- Release Date: 29/01/16 15:17
- Summary: GENERAL: CVT: Strong Uptake in Share Scheme for Honey Suppliers
- Price Sensitive: No
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CVT 29/01/2016 15:17 GENERAL NOT PRICE SENSITIVE REL: 1517 HRS Comvita Limited GENERAL: CVT: Strong Uptake in Share Scheme for Honey Suppliers Comvita Limited (NZX: CVT) announced in February 2015 that it was commencing a share scheme to reward its largest and most loyal honey suppliers who committed to long term supply agreements. In May 2015 Comvita announced that it was introducing a separate, but similar scheme to recognise and reward the former suppliers of New Zealand Honey Producers Co-Operative Limited who transitioned their honey supply to Comvita on an exclusive basis. In accordance with the rules of the respective Schemes, today Comvita has transferred 346,957 shares from Comvita Treasury Stock to the Trustee of the Schemes at a value of $8.55 per share. Approximately 76,000 of these shares will be released to the 62 beekeeper members for the first year of supply in accordance with the terms of the respective Schemes. The balance will be released from the Trustee to the beekeepers when they fulfil their contract supply obligations over the next two years. Comvita CEO Scott Coulter said, "Both Schemes were well received by the beekeeping supply community and the uptake from those suppliers invited to participate in the Schemes has been strong. As such, the total number of suppliers and total volume of honey to be supplied under the Schemes has surpassed our targets." The Schemes will progressively reward those beekeepers who identified the value in establishing a long term supply partnership with Comvita, in the form of shares. Through this innovative approach, these honey suppliers are able to participate in the value-add that Comvita can bring to raw honey and the resulting profitability of Comvita through dividend flow and capital appreciation of Comvita shares. The success of the two Schemes has demonstrated that a growing number of New Zealand beekeepers are seeking longer term surety on price and customer demand when selling their crop. They see the benefits to themselves, the industry and customers when supply commitments are formalised under long term contracts. The Schemes will serve as a strong foundation for the supply model and collaborative approach that Comvita will continue to operate into the future. Ends For further information: Scott Coulter, Comvita Chief Executive, Ph. 021 386 988 Neil Craig, Comvita Chairman, Ph. 021 731 509 About Comvita (www.comvita.co.nz) 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 (seven country specific e-commerce websites) and third-party outlets. We have over 500 staff located in New Zealand, Australia, Hong Kong, Japan, South Korea, the United Kingdom and the USA. End CA:00277010 For:CVT Type:GENERAL Time:2016-01-29 15:17:04
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- Ann: GENERAL: CVT: Strong Uptake in Share Scheme for Honey Suppliers
Ann: GENERAL: CVT: Strong Uptake in Share Scheme for Honey Suppliers
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