CVT
27/05/2016 12:08
GENERAL
NOT PRICE SENSITIVE
REL: 1208 HRS Comvita Limited
GENERAL: CVT: Comvita increases interest in SeaDragon by convertible loan
The attached announcement was made to the market by SeaDragon (NZX: SEA)
today.
By way of background, as part of the capital raising in September 2015,
Comvita (NZX: CVT) purchased 13.1% of SeaDragon at a price of $0.008 per
share. In addition to the options issued as part of the capital raise at
$0.015 per share, Comvita was granted further options at $0.008 per share
which would potentially allow it to get to between 25.2% and 30.6%
shareholding in SeaDragon, subject to other option uptake from existing
shareholders. Both of these options were approved by special shareholder
resolution in December 2015.
The additional issuance of an interest bearing convertible loan by SeaDragon
to Comvita would, if consented by shareholders at the upcoming AGM, have the
effect of increasing Comvita's shareholding in SeaDragon to between 30.6% and
36.6%, again subject to option uptake from existing shareholders.
Comvita CEO Scott Coulter says, "Comvita has long believed New Zealand fish
oils can command a premium in the international market as the region is
synonymous with clean, deep blue oceans and high quality, safe, product.
Omega-3 from fish is an important building block in a healthy lifestyle. We
are committed to a long term strategy working through SeaDragon and key
players in the New Zealand fishing industry to develop a high quality source
to shelf supply chain that will create sustainable value for the industry and
our customers in global markets."
Ends
For further information:
Comvita Chair, Neil Craig, 021 731 509
Comvita CFO, Mark Sadd, 027 707 9698
Comvita Communications Manager, Julie Chadwick, 021 510 693
Background information
About Comvita (www.comvita.com)
Comvita (NZX:CVT) is a global natural health products company committed to
the development of innovative products, backed by ongoing investment in
scientific research.
End CA:00283110 For:CVT Type:GENERAL Time:2016-05-27 12:08:49
