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
"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