Comvita receives offshore interest for capital raise

Comvita has attracted overseas involvement arsenic the Manuka chromatic shaper works connected a superior rise nether its wider recapitalisation programme.

In a banal speech filing contiguous (23 February), the New Zealand-based concern reported receiving “credible expressions of interest” from existent shareholders and caller investors to backmost and perchance underwrite the projected fundraising.

Comvita said portion of this involvement had travel from "an offshore strategical capitalist successful the nutrient and beverage sector".

According to the filing, that capitalist has indicated a willingness to underwrite a superior raising astatine NZ$0.80 per stock and astatine a level “materially above” the minimum NZ$25m ($15m) Comvita has said is needed to “position the institution appropriately”.

The company’s lenders agreed to enactment a recapitalisation process successful December, aft a takeover effort by rival manuka chromatic radical Florenz did not proceed.

Reflecting connected the recapitalisation plan, Comvita seat Bridget Coates said: “The process is progressing to plan, with the committee focused connected its halfway objectives – certainty, equitable information for each eligible shareholders and minimising dilution.”

Comvita besides said it is continuing “constructive discussions” with its lending syndicate astir extending banking facilities beyond April 2026, taxable to the recapitalisation being completed.

In December, the company’s lenders agreed to widen indebtedness maturities that had been owed successful January and March to the extremity of April.

Today's recapitalisation update was released alongside Comvita’s results for the six months to 31 December 2025.

Revenue successful the play roseate 18.3% to NZ$118m, which the institution attributed to "strong" volumes and sell-through successful the US club-retail wholesale channel, improved betterment of overheads and stronger profitability.

Normalised EBIT roseate to NZ$10m, a assistance of NZ$10.7m, which Comvita linked to improved operating leverage and broader diversification crossed its portfolio.

Net nett aft taxation was NZ$4.6m, compared to a nonaccomplishment of NZ$6.5m past year, which the institution said represented a “material improvement".

Net indebtedness fell by NZ$13.7m to NZ$48.7m betwixt June 2025 and December 2025, which the institution said was up of its expectations.

Coates added: “We delivered against our first-half priorities, returning to profitability, generating affirmative operating currency flow, and continuing to trim inventory and nett debt.

“Operational subject is strengthening, enactment capableness is being rebuilt, and the institution is executing with consistency. These are important foundations, but the turnaround is not yet complete.”