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Comvita Ltd updates on acquisition of New Zealand Honey Limited

Thursday, 12 Jun 2014 03:22pm EDT 

Comvita Ltd:Says it is providing an update to its announcement of May 22 in relation to the signing of sale and purchase agreement to acquire all the shares of New Zealand Honey Limited from New Zealand Honey Producers Co-Operative Limited.On 22 May we announced the composition of the purchase price of A$12.3 mln comprised of A$7.3 mln in cash and A$5 mln in Comvita shares issued at A$3.50 per share.Further negotiations have since been conducted around the composition of the acquisition.Financial settlement now comprises of A$10.3 mln in cash and A$2 million in Comvita shares issued at A$3.50 per share.All other terms of the agreement as announced on May 22 remain unchanged.Acquisition is now anticipated to be completed on July 1 rather than mid-June as previously communicated. 

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