NZX listed Comvita Limited has announced the successful completion of a 1 for 5 renounceable rights offer and shortfall book build, raising $24.4million.

On the 17 December 2014, existing Comvita shareholders were given the opportunity to subscribe for 1 new share for each existing 5 shares they owned in the company at a price of $3.55 per share.   A large percentage of shareholders took up the opportunity.  Shares belonging to shareholders who did not take up the offer, or who were unable to participate due to securities law restrictions (e.g. overseas shareholders), were taken up by existing and new shareholders in the shortfall book build at a price of $3.80 per share.

The rights issue was the first in the region to be completed in accordance with the new securities laws contained in the Financial Markets Conduct Act 2013. Sharp Tudhope Partner Kylie van Heerden led the legal team for Comvita throughout the offer process, working closely with lead investment manager, Deutsche Craigs Limited.

 "It is great to see such high quality commercial activity in the region and to have the opportunity to work with companies like Comvita who are continuing to grow and deliver value not only to its shareholders, but to the region at large," says Kylie.

Kylie and Sharp Tudhope regularly advise Comvita on commercial and strategic matters, recently representing Comvita in its $12.3 million acquisition of New Zealand Honey Limited in Timaru and also in the creation of a strategic joint venture with East Taupo Lands Trust, a registered Maori authority of Ngati Tūwharetoa.

Kylie also sits on the Board of Comvita as a "Future Director" under the Institute of Director's Future Director Programme.  Other companies participating in the Future Director Programme, started by Sir Stephen Tindall to develop the next generation of public company directors, include Auckland Airport, Vector and The Warehouse.

Written by Kylie van Heerden at 15:00




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