Highlights

  • Lenders extend facility maturities to April 2026 to support recapitalisation timing.
  • Company indicates need for at least 25 mln NZD in new capital.
  • Discussions continue with potential investors, with no binding commitments reached yet.

Comvita Limited (NZX:CVT) has announced that it has reached an agreement with its lending syndicate that enables the company to continue progressing its recapitalisation pathway. The update follows the completion of the Florenz Scheme process, after which Comvita’s Board and management initiated discussions with lenders to secure adequate time to move forward with its capital plans.

The company stated that it considers new capital of at least 25 mln NZD necessary to place its operations in an appropriate financial position. The latest agreement with the lending group reflects this requirement and creates room for the company to focus on its next steps.

Extension of Facility Maturities and Covenant Adjustments
As part of the updated terms, the maturities of Comvita’s expiring banking facilities—initially set for January and March—have been extended to 30 April 2026. The lenders have also granted additional covenant waivers for the 31 March 2026 testing date, offering further accommodation as the company progresses its recapitalisation discussions.

The company has agreed to a temporary covenant relating to minimum EBIT for the six months ending 31 December 2025. Scheduled reductions in facility limits will also take place through the end of March 2026. Comvita noted that these requirements are expected to be met based on current business performance.

Early-Stage Capital Discussions Underway
Comvita reported that it is in constructive but early discussions with several parties that may support its capital raise. These discussions include investors without existing shareholdings who have expressed interest in participating, along with some current shareholders who have signalled interest in increasing their positions.

Focus on Assessing Options and Shareholder Interests
The Board, alongside its advisers, is continuing to assess available options in alignment with its obligations to consider shareholder interests and meet the objectives shared with its lending syndicate. According to the announcement, the Board acknowledges the level of interest shown by prospective investors and aims to complete steps that place the company in a sustainable financial position.

Share Price Snapshot
CVT was trading at NZD 0.5300 per share as of 12 December 2025.