November 5, 2025 • 14 mins
We sit down with Comvita Chair Bridget Coates to talk about the critical vote shareholders are facing on a 80-cent-per-share takeover offer. With a 75% majority vote required and two major shareholders already backing the deal, this is a pivotal moment for Comvita and its investors.
The iconic mānuka honey company and global market leader has faced significant financial pressure in recent years due to industry oversupply, price and demand volatility, and balance sheet challenges. Despite restructuring efforts, the Board of Comvita is now recommending shareholders accept the offer from private health and wellness bidder Florenz.
We cover the Mānuka honey industry's struggles, what’s at stake for shareholders and what the future might hold for this nearly 50-year-old Kiwi brand under private ownership.
For more or to watch on YouTube—check out http://linktr.ee/sharedlunch
Shared Lunch is brought to you by Sharesies Limited. It is not financial advice. Information provided is general only and current at the time it’s provided, and does not take into account your objectives, financial situation and needs. We do not provide recommendations and you should always read the disclosure documents available from the product issuer before making a financial decision. Our disclosure documents and terms and conditions can be found on our NZ website.
Investing involves risk. You might lose the money you start with. If you require financial advice, you should consider speaking with a qualified financial advisor. Past performance is not a guarantee of future performance.
Appearance on Shared Lunch is not an endorsement by Sharesies of the views of the presenters, guests, or the entities they represent. Their views are their own.
See omnystudio.com/listener for privacy information.
Mark as Played
Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
Kyoda and welcome to Shared Lunch, brought to you by Chase's.
I'm Helen Madison. Today on the program, we look at
the takeover offer for Manuka Honey Company and Kiwi Icon.
Comveta shareholders are being asked to vote in coming days
on a scheme of arrangement whereby they would receive eighty
cents a share. That's a sixty seven percent premium on
(00:22):
the last trading day before the scheme was announced. But
it's no secret that the Manuka Honey industry has got
its challenges. And in a moment, we'll hear from Bridget Coats,
the chair of Convetera, as to why she and her
board think taking the company private with this offer on
the table is the best way to secure Comveta's future.
Speaker 2 (00:43):
Investing involves the risk you might lose the money you
start with. We recommend talking to a licensed financial advisor.
We also recommend reading product disclosure documents before deciding to invest.
Everything you're about to see and hear is current at
the time of recording.
Speaker 1 (00:57):
Welcome to Shared Lunch.
Speaker 3 (00:58):
Bridget, good day, good morning, and thank you very much
for having me.
Speaker 1 (01:02):
Conveta is a household name here in New Zealand and
probably in Australia too. It's been around for nearly fifty years.
How has it changed since nineteen seventy four seventy five
when it first was founded.
Speaker 3 (01:17):
Well in the early days, founded by two apiarists, Alan
Belgium and Claude Stratford, way back fifty years ago. At
the time the medicinal qualities and the anti bacteria qualities
of Manakhani were not known, and during that time they
gradually built the industry, consolidated their operations which we started
(01:41):
down in the typical area, and grew the company over
the fifty year period until today. We're now all over
the world and it's widely regarded as the premium honey
that's available worldwide.
Speaker 1 (01:59):
Yes, because you're in Asia, China, North America, Europe, You've
got operations many places.
Speaker 3 (02:05):
Yes.
Speaker 1 (02:05):
So in terms of where do we stand or would
we sit in the world in terms of Manuka honey
from New Zealand.
Speaker 3 (02:12):
Where the market leader, market leader from New Zealand and
Manca honey from New Zealand is only from New Zealand.
So we are the global leader if you think about
it in those terms. So yes, I mean there are
other other honey styles and other brands. But of course
we believe that and our many many customers worldwide believe
(02:35):
that this is a very special product.
Speaker 1 (02:37):
It's also a challenging product to produce. From what I
can gather, can you tell us a little bit about
the fact that it's only a few weeks of the
year that the bees make the honey, it's in remote
places for someone to produce it and bring it to market,
it's quite a bit in it, i'd imagine.
