Global natural health and beauty products company Comvita has acquired 177,354 ordinary shares on market at an average price of $3.24 and has now completed the issue of these shares to its most loyal beekeeper suppliers. The cost of the buyback was provided for in Comvita's 2012 financial result.
Comvita Chairman Neil Craig said, "these shares will be used as part of a value-add bonus scheme to reward our most loyal beekeeper suppliers who have contributed to the continued growth of Comvita."
"Shares provide a way for suppliers to participate in the value-add that Comvita has been able to achieve by selling premium branded products in local and overseas markets"
We hope beekeepers will retain their shares for the longer term, said Mr Craig, and participate in the ongoing dividend streams.
The first of these dividends, at 10 cents per share fully imputed, will be paid on the 29th of June 2012.
Mr Craig said, "suppliers who contract their future crops to Comvita allow us to make commitments to our customers with confidence that our supply is secure. This in turn provides certainty for our planning and forecasting processes."
Comvita Directors and Management would like to reiterate their gratitude to loyal beekeepers for supporting Comvita in maintaining their position as the global category leader in Manuka honey based products, said Mr Craig.
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