New Zealand's Comvita sees worst day in 2 weeks on discounted equity raise

Comvita

29/05/2020 24:38

** Shares of honey exporter Comvita  CVT.NZ  fall as much as
8.7% to NZ$3.48, marking their biggest intraday percentage loss
since May 14
    ** Comvita resumes trading after a discounted NZ$50 mln
($31.00 mln) equity raising  urn:newsml:reuters.com:*:nFWN2D90OP
    ** Offer price of NZ$2.50 reflects a 34.4% discount to the
last closing price of Comvita's shares before going into a
trading halt
    ** Chairman Brett Hewlett said it was prudent to raise
equity as market conditions stabilise so as to reset co's
capital structure and strengthen balance sheet
    ** As of last close, stock up 18% this year

    ($1 = 1.6129 New Zealand dollars)

 (Reporting by Arpit Nayak in Bengaluru)
 ((Arpit.Nayak@thomsonreuters.com; +91  80 6182 3472;))