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Comvita New Zealand (CVT) Bonus Issue

News Release October 25, 2002

Comvita New Zealand (CVT) Bonus Issue

Award winning natural health products company and Unlisted Securities Market issuer Comvita New Zealand Limited (CVT) today announced a fully imputed one for six bonus issue with a record date of November 8, 2002 and an ex bonus issue date of November 11, 2002.

In announcing the bonus issue, Comvita chairman Bill Bracks says the bonus issue follows the success of both the recent capital raising by Comvita and the company's September 10 quotation on the Unlisted Securities Market facilitated by the New Zealand Stock Exchange.

"The bonus issue is being made to utilise imputation credits that could otherwise be lost as the company moves to greater public ownership and continuity of majority ownership diminishes," says Bracks.

"The company is trading well in spite of difficult markets in some overseas locations and is on track to reach targeted earnings for 2002."

Comvita raised $1.8 million in August this year through a combination of a non renounceable rights issue to existing shareholders at $1.15 per share and a placement to habitual investors at $1.15 per share to the value of entitlement shares not taken up in the rights issue.

Comvita shares are currently trading through FASTER at $1.25 per share, and the company now has 102 shareholders and 7.8 million shares on issue.

Background: Founded by 92 year old Claude Stratford in 1974, Comvita has grown into the leading marketer of honeybee derived healthcare products in New Zealand and has a strong international brand. The company has offices in Japan and Australia plus distributors in seven other countries.


Fact Sheet

Comvita New Zealand Limited

Comvita had its beginnings in the beekeeping interests and nutritional philosophies of its founder Claude Stratford. Claude (92) started the business at the age of 64. Using nature's gifts from the honeybee as key ingredients, Comvita makes natural healthcare products to the highest quality standards.

The company's philosophy is based on the belief that prevention is better than cure. This philosophy is reflected in its products for immune-boosting, digestive health and general wellness. Much of its new product development is focused on holistic health solutions that address conditions synonymous with ageing.

Comvita's manufacturing plant at Paengaroa, in the Bay of Plenty, is licensed and audited to the internationally-recognised GMP (Good Manufacturing Practice) standard.

Today, Comvita employs more than 75 people in New Zealand, Australia and Japan. Its specialist teams work alongside scientists and research organisations to create safe, effective health solutions based on the very best natural ingredients New Zealand has to offer.

Comvita has been the recipient of many awards including: BOP Export Institute Exporter of the Year 1991 and '99; Air New Zealand Export Excellence Regional Exporter 1996; British Airways Asian Export Award 1996; NZ Honey Food & Ingredient Innovation Award 1994; Kiwifruit Coast Business of the Year Best Export Business 1991.

Comvita's growth and contribution to the local economy were recognised again in 2001 when it won Best Regional Business of the Year. Sales in 2001 were up 30 per cent on the year before with international sales growing strongly.

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