Comvita Hits NZ$25m Capital Raise Threshold, Clearing Path for Refinancing

Comvita ( (NZ:CVT) ) has provided an update.

Comvita has met the minimum capital raise requirement for its pro-rata renounceable rights offer, ensuring it can proceed with a planned refinancing package tied to repaying existing bank facilities. The company confirmed sufficient shareholder acceptances, combined with a cornerstone subscription from F&N, will deliver at least NZ$25 million, with valid and irrevocable commitments already exceeding the threshold take-up level.

As of 6 May, the offer had attracted about NZ$13.2 million in firm acceptances, representing 44% shareholder participation before oversubscriptions, surpassing the roughly 36% needed when combined with F&N’s 19.99% commitment. The successful raise is expected to strengthen Comvita’s balance sheet and liquidity, positioning the Mānuka honey producer more securely in its global markets as the refinancing package becomes unconditional shortly after settlement.

More about Comvita

Comvita is a New Zealand-based natural health company and the world’s largest producer of UMF-certified Mānuka honey, employing more than 400 people across operations in New Zealand, Australia, Greater China, North America, Japan, Korea and Southeast Asia. The company runs a vertically integrated supply chain from its own Mānuka forests and beehives through to global omni-channel distribution, underpinned by an accredited laboratory and ongoing research into Mānuka trees, bee welfare and honey benefits.

Comvita has planted millions of native Mānuka trees to support ecosystems, biodiversity and climate mitigation while securing sustainable honey supply, and in 2023 it became a certified B Corp, aligning its business model with broader environmental and social goals.

Average Trading Volume: 271,065

Technical Sentiment Signal: Sell

Current Market Cap: N$77.01M

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