Comvita Secures $40.5m Capital Boost with F&N Taking 19.99% Stake

Capital Raise Surpasses $40 Million Mark

Comvita Limited (NZX:CVT) has successfully closed a $40.5 million capital raise, combining a $30 million pro-rata renounceable Rights Offer with a $10.5 million Strategic Placement. The Rights Offer saw strong support from existing shareholders, who took up 69% of the new shares offered, plus an additional $5 million under an oversubscription facility, increasing effective participation to 72%. This robust shareholder backing was complemented by the strategic entry of F&N Ventures Pte. Ltd., a subsidiary of Singapore-listed Fraser and Neave Limited, which secured a 19.99% stake through both the Rights Offer shortfall and the Placement.

F&N’s involvement marks a significant milestone for Comvita, providing not only capital but also potential access to Southeast Asian markets through a well-established consumer group. The deal also saw PHC Investments Limited join as a substantial shareholder, reflecting growing institutional confidence in Comvita’s business fundamentals and growth prospects.

Shareholder Support and Strategic Partnership

The Rights Offer attracted 31.8 million new shares worth $20.7 million from eligible shareholders, with an additional 1.5 million shares (~$990,000) allocated under the oversubscription facility to maintain pro-rata holdings after the Placement. The shortfall of 12.8 million shares ($8.3 million) was taken up by F&N, alongside 13.2 million Placement Shares priced at $0.80 each, cementing their near 20% ownership.

Comvita’s Chair, Bridget Coates, highlighted the significance of this capital raise as a turning point: "The strong uptake from existing shareholders, alongside F&N's strategic entry to the register and the entry of PHC Investments Limited as a substantial shareholder, reflects real confidence in the fundamentals of the business and in the progress we are making to position Comvita for the future." This sentiment echoes the positive momentum seen earlier in the month when the company cleared its minimum capital raise hurdle, setting the stage for debt repayment and financial restructuring as part of its reset programme minimum NZ$25 million capital raise.

Growth Ambitions Backed by Strengthened Balance Sheet

CEO Karl Gradon welcomed F&N’s involvement, noting the strategic value beyond the capital injection: "We welcome F&N and look forward to exploring how their expertise and market reach can help accelerate Comvita's long-term growth ambitions." The capital raise provides Comvita with a stronger financial platform to continue its reset programme, sharpen commercial performance, and deepen its presence in priority markets including Greater China, North America, Japan, Korea, and Southeast Asia.

Comvita’s vertically integrated supply chain and status as the largest producer of UMF™ certified Mānuka honey underpin its unique market position. The company’s commitment to sustainability, including planting millions of native Mānuka trees and achieving B Corp certification in 2023, adds to its appeal amid growing consumer demand for natural and ethically sourced products.

The capital raise builds on the earlier launch of the $30 million Rights Offer priced at $0.65 per share, designed to refinance debt and bring F&N onboard as a strategic investor, boosting Comvita’s ASEAN market growth potential NZ$30 million Rights Offer. Settlement and allotment of the new shares are expected on 18 May 2026, which will formally conclude this pivotal funding round.