Performance Share Rights – Capital change notices

1 September 2021

Comvita Performance Share Rights lapse


Comvita Limited today announces the lapse of 23,149 Performance Share Rights, which were issued on
25 September 2020. There are 123,686 remaining Performance Share Rights on issue, being 98,764 issued
on 25 September 2020 and 24,922 issued on 4 December 2020.
Nigel Greenwood
CFO

Ends.

For further information contact:
Kelly Bennett, One Plus One Communications
Mobile: +64 21 380 035
Email: kelly.bennett@oneplusonegroup.co.nz

Background information
Comvita (NZX:CVT) was founded in 1974, with a purpose to heal and protect the world through the natural power of
the hive. With a team of 500+ people globally, united with more than 1.6 billion bees, we are the global market
leader in Mānuka honey and bee consumer goods. Seeking to understand, but never to alter, we test and verify all
our bee-product ingredients are of the highest quality in our own government-recognised and accredited
laboratory. We are growing industry scientific knowledge on bee welfare, Mānuka trees and the many benefits of
Mānuka honey and propolis. We have pledged to be carbon neutral by 2025 and carbon positive by 2030, and we
are planting more than two million native trees every year. Comvita has operations in Australia, China, North
America, South East Asia, and Europe – and of course, Aotearoa New Zealand, where our bees are thriving.

---

Capital Change Notice





Section 1: Issuer information
Name of issuer Comvita Limited
NZX ticker code CVT
Class of financial product Ordinary Shares
ISIN (If unknown, check on NZX website) NZCVTE0001S7
Currency NZD
Section 2: Capital change details
Number issued/acquired/redeemed 83,160
Nominal value (if any) Not applicable
Issue/acquisition/redemption price per security Not applicable
Nature of the payment (for example, cash or other
consideration)
Not applicable
Amount paid up (if not in full) Not applicable
Percentage of total class of Financial Products
issued/acquired/redeemed/ (calculated on the number of
Financial Products of the Class, excluding any Treasury
Stock, in existence)
1

0.1183%
For an issue of Convertible Financial Products or Options, the
principal terms of Conversion (for example the Conversion
price and Conversion date and the ranking of the Financial
Product in relation to other Classes of Financial Product) or
the Option (for example, the exercise price and exercise date)
Not applicable
Reason for issue/acquisition/redemption and specific authority
for issue/acquisition/redemption/ (the reason for change must
be identified here)
Issue to Company Executives
under the Comvita Limited
Performance Share Rights
Scheme to incentivise
executives. This issue
represents the shares that
would have been issued upon
the vesting of one third of the
entitlement for the financial
year ended 30 June 2021,
following performance target
goals being met.
Total number of Financial Products of the Class after the
issue/acquisition/redemption/Conversion (excluding Treasury
Stock) and the total number of Financial Products of the Class
held as Treasury Stock after the issue/acquisition/redemption.
70,383,025 ordinary shares
1,936 treasury stock

In the case of an acquisition of shares, whether those shares
are to be held as treasury stock
Not applicable

1
The percentage is to be calculated immediately before the issue, acquisition, redemption or Conversion.

Specific authority for the issue, acquisition, or redemption,
including a reference to the rule pursuant to which the issue,
acquisition, or redemption is made
Directors Resolution
Listing Rule 4.6.1
Terms or details of the issue, acquisition, or redemption (for
example: restrictions, escrow arrangements)
In accordance with the terms of
the Comvita Limited
Performance Share Rights
Scheme
Date of issue/acquisition/redemption
2
31 August 2021
Section 3: Authority for this announcement and contact person
Name of person

authorised to make this announcement Nigel Greenwood
Contact person for this announcement Nigel Greenwood
Contact phone number 027 238 9522
Contact email address nigel.greenwood@comvita.com
Date of release through MAP

1 September 2021

---

Capital Change Notice




Notice of issue of Performance Share Rights under the Comvita Limited (CVT or Company)
Performance Share Rights Scheme. This notice is given under the NZX Listing Rules 3.13.1
and relates to the issuance of performance share rights which are convertible into fully paid
ordinary shares in CVT should certain vesting conditions and performance hurdles be met
under CVT’s Performance Share Rights Scheme.


