Comvita's proposed scheme fails initial shareholder vote

Comvita has provided an update on the voting progress for the proposed scheme of arrangement with Florenz.

As of 5pm on Nov 11, 610 shareholders had lodged proxy instructions or postal/electronic votes, representing 61% of the total votes exercisable by Comvita shareholders.

Of the votes cast, 55.5% were in favour of the scheme, while 42.3% were against.

The scheme resolution would not pass, as more than 25% of all shares have been voted or directed against it.

Comvita urged shareholders and the market to note that the final outcome is still subject to the completion of the voting process and court approval.

Voting for the scheme closes at 2pm today, and the scheme meeting will be held on Nov 14.