and the Financial Markets Conduct (Phase 1) Regulations 2014
("Regulations").
Comvita gives notice under clause 17(1)(a) of Schedule 1 of the Regulations
that it proposes to offer the New Shares in reliance upon the exclusion in
clause 19 of Schedule 1 of the Act.
As at the date of this notice, CVT is in compliance with:
(a) the continuous disclosure obligations that apply to it in relation to
CVT's existing listed ordinary shares; and
(b) its "financial reporting obligations" within the meaning set out in
clause 17(4) of Schedule 1 of the Regulations.
As at the date of this notice there is no information that is "excluded
information" within the meaning set out in clause 17(4) of Schedule 1 of the
Regulations.
If all shareholders in CVT take up their rights there will be no change to
each shareholder's percentage shareholding in CVT. If some shareholders do
not take up their rights, their percentage shareholding in CVT will reduce
following completion of the Offer.
The Offer and the issue of the New Shares will have no effect on the
"control" of CVT (within the meaning of clause 48 of Schedule 1 of the Act).
# Ends #
For further information:
Comvita CEO, Brett Hewlett, 021 740 160
Comvita Chairman, Neil Craig, 021 731 509
Background information
About Comvita (www.comvita.com)
Comvita (NZX:CVT) is a global natural health company committed to the
development of innovative products, backed by ongoing investment in
scientific research. We are the world leaders in Manuka (leptospermum) honey
and fresh-picked Olive Leaf Extract, which are at the core of the Comvita
product range.
We have approximately 50% of honey supply under direct ownership or control,
with the balance of supply from long term contractual and partnership
arrangements. Comvita pioneered the development and use of medical grade
Manuka honey and was the first to receive FDA approval (2007). We partner
with US wound care company Derma Sciences, Inc. (NASDAQ:DSCI), the global
licensee for Medihoney specialist wound care products, which are used in
hospitals and medical centres around the world. Comvita's freshly picked
Olive Leaf Extract is grown, harvested, extracted and bottled at the world's
largest specialised olive leaf grove, with over one million olive trees.
Comvita sells into more than 18 countries through a network of our own
branded retail locations, online (nine country specific e-commerce websites)
and third-party outlets. We have over 450 staff located in New Zealand,
Australia, Hong Kong, Japan, Taiwan, South Korea, the United Kingdom and the
USA.
End CA:00257535 For:CVT Type:GENERAL Time:2014-11-12 09:31:41