Speaker 3 (02:53):
Oh, there is a lot and as you can imagine,
it actually, in common with many other agricultural products, there
are various things to manage that you know, on the
supply side, and you can easily exceed the ability of
the market to absorb the product. If you have an
extremely strong season, for instance, or if you get a
(03:14):
lot of apiarists out there thinking that they're going to
sell sell product, sell Malica honey product to the companies,
to the export companies, then you can easily get an
oversupply situation. And that has been our history in the
last few years and very very much a part of
(03:35):
where our problems have arisen.
Speaker 1 (03:38):
So if we look then at Manuka honey globally, the
challenges over supply, pricing and being volatile just took us
through some of the things that have happened there.
Speaker 3 (03:48):
Yes, we had to an increase in hives to up
to a million hives from the normal level of approximately
five hundred thousand, which and that was took place in
a very rapid time frame, left us left the industry
not just us, vulnerable to down a pressure on price
(04:11):
and to what you might describe as excess competition discounting
in the marketplace, promises about the quality of the of
the product that weren't correct, you know, just generally sort
of typical when you get an oversupply situation, everybody tends
to lose lose their maybe their legitimacy and start to
(04:36):
really try and move volume because they're stuck with excess inventory,
and it becomes a bit of a lex discipline. Is
really really weird, how you describe it.
Speaker 1 (04:47):
So, what are the consequences then for the industry with
this sort of thing, because it's been a few years
that this has sort of been happening, hasn't it.
Speaker 3 (04:56):
Yes, it has, but things have fortunately changed significantly and
we're now back down to a more normal, high level,
more sustainable our prices have adjusted downwards but are stabilizing
so unit these things do go and go on cycles,
and so one has to if you're running a company
(05:19):
like Conveter, you have to be very very conscious of
the cycles and adjusting to your strategies to suit the
different phases of the cycle.
Speaker 1 (05:30):
Yes, because Commuta has had significant financial pressure over the
last little while, and obviously that's why the board and
the management are thinking now that you know, we need
to think of something else in terms of the future
of the company. And obviously with scheme of arrangement for
shareholders thinking about the vote coming up. What has the
(05:52):
management and board done to try and improve the situation
financially to so that you know you can survive, that
you can keep trading.
Speaker 3 (06:01):
Yes, we started, I think two and a half years
ago seeking ways of recapitalizing the company. There were a
number of approaches. Some would some were debt based, some
were equity based, some were take private options such as
the one that has that that's in front of us
at the moment, uh and we have been working extremely
(06:26):
hard to find ways of strengthening up the balance sheet,
positioning the company for growth, being being restructuring the company
taking cost out, reducing staff, which we have done significantly globally,
and getting ourselves into a fighting fit situation. But having
(06:48):
having done all that and said all that, the situation
is still not where it needs to be right.
Speaker 1 (06:54):
So as much as if it's many, if it's were
put into the reset, it can't actually be everything to
solve the issues we have.
Speaker 3 (07:03):
That's true, and the necessity is that we bring fresh
capital into the company to strengthen up the balance sheet
position the company for growth, and that is what the
scheme is intended to do.
Speaker 1 (07:18):
Of course, also looking at the scheme, that is before
shareholders obviously before they make any decision that they want
to know what is happening with the trading. You did
put out a quarter one update to the market a
few days ago. Now, can you just took me through
how things are fearing at the moment. Yes.
Speaker 3 (07:39):
As part of the scheme documents, we did have an
independent reviewer, Grant Samuel, look at the company. Provided a
lot of information for shareholders which is included in the
scheme documents and can be there's endless information there the
shareholders to absorb, which assessed both the trading conditions, the
(08:01):
balance situation, debt requirements, etc. And gave shareholders the ability
to make the decision. And this is of course what
we are asking shareholders now to read these documents, consider
the situation, consider their own personal circumstances, and vote.
Speaker 1 (08:21):
So with that quarter one update, you talked about the
fact that there had been a slight sort of uptake
in terms of sales. I think it's kind of sounded
a little bit mixed, because obviously the different markets have
their own indiosyncrasies, but you're sort of confident that things
are I don't know if stabilizing the right word, but
(08:41):
it wasn't as perhaps as dire as maybe had been
in the past.
