Manuka honey exporter Comvita is heading for a capital raise after a takeover scheme failed to get enough shareholder votes. Photo / NZME
Manuka honey exporter Comvita is heading for a capital raise after a takeover scheme failed to get enough shareholder votes. Photo / NZME
Comvita’s shareholders have voted down the Florenz deal, as its board now turns its attention to raising cash, BusinessDesk reports.
The 80 cents per share offer for all of the NZX-listed company was put to shareholders in August, with a special meeting held in Auckland on Friday.
While thefinal results may not be known until as late as Monday, chair Bridget Coates told the meeting, which ran for just under half an hour, it was “very likely not to proceed”.
Coates, flanked by chief executive Karl Gradon and independent director Michael Sang, had to defend the deal, saying that, given the situation faced, the board’s responsibility was to present the offer for shareholders to make a “fully informed choice”.
Co-founder Alan Bougen, former CEO Brett Hewlett and Neil Craig were present at the meeting, held at the PwC tower in Auckland.
Coates said the scheme was presented to shareholders following an extensive and independent assessment of the capital options available to Comvita in its current environment.
“It is your company, and ultimately, shareholders determine its future.”
