Brief: Comvita Announces NZ$50 Mln Equity Raising

Comvita

27/05/2020 22:24

May 28 (Reuters) - Comvita Ltd  CVT.NZ :
    * ANNOUNCES NZ$50 MILLION EQUITY RAISING
    * EQUITY RAISING AT OFFER PRICE OF NZ$2.50 PER SHARE
    * POST EQUITY RAISING, EXPECTS NET BANK DEBT / FY20
UNDERLYING
EBITDA (PER GUIDANCE) TO DECREASE FROM 3.6X TO 0.9X
    * ALL INDEPENDENT DIRECTORS, CEO COMMITTED TO SUBSCRIBE FOR
NZ$0.5
MILLION OF NEW SHARES
    * YEAR-TO-DATE SALES UP 7% ON LIKE-FOR-LIKE BASIS
    * ANNOUNCES PLAN TO STABILISE PERFORMANCE, INCLUDING NZ$15
MILLION
BUSINESS TRANSFORMATION PROGRAMME

Source text for Eikon:  ID:nNZWbfG3vK 
Further company coverage:  CVT.NZ 

 ((Reuters.Briefs@thomsonreuters.com;))