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Comvita Rights Offer Meets NZ$25 Million Minimum Capital Raise Requirement

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-- Comvita (NZE:CVT) confirmed that it has satisfied the minimum capital raise requirement of NZ$25 million for its pro-rata renounceable rights offer, driven by strong shareholder participation and Fraser and Neave's nearly 20% shortfall commitment, according to a Thursday filing with the New Zealand bourse.

The acceptance reached about NZ$13.2 million by Wednesday, representing around 44% shareholder take-up and exceeding the roughly 36% required threshold, per the filing. Eligible shareholders have until Thursday to participate.

The company has cleared the key condition for its refinancing plan, which involves using the proceeds to repay existing bank debt, the filing added. The plan is now expected to become effective soon after settlement.

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