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FINWIRES

Comvita Launches NZ$30 Million Rights Offer

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Comvita (NZE:CVT) launched a pro-rata renounceable rights offer to raise up to NZ$30 million to support bank refinancing, according to a Thursday filing with the New Zealand bourse.

The offer allows eligible shareholders to purchase one new share for every 1.53 existing shares held at NZ$0.65 apiece, a 2.7% discount to the theoretical ex-rights price of NZ$0.67, per the filing.

Shareholders may trade rights on the New Zealand Exchange, and those who fully subscribe can apply for extra shares via an oversubscription facility, though allocation is not guaranteed, the filing added.

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