Section 1: Issuer information
Name of issuer Comvita Limited
NZX ticker code CVT
Class of financial product Performance Share Rights, each
representing an entitlement to
acquire an ordinary share in CVT
(“PSR’s”)
ISIN (If unknown, check on NZX website) NZCVTE0001S7
Currency New Zealand Dollars
Section 2: Capital change details
Number issued/acquired/redeemed 166,320 PSR’s
Nominal value (if any) Not applicable
Issue/acquisition/redemption price per security PSR’s issued under the Scheme
for nil consideration
Nature of the payment (for example, cash or other
consideration)
Not applicable
Amount paid up (if not in full) Not applicable
Percentage of total class of Financial Products
issued/acquired/redeemed/ (calculated on the number of
Financial Products of the Class, excluding any Treasury
Stock, in existence)
1

57.35% of PSR’s on issue, giving
rights in respect of ordinary shares
equal to 0.2360% of the total
ordinary shares on issue (post
issue)
For an issue of Convertible Financial Products or Options,
the principal terms of Conversion (for example the
Conversion price and Conversion date and the ranking of
the Financial Product in relation to other Classes of
Financial Product) or the Option (for example, the exercise
price and exercise date)
The PSR’s are subject to a vesting
period of 2 years. Vesting is
subject to continued employment
and occurs in 2 tranches
(annually). Upon vesting of the
PSR’s, shares will be transferred
from treasury stock or new shares
will be issued in the capital of the
Company on the terms and
conditions described in the
Comvita Limited Performance
Share Rights Scheme. The shares
will be transferred or issued (as
applicable) for no consideration
and will be credited as fully paid
up. One PSR will convert into one

1
The percentage is to be calculated immediately before the issue, acquisition, redemption or Conversion.

ordinary share upon vesting and
will rank equally with all other
ordinary shares on issue.
PSRs do not entitle the holder to
receive dividends or other
distributions, or vote in respect of
CVT ordinary shares. Holders of
PSRs cannot transfer or grant
security interests over them.
Reason for issue/acquisition/redemption and specific
authority for issue/acquisition/redemption/ (the reason for
change must be identified here)
Offer to Company Executives
under the Comvita Limited
Performance Share Rights
Scheme to incentivise executives.
Total number of Financial Products of the Class after the
issue/acquisition/redemption/Conversion (excluding
Treasury Stock) and the total number of Financial
Products of the Class held as Treasury Stock after the
issue/acquisition/redemption.
98,764 PSR’s issued on 25
September 2020

24,922 PSR’s issued on 4
September 2020

166,320 PSR’s issued on 31
August 2021 in relation to the
financial year ended 30 June 2021

290,006 Total PSR’s

There is no treasury stock
In the case of an acquisition of shares, whether those
shares are to be held as treasury stock
Not applicable
Specific authority for the issue, acquisition, or redemption,
including a reference to the rule pursuant to which the
issue, acquisition, or redemption is made
Directors Resolution
Listing Rule 4.6.1
Terms or details of the issue, acquisition, or redemption
(for example: restrictions, escrow arrangements)
In accordance with the terms of the
Comvita Limited Performance
Share Rights Scheme
Date of issue/acquisition/redemption
2
31 August 2021
Section 3: Authority for this announcement and contact person
Name of person

authorised to make this announcement Nigel Greenwood
Contact person for this announcement Nigel Greenwood
Contact phone number 027 238 9522
Contact email address nigel.greenwood@comvita.com
Date of release through MAP

1 September 2021

---

Capital Change Notice



Notice of issue of Performance Share Rights under the Comvita Limited (CVT or Company)
Performance Share Rights Scheme This notice is given under the NZX Listing Rules 3.13.1 and
relates to the issuance of performance share rights which are convertible into fully paid ordinary
shares in CVT should certain vesting conditions and performance hurdles be met under CVT’s
Performance Share Rights Scheme.