Speaker 3 (08:46):
The key message from the announcement was that we're trading
in line with information that was given in the scheme arrangements.
We have put a forecast into the document. In fact,
there's a forecast for both the current year and the
next year.
Speaker 1 (09:02):
So if we look at the Grant Samuel, the Independent
Advisor's recommendation, it took the offer on the table. First off,
I'll say the offer on the table from Florenz. The
bidder is eighty cents per share.
Speaker 3 (09:16):
Right.
Speaker 1 (09:17):
The Grant Samuel report tooks about a range of between
seventy and ninety two. So you're thinking that it's sort
of at the eighty cents is close to the midpoint
of that range as the advisor is talking about.
Speaker 3 (09:30):
Right, Yes, exactly right. And you know, we are very
conscious that schaholders have different different preferences. Some require liquidity.
It's been quite difficult to get liquidity in the company, yes,
because it has been trading at a very low level.
As you know, before the offer it was forty seven cents.
Speaker 1 (09:48):
If the scheme were not to be successful, what where
does that leave Conveter.
Speaker 3 (09:56):
With a balance sheet situation that needs addressing. That's the
long and the short of it. That we still have
the let's say, the situation that led us to recommending
this to shareholders is still the same as it was before.
So we would need to find quickly ways of addressing
the balance sheet weaknesses that we have.
Speaker 1 (10:18):
Do you think you could.
Speaker 3 (10:20):
It's the responsibility of the board to do absolutely everything
that it possibly can.
Speaker 1 (10:24):
So it sound like quite heard, although.
Speaker 3 (10:27):
You know, if there's things were easy, it would have
happened before now.
Speaker 1 (10:32):
So yeah, exactly. So this is the offer that's on
the table from Florenes is the only credible, superior offer
that you that that shaholders really can consider it this time.
Speaker 3 (10:46):
Yes, we have not had any offer from other bidders
of any kind, shareholders or non shareholders. As I say,
in the past, we have had three or four other
bidders who've looked at the company and considered offering to
buy part or all of the company, and for one
(11:11):
reason and another they have not proceded. So that is
that we have Florence. Their Florends offer is the only
offer on the table at the moment, correct.
Speaker 1 (11:21):
So if we look at Florenz, then it's as I
understand it, a number of companies and brands in the
health and wellness kind of or arena. It's private. And
they even have a Minuca honey brand, we'd a spoon
I think, which is an organic one. So whyhere does
the board see Conveter going If this is successful, this
(11:43):
is this vote, and Florence does take over for eighty
cents a share, what future do you think it will
have for Conveter and under that arrangement?
Speaker 3 (11:53):
So first, first of all, the intention is that they
that Florenz should take the company private. So there that
would one hundred percent owned by them. But one thing
I think we can be certain of is that, you know,
Manica Converter, as the market leader in Manakahney, has a
very strong market position, a very attractive market position in it.
So one would imagine that they would that. As far
(12:16):
as customers and and our current home employees, I think
they can be confident about the future. Although, as I say,
that is entirely up to up to Florens and how
they how they see it in the longer term.
Speaker 1 (12:34):
But in terms of the brand, I mean it's still
New Zealand owned. Is that something that was important?
Speaker 3 (12:42):
Yes, I mean we at the end of the day,
we're responsible to shareholders and we're maximizing shareholder value and
that is the primary driver for the board.
Speaker 1 (12:53):
This is a pretty critical decision for Conveter shareholders, whether
they vote, whether they decide to vote that the there's
a bit at stake here.
Speaker 3 (13:01):
Yes, what do.
Speaker 1 (13:02):
You say to longtime loyal investors who have been watching
the stock for a while, have you know, perhaps made
losses and the like. What do you say to them?
Speaker 3 (13:13):
I would like to give them an assurance that the
board has done absolutely every single possible thing it could
have done. To address the situation. The situation has arisen
in large part because of what's happened in the industry
and with some of the precious globally, and in some
measure because of the boards not reacting quickly enough to
(13:34):
the situation as it changed. So certainly, except our fair
share of our responsibility for that rich what does.
