Core Viewpoint - Comvita is undergoing a capital raise as part of its recapitalisation programme, attracting interest from both current shareholders and new investors, including an offshore strategic investor in the food and beverage sector [1][2]. Group 1: Capital Raising and Investor Interest - Comvita has received credible expressions of interest for a capital raise, with indications of underwriting at NZ$0.80 per share, significantly above the minimum NZ$25 million ($15 million) needed [2]. - The company’s lenders have agreed to support the recapitalisation process following a failed takeover attempt by rival Florenz [2]. Group 2: Recapitalisation Progress and Objectives - Comvita's chair, Bridget Coates, stated that the recapitalisation process is progressing as planned, focusing on certainty, equitable participation for shareholders, and minimising dilution [3]. - The company is in constructive discussions with its lending syndicate to extend banking facilities beyond April 2026, contingent on the completion of the recapitalisation [3]. Group 3: Financial Performance - For the six months ending December 31, 2025, Comvita reported an 18.3% increase in revenue to NZ$118 million, driven by strong sales in the US club-retail wholesale channel [4]. - Normalised EBIT rose to NZ$10 million, an increase of NZ$10.7 million, attributed to improved operating leverage and portfolio diversification [5]. - Net profit after tax improved to NZ$4.6 million from a loss of NZ$6.5 million the previous year, indicating a material improvement [5]. - Net debt decreased by NZ$13.7 million to NZ$48.7 million between June 2025 and December 2025, surpassing expectations [5]. Group 4: Operational Improvements - Coates highlighted that the company has returned to profitability, generated positive operating cash flow, and continued to reduce inventory and net debt [6]. - The company is strengthening operational discipline and rebuilding leadership capability, although the turnaround is still ongoing [6].

Core Insights - Nepra Foods Inc. has announced an exclusive agreement with Naki New Zealand, a family-owned producer of Unique Manuka Factor (UMF) certified Manuka honey, indicating a strategic partnership aimed at enhancing product offerings in the specialty and allergen-free food sector [1] Company Summary - Nepra Foods Inc. is recognized as a pioneer in specialty and allergen-free food innovations, focusing on driving healthier futures through its product lines [1] - The partnership with Naki New Zealand is expected to leverage the unique qualities of UMF certified Manuka honey, potentially expanding Nepra's market presence and product diversity [1]