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Comvita Secures Nearly NZ$41 Million Through Rights Offer, Strategic Placement

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Comvita (NZE:CVT) successfully completed a NZ$40.5 million capital raise, including NZ$30 million from a pro-rata renounceable rights offer and a further NZ$10.5 million through a strategic placement, according to a Tuesday filing with the New Zealand bourse.

The rights offer received strong backing from shareholders, with eligible investors subscribing for 31.8 million shares and the company accepting a further 1.5 million shares via the oversubscription facility, bringing the participation to 72%, per the filing.

F&N Ventures, a subsidiary of Fraser and Neave, will become a strategic investor in the company with a 19.99% stake as part of the transaction, the filing said.

The company expects settlement and allotment of the new and placement shares on May 18, the filing added.

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