Speaker 1 (13:43):
The scheme offer shareholders?
Speaker 3 (13:44):
In a nutshell, the shareholders are being offered an alternative
for their the value of their shares being paid eighty
cents a share. Should the scheme be approved, of course
by a seventy five percent majority, they will receive that
money and they will be and there she Is will
be removed from the market, and if they choose not to,
(14:09):
then we will continue operations and we will be working
hard as the board to find fine alternatives.
Speaker 1 (14:16):
Thank you Bridget for joining us today. Thank you and
thanks everyone for tuning in. You can watch she Lunch
on YouTube or follow us on your favorite podcast app.
Lead us a rating and tell us what you'd like
to hear next. Mark twa
Kyoda and welcome to Shared Lunch, brought to you by Chase's.
I'm Helen Madison. Today on the program, we look at
the takeover offer for Manuka Honey Company and Kiwi Icon.
Comveta shareholders are being asked to vote in coming days
on a scheme of arrangement whereby they would receive eighty
cents a share. That's a sixty seven percent premium on
(00:22):
the last trading day before the scheme was announced. But
it's no secret that the Manuka Honey industry has got
its challenges. And in a moment, we'll hear from Bridget Coats,
the chair of Convetera, as to why she and her
board think taking the company private with this offer on
the table is the best way to secure Comveta's future.
Speaker 2 (00:43):
Investing involves the risk you might lose the money you
start with. We recommend talking to a licensed financial advisor.
We also recommend reading product disclosure documents before deciding to invest.
Everything you're about to see and hear is current at
the time of recording.
Speaker 1 (00:57):
Welcome to Shared Lunch.
Speaker 3 (00:58):
Bridget, good day, good morning, and thank you very much
for having me.
Speaker 1 (01:02):
Conveta is a household name here in New Zealand and
probably in Australia too. It's been around for nearly fifty years.
How has it changed since nineteen seventy four seventy five
when it first was founded.
Speaker 3 (01:17):
Well in the early days, founded by two apiarists, Alan
Belgium and Claude Stratford, way back fifty years ago. At
the time the medicinal qualities and the anti bacteria qualities
of Manakhani were not known, and during that time they
gradually built the industry, consolidated their operations which we started
(01:41):
down in the typical area, and grew the company over
the fifty year period until today. We're now all over
the world and it's widely regarded as the premium honey
that's available worldwide.
Speaker 1 (01:59):
Yes, because you're in Asia, China, North America, Europe, You've
got operations many places.
Speaker 3 (02:05):
Yes.
Speaker 1 (02:05):
So in terms of where do we stand or would
we sit in the world in terms of Manuka honey
from New Zealand.
Speaker 3 (02:12):
Where the market leader, market leader from New Zealand and
Manca honey from New Zealand is only from New Zealand.
So we are the global leader if you think about
it in those terms. So yes, I mean there are
other other honey styles and other brands. But of course
we believe that and our many many customers worldwide believe
(02:35):
that this is a very special product.
Speaker 1 (02:37):
It's also a challenging product to produce. From what I
can gather, can you tell us a little bit about
the fact that it's only a few weeks of the
year that the bees make the honey, it's in remote
places for someone to produce it and bring it to market,
it's quite a bit in it, i'd imagine.
Speaker 3 (02:53):
Oh, there is a lot and as you can imagine,
it actually, in common with many other agricultural products, there
are various things to manage that you know, on the
supply side, and you can easily exceed the ability of
the market to absorb the product. If you have an
extremely strong season, for instance, or if you get a
(03:14):
lot of apiarists out there thinking that they're going to
sell sell product, sell Malica honey product to the companies,
to the export companies, then you can easily get an
oversupply situation. And that has been our history in the
last few years and very very much a part of
(03:35):
where our problems have arisen.
Speaker 1 (03:38):
So if we look then at Manuka honey globally, the
challenges over supply, pricing and being volatile just took us
through some of the things that have happened there.
