CVT
17/12/2014 10:10
RIGHT
PRICE SENSITIVE
REL: 1010 HRS Comvita Limited
RIGHT: CVT: Capital Raising Successfully Completed
Comvita Limited (NZX:CVT) today announces the successful completion of its 1
for 5 pro-rata Renounceable Rights Offer. The Shortfall Bookbuild, of new
shares attributable to the rights of shareholders who did not participate,
was conducted on 16 December and priced at $3.80 per share. This provided a
premium of 25 cents per share accruing to certain shareholders who could not
or who did not take up their entitlement under the Offer. The bookbuild was
strongly bid by a number of existing and new shareholders which resulted in
heavy pro-rated scaling for all bidders at $3.80 per share.
Comvita Chairman Neil Craig said, "The completion in full of the rights offer
and Shortfall Bookbuild will result in receipt of funds totalling $24.356
million and will enable Comvita to repay bank debt incurred to complete
recent acquisitions and infrastructural projects as well as providing the
Company with the balance sheet flexibility to pursue further acquisitions
that fit within Comvita's investment criteria."
"The rights offer (at $3.55 per new share) received strong shareholder
support with 5.573 million new shares taken up by existing and new
shareholders during the rights offer. The shortfall of 1.288 million shares
offered in the bookbuild was from a combination of shares not subscribed for
by existing eligible holders and rights that accrued to ineligible
shareholders domiciled outside New Zealand or ineligible shareholders who are
participants in the partly paid executive share scheme."
"This shows Comvita's business strategy and growth prospects are well
understood by the market. The Board wishes to thank all shareholders for
their continued support of the Company."
The new shares subscribed for under the rights offer and the Shortfall
Bookbuild are expected to be allotted and to commence trading on the NZX Main
Board on 19 December 2014.
The premium achieved on the Shortfall Bookbuild will be paid pro-rata to the
holders of unexercised rights (less transaction costs), with dispatch of
payments expected to occur on 22 December 2014.
Deutsche Craigs, as lead manager, managed the Shortfall Bookbuild for
Comvita.
For further information or queries:
Comvita CEO, Brett Hewlett, 021 740 160
Comvita Chairman, Neil Craig, 021 731 509
Comvita Communications Manager, Julie Chadwick, 021 510 693
Background information
About Comvita (www.comvita.com)
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 (nine country specific e-commerce websites)
and third-party outlets. We have over 450 staff located in New Zealand,
Australia, Hong Kong, Japan, Taiwan, South Korea, the United Kingdom and the
USA.
End CA:00259013 For:CVT Type:RIGHT Time:2014-12-17 10:10:58