Section 1: Issuer information
Name of issuer Comvita Limited
NZX ticker code CVT
Class of financial product Performance Share Rights, each
representing an entitlement to acquire
an ordinary share in CVT (“PSR’s”)
ISIN (If unknown, check on NZX website) NZCVTE0001S7
Currency New Zealand Dollars
Section 2: Capital change details
Number issued/acquired/redeemed 218,373 PSR’s
Nominal value (if any) Not applicable
Issue/acquisition/redemption price per security PSR’s issued under the Scheme for
nil consideration
Nature of the payment (for example, cash or other
consideration)
Not applicable
Amount paid up (if not in full) Not applicable
Percentage of total class of Financial Products
issued/acquired/redeemed/ (calculated on the number
of Financial Products of the Class, excluding any
Treasury Stock, in existence)
1

42.95% of PSR’s on issue, giving
rights in respect of ordinary shares
equal to 0.3097% of the total ordinary
shares on issue (post issue)
For an issue of Convertible Financial Products or
Options, the principal terms of Conversion (for example
the Conversion price and Conversion date and the
ranking of the Financial Product in relation to other
Classes of Financial Product) or the Option (for
example, the exercise price and exercise date)
The PSR’s are subject to a vesting
period of 3 years. Vesting is subject to
performance targets being met at the
end of the financial year, being 30
June 2022 and continued
employment and occurs in 3 tranches
(annually). Upon vesting of the PSR’s,
shares will be transferred from
treasury stock or new shares will be
issued in the capital of the Company
on the terms and conditions described
in the Comvita Limited Performance
Share Rights Scheme. The shares
will be transferred or issued (as
applicable) for no consideration and
will be credited as fully paid up. One
PSR will convert into one ordinary
share upon vesting and will rank
equally with all other ordinary shares
on issue.

1
The percentage is to be calculated immediately before the issue, acquisition, redemption or Conversion.

PSRs do not entitle the holder to
receive dividends or other
distributions, or vote in respect of
CVT ordinary shares. Holders of
PSRs cannot transfer or grant
security interests over them.
Reason for issue/acquisition/redemption and specific
authority for issue/acquisition/redemption/ (the reason
for change must be identified here)
Offer to Company Executives under
the Comvita Limited Performance
Share Rights Scheme to incentivise
executives.
Total number of Financial Products of the Class after
the issue/acquisition/redemption/Conversion (excluding
Treasury Stock) and the total number of Financial
Products of the Class held as Treasury Stock after the
issue/acquisition/redemption.
98,764 PSR’s issued on 25
September 2020

24,922 PSR’s issued on 4 September
2020

166,320 PSR’s issued on 31 August
2021 in relation to the financial year
ended 30 June 2021

218,373 PSR’s issued on 31 August
2021 in relation to the financial year
ended 30 June 2022

508,379 Total PSR’s

There is no treasury stock.
In the case of an acquisition of shares, whether those
shares are to be held as treasury stock
Not applicable
Specific authority for the issue, acquisition, or
redemption, including a reference to the rule pursuant
to which the issue, acquisition, or redemption is made
Directors Resolution
Listing Rule 4.6.1
Terms or details of the issue, acquisition, or redemption
(for example: restrictions, escrow arrangements)
In accordance with the terms of the
Comvita Limited Performance Share
Rights Scheme
Date of issue/acquisition/redemption
2
31 August 2021
Section 3: Authority for this announcement and contact person
Name of person

authorised to make this announcement Nigel Greenwood
Contact person for this announcement Nigel Greenwood
Contact phone number 027 238 9522
Contact email address nigel.greenwood@comvita.com
Date of release through MAP

1 September 2021