Speaker 3 (03:48):
Yes, we had to an increase in hives to up
to a million hives from the normal level of approximately
five hundred thousand, which and that was took place in
a very rapid time frame, left us left the industry
not just us, vulnerable to down a pressure on price
(04:11):
and to what you might describe as excess competition discounting
in the marketplace, promises about the quality of the of
the product that weren't correct, you know, just generally sort
of typical when you get an oversupply situation, everybody tends
to lose lose their maybe their legitimacy and start to
(04:36):
really try and move volume because they're stuck with excess inventory,
and it becomes a bit of a lex discipline. Is
really really weird, how you describe it.
Speaker 1 (04:47):
So, what are the consequences then for the industry with
this sort of thing, because it's been a few years
that this has sort of been happening, hasn't it.
Speaker 3 (04:56):
Yes, it has, but things have fortunately changed significantly and
we're now back down to a more normal, high level,
more sustainable our prices have adjusted downwards but are stabilizing
so unit these things do go and go on cycles,
and so one has to if you're running a company
(05:19):
like Conveter, you have to be very very conscious of
the cycles and adjusting to your strategies to suit the
different phases of the cycle.
Speaker 1 (05:30):
Yes, because Commuta has had significant financial pressure over the
last little while, and obviously that's why the board and
the management are thinking now that you know, we need
to think of something else in terms of the future
of the company. And obviously with scheme of arrangement for
shareholders thinking about the vote coming up. What has the
(05:52):
management and board done to try and improve the situation
financially to so that you know you can survive, that
you can keep trading.
Speaker 3 (06:01):
Yes, we started, I think two and a half years
ago seeking ways of recapitalizing the company. There were a
number of approaches. Some would some were debt based, some
were equity based, some were take private options such as
the one that has that that's in front of us
at the moment, uh and we have been working extremely
(06:26):
hard to find ways of strengthening up the balance sheet,
positioning the company for growth, being being restructuring the company
taking cost out, reducing staff, which we have done significantly globally,
and getting ourselves into a fighting fit situation. But having
(06:48):
having done all that and said all that, the situation
is still not where it needs to be right.
Speaker 1 (06:54):
So as much as if it's many, if it's were
put into the reset, it can't actually be everything to
solve the issues we have.
Speaker 3 (07:03):
That's true, and the necessity is that we bring fresh
capital into the company to strengthen up the balance sheet
position the company for growth, and that is what the
scheme is intended to do.
Speaker 1 (07:18):
Of course, also looking at the scheme, that is before
shareholders obviously before they make any decision that they want
to know what is happening with the trading. You did
put out a quarter one update to the market a
few days ago. Now, can you just took me through
how things are fearing at the moment. Yes.
Speaker 3 (07:39):
As part of the scheme documents, we did have an
independent reviewer, Grant Samuel, look at the company. Provided a
lot of information for shareholders which is included in the
scheme documents and can be there's endless information there the
shareholders to absorb, which assessed both the trading conditions, the
(08:01):
balance situation, debt requirements, etc. And gave shareholders the ability
to make the decision. And this is of course what
we are asking shareholders now to read these documents, consider
the situation, consider their own personal circumstances, and vote.
Speaker 1 (08:21):
So with that quarter one update, you talked about the
fact that there had been a slight sort of uptake
in terms of sales. I think it's kind of sounded
a little bit mixed, because obviously the different markets have
their own indiosyncrasies, but you're sort of confident that things
are I don't know if stabilizing the right word, but
(08:41):
it wasn't as perhaps as dire as maybe had been
in the past.
Speaker 3 (08:46):
The key message from the announcement was that we're trading
in line with information that was given in the scheme arrangements.
We have put a forecast into the document. In fact,
there's a forecast for both the current year and the
next year.
Speaker 1 (09:02):
So if we look at the Grant Samuel, the Independent
Advisor's recommendation, it took the offer on the table. First off,
I'll say the offer on the table from Florenz. The
bidder is eighty cents per share.
Speaker 3 (09:16):
Right.
Speaker 1 (09:17):
The Grant Samuel report tooks about a range of between
seventy and ninety two. So you're thinking that it's sort
of at the eighty cents is close to the midpoint
of that range as the advisor is talking about.
