CVT
29/07/2013 17:28
ALLOT
REL: 1728 HRS Comvita Limited
ALLOT: CVT: 731,250 Redeemable Ordinary Shares Issued
731,250 redeemable ordinary shares issued to
Comvita Share Scheme Trustee Limited
The Board of Comvita has agreed to issue a further 731,250 shares under the
Comvita Partly Paid Share Scheme established and approved by the shareholders
in 2006 and amended in September 2009.
This new issuance to existing staff broadens the Scheme to now cover a total
of 39 executives of Comvita. We now have 1,533,250 shares in the Comvita
Partly Paid Share Scheme, being 4.99% of total shares on issue (including
partly paid shares). The issue price is $3.90 per share, being the 10 day
Volume Weighted Average Price (VWAP) at the last 10 trading days on the NZX.
The Board believe the essential merits of the Scheme are as relevant today as
they were 7 years ago, ie aligning the interests of the Executive with the
shareholders through incentivising them to grow the value of the Company. It
is also designed to assist the Company to attract, motivate and retain key
employees.
The key terms of the Scheme are:
o The Executive must be employed at the time of vesting.
o 50% vest 2 years after issue date; 25% vest 3 years after issue date; 25%
vest 4 years after issue date
o In order for the shares to vest, the Share Price Hurdle must be met.
Simply, for the employees to be allowed to pay the $3.90 per share at
vesting, the market price of Comvita's shares must increase between now and
vesting date by the weighted average cost of Comvita's capital each year less
any dividends paid by Comvita.
Note, more detailed description of the Scheme is contained in the Explanatory
Notes to the 2006 Annual Shareholder Meeting. .
Contact: Neil Craig, Chairman, Comvita Ltd
Ph: 021 731 509
731,250 redeemable ordinary shares issued to Comvita
Share Scheme Trustee Limited
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: 731,250;
(c) the nominal value (if any) and issue or acquisition price: $3.90 per
share;
(d) whether payment was in cash: Offer to Company Executives under the
Comvita Limited Partly Paid Share Scheme with payment of one cent per share
paid in cash upon issue;
(e) any amount paid up (if not in full): one cent per share;
(f) the percentage of the total Class of Securities issued or acquired: 2.5%
of issued Ordinary Shares before this share issue;
(g) the reason for the issue or acquisition: Offer to Company Executives
under the Comvita Limited Partly Paid Share Scheme;
(h) the specific authority for the issue or acquisition (if any): 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 attached explanatory Note;
(j) the total number of Securities of the Class in existence after the issue
or acquisition: 1,533,250 Partly Paid Redeemable Shares which are not quoted.
Quoted Ordinary Shares remain unchanged at 29,182,278;
(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; and
(l) the dates of issue or acquisition: 29th July 2013.
End CA:00239068 For:CVT Type:ALLOT Time:2013-07-29 17:28:51
