F&N eyes up to 19.99% stake in New Zealand’s Comvita with $15m commitment

The group will participate as a cornerstone investor in a proposed equity capital raising.

Fraser and Neave, Limited (F&N) is expected to take up to a 19.99% stake in New Zealand Exchange-listed Comvita Limited through a proposed equity capital raising, with a total investment commitment of up to $15m (NZ$20.1m).

The group will participate as a cornerstone investor, according to a press release.

Under the proposed transaction, F&N, through its wholly owned subsidiary F&N Ventures Pte Ltd, will act as the sole underwriter of Comvita’s planned pro-rata renounceable entitlement offer.

The offer is expected to raise up to $22.5m (NZ$30m) at $0.49 (NZ$0.65) per share.

If this level is not achieved through the entitlement offer, F&N has agreed to subscribe for additional shares via a top-up placement at $0.60 (NZ$0.80) per share.

$1 = NZ$1.33

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