CVT
02/10/2015 13:30
ASSET
NOT PRICE SENSITIVE
REL: 1330 HRS Comvita Limited
ASSET: CVT: SeaDragon announces successful capital raising
Comvita secures position through shortfall bookbuild.
Comvita (NZX:CVT) is pleased to announce they have secured a strong position
in SeaDragon through the shortfall bookbuild at the completion of SeaDragon's
capital raising.
SeaDragon yesterday announced it had raised $10.009 million via rights offer
and shortfall bookbuild, as well as additional placement. The new capital
included the maximum $9,009,140 from SeaDragon's three-for-five rights offer
and shortfall bookbuild. It also included an additional $1,000,000 by placing
125,000,000 shares and options to a number of qualifying wholesale investors.
These additional shares and options were issued for the same consideration
and on the same terms as those issued through the rights offer and shortfall
bookbuild.
SeaDragon Chairman Colin Groves said: "In yesterday's shortfall bookbuild,
the company received demand for shares well in excess of the amount provided
by the rights offer and was facing the prospect of having to scale bids.
However, after receiving expressions of interest from a number of qualifying
wholesale investors, we decided to raise additional capital to give the
company greater flexibility to pursue its growth plans."
As a result of Comvita's partial underwrite, its final allocation was
410,987,830 shares and options representing an aggregate investment of
$3,287,902.64 for 13.14% of the issued and outstanding ordinary shares (and
18.77% on a fully diluted basis assuming the exercise of all 1,251,142,517
options issued as part of the rights offer).
Comvita Chairman Neil Craig said: "It was very pleasing to see such a strong
interest in SeaDragon during the shortfall bookbuild process and we are
supportive of the extra capital that has been raised through the additional
placement. We are very happy to have ended up with an 18.77% position in
SeaDragon."
Ends
For further information:
Brett Hewlett, Comvita CEO, 021 740 160
Neil Craig, Comvita Chairman, 021 731 509
Kathy Gieck, Media, 021 547 194
End CA:00271218 For:CVT Type:ASSET Time:2015-10-02 13:30:29
