Comvita makes health and skin-care products out of ingredients such as Manuka honey. Photo / Supplied
Comvita makes health and skin-care products out of ingredients such as Manuka honey. Photo / Supplied
Shareholders in Te Puke-based Comvita New Zealand will know today whether their loyalty was well-placed when the manuka honey company reports its result for the year to March.
The company successfully fought off a $2.50 a share takeover bid last October from Singapore-based Cerebos Pacific.
At the time, a valuationconducted by consultants Grant Samuel put Comvita's value at $3.40 to $4 a share, which was well in excess of what Cerebos was prepared to pay.
Cerebos' argument was that Grant Samuel's valuation had assumed a consistent earnings record, which is something Comvita had struggled to achieve over the years.
Just before Cerebos made its move, Comvita forecast a normalised net profit of $7.3 million to $8.2 million and sales of $91 million to $95 million for the year.
The company said in January that its earnings guidance was on track.
Comvita's biggest shareholder, co-founder Alan Bougen, has 10.2 per cent.
Bougen's holding, together with the holdings of staff, other interests closely associated with the company and the Butt family represent a voting bloc of around 30 per cent.
The company has a large shareholder base in the Bay of Plenty.
Comvita, which is involved in natural health and beauty products - much of it derived from manuka honey - last month announced a new management structure to position the company for what it said would be its next phase of development.
