- Release Date: 25/07/13 17:32
- Summary: MEETING: CVT: Comvita 2013 Annual Shareholders Meeting - Presentation
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CVT 25/07/2013 15:32 MEETING REL: 1532 HRS Comvita Limited MEETING: CVT: Comvita 2013 Annual Shareholders Meeting - Presentation CHAIRMAN'S REPORT COMVITA LTD ANNUAL SHAREHOLDER MEETING THURSDAY, 25 JULY 2013 AT 2.00pm CHAIRMAN'S ADDRESS You will have a formal Agenda of Business via the Notice of Meeting, we must conclude today. We are lucky enough to have Ed Quilty here but as he needs to leave early to catch a 3.30pm flight, we will turn the Agenda on its head a little and ask Ed to speak for a few minutes now on Derma Sciences. Derma you will recall, is the company in which CVT invested in as part of a Licencing Agreement for our launch of medical honey dressings and patents. Currently, Comvita has an equity stake in Nasdaq-listed Derma Sciences (DSCI) valued today at approx. NZ $17 million, comprising: - 864,880 ordinary shares @ US$14 per share - 233,000 warrants valued @ approx. US$7 per warrant On a fully diluted basis (for all warrants and options on issue), Comvita holds 5.05% of issued equity. Brett Hewlett, our CEO, has a seat on the Derma Board. This equity in Derma Sciences was acquired contemporaneously with licencing agreements completed with Derma Sciences (for a mixture of cash and shares) in early 2006 and December 2009. Comvita's ownership of this stake in Derma Sciences is independent of the Licencing Agreement. Under the Licencing Agreement with Derma Sciences: - Derma has exclusive worldwide rights to manufacture and sell the full range of Medihoney woundcare and skincare products to the professional and medical market worldwide. - Comvita retains exclusive worldwide rights to sell the same products to the Over the Counter (OTC) market. - Derma manufacture the range of Medihoney products for Comvita to sell to OTC customers. - Comvita supply medical grade manuka honey to Derma. - A joint Research & Development co-operation agreement between Derma and Comvita. The global licencing rights agreement has proven to be outstandingly rewarding for both Derma and Comvita: - From a standing start in 2006, Derma Sciences Medihoney sales are now at a run rate of US$15 million pa and Comvita now receives a royalty stream of approx. $400,000 per quarter and growing. - Comvita has received its second capital milestone payment of US$1 million in 2012-2013 based on Medihoney sales reaching sales targets defined upon signing the Agreement. - Sales by Derma Sciences are continuing to grow at approx. 40% pa. Our working relationship at operational and Board level, with Derma Sciences remains very strong - against this background, I am delighted to have Ed Quilty, the CEO and Chair of Derma Sciences, address you for a few minutes. The programme from here is that I will run through a few slides on our Result and where we are, in our view, as a Company. Brett will then provide an operational overview, then we will cover off the shareholder Resolutions. Refer to attached presentation. I'd now like to hand over to Brett Hewlett, CEO. Ends For more information: Neil Craig Chairman Tel: +64 21 731 509 Brett Hewlett Chief Executive Tel: + 64 21 740 160 Julie Chadwick Communications Manager Tel: +64 21 510 693 About Comvita (www.comvita.co.nz) Comvita (NZX:CVT) is an international natural health and beauty company committed to the development of innovative products, backed by credible scientific research. We are the global leader in Manuka (leptospermum) honey and fresh-picked Olive Leaf Extract, which are at the core of the Comvita product range. We have more than 35,000 beehives under contract and direct control with more than 5000 producing specialist medical-grade Manuka honey. Comvita's Fresh Olive Leaf Extract is grown, harvested, extracted and bottled at the world's largest specialised olive leaf grove, with over 580,000 olive trees. Comvita sells into more than 18 countries through a network of wholesale and third-party outlets and online. We have offices in New Zealand, Australia, Hong Kong, Japan, Taiwan, South Korea and the United Kingdom. End CA:00238976 For:CVT Type:MEETING Time:2013-07-25 15:32:16
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