Speaker 3 (09:30):
Right, Yes, exactly right. And you know, we are very
conscious that schaholders have different different preferences. Some require liquidity.
It's been quite difficult to get liquidity in the company, yes,
because it has been trading at a very low level.
As you know, before the offer it was forty seven cents.
Speaker 1 (09:48):
If the scheme were not to be successful, what where
does that leave Conveter.
Speaker 3 (09:56):
With a balance sheet situation that needs addressing. That's the
long and the short of it. That we still have
the let's say, the situation that led us to recommending
this to shareholders is still the same as it was before.
So we would need to find quickly ways of addressing
the balance sheet weaknesses that we have.
Speaker 1 (10:18):
Do you think you could.
Speaker 3 (10:20):
It's the responsibility of the board to do absolutely everything
that it possibly can.
Speaker 1 (10:24):
So it sound like quite heard, although.
Speaker 3 (10:27):
You know, if there's things were easy, it would have
happened before now.
Speaker 1 (10:32):
So yeah, exactly. So this is the offer that's on
the table from Florenes is the only credible, superior offer
that you that that shaholders really can consider it this time.
Speaker 3 (10:46):
Yes, we have not had any offer from other bidders
of any kind, shareholders or non shareholders. As I say,
in the past, we have had three or four other
bidders who've looked at the company and considered offering to
buy part or all of the company, and for one
(11:11):
reason and another they have not proceded. So that is
that we have Florence. Their Florends offer is the only
offer on the table at the moment, correct.
Speaker 1 (11:21):
So if we look at Florenz, then it's as I
understand it, a number of companies and brands in the
health and wellness kind of or arena. It's private. And
they even have a Minuca honey brand, we'd a spoon
I think, which is an organic one. So whyhere does
the board see Conveter going If this is successful, this
(11:43):
is this vote, and Florence does take over for eighty
cents a share, what future do you think it will
have for Conveter and under that arrangement?
Speaker 3 (11:53):
So first, first of all, the intention is that they
that Florenz should take the company private. So there that
would one hundred percent owned by them. But one thing
I think we can be certain of is that, you know,
Manica Converter, as the market leader in Manakahney, has a
very strong market position, a very attractive market position in it.
So one would imagine that they would that. As far
(12:16):
as customers and and our current home employees, I think
they can be confident about the future. Although, as I say,
that is entirely up to up to Florens and how
they how they see it in the longer term.
Speaker 1 (12:34):
But in terms of the brand, I mean it's still
New Zealand owned. Is that something that was important?
Speaker 3 (12:42):
Yes, I mean we at the end of the day,
we're responsible to shareholders and we're maximizing shareholder value and
that is the primary driver for the board.
Speaker 1 (12:53):
This is a pretty critical decision for Conveter shareholders, whether
they vote, whether they decide to vote that the there's
a bit at stake here.
Speaker 3 (13:01):
Yes, what do.
Speaker 1 (13:02):
You say to longtime loyal investors who have been watching
the stock for a while, have you know, perhaps made
losses and the like. What do you say to them?
Speaker 3 (13:13):
I would like to give them an assurance that the
board has done absolutely every single possible thing it could
have done. To address the situation. The situation has arisen
in large part because of what's happened in the industry
and with some of the precious globally, and in some
measure because of the boards not reacting quickly enough to
(13:34):
the situation as it changed. So certainly, except our fair
share of our responsibility for that rich what does.
Speaker 1 (13:43):
The scheme offer shareholders?
Speaker 3 (13:44):
In a nutshell, the shareholders are being offered an alternative
for their the value of their shares being paid eighty
cents a share. Should the scheme be approved, of course
by a seventy five percent majority, they will receive that
money and they will be and there she Is will
be removed from the market, and if they choose not to,
(14:09):
then we will continue operations and we will be working
hard as the board to find fine alternatives.
Speaker 1 (14:16):
Thank you Bridget for joining us today. Thank you and
thanks everyone for tuning in. You can watch she Lunch
on YouTube or follow us on your favorite podcast app.
Lead us a rating and tell us what you'd like
to hear next. Mark twa
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