Thursday, October 05, 2006

New Zealand Honey Wound Care Firm to Expand

Comvita Prepares to Expand
By Stephen Ward, New Zealand Herald, 10/4/2006

Comvita's rights issue will slash debt and position the honey products maker for expansion, the company says.

The one-for-four renounceable rights offer, with an exercise price of $3 a share and aimed at raising $10.27 million, opened this week.

Previously, the Bay of Plenty-based company said it aimed to achieve turnover of $100 million by 2010, compared with $31 million last year.

Managing director Brett Hewlett said yesterday the rights issue would increase equity from about 40 per cent to 75 per cent of debt…

Hewlett believed it was a "formality" Comvita's wound care products would get official US sanction, allowing it to get on with distribution…

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