Comvita's proposed scheme of arrangement with Florenz is facing challenges, with the latest voting update revealing that the resolution would not pass based on the current numbers.
As of 2pm on Nov 12, 700 shareholders had lodged proxy instructions or postal/electronic votes, representing 80.3% of the total votes exercisable by Comvita shareholders.
Of the votes cast, 53.7% were in favour of the scheme, while 39.8% were against, and 6.6% were discretionary.
To be approved, the scheme must meet two thresholds: at least 75% of votes cast by shareholders in each interest class who actually vote must be in favour, and more than 50% of the total votes attached to all Comvita shares that can be cast must also be in favour.
The scheme meeting will be held on Nov 14.
Shareholders who wish to change their vote can do so by attending the meeting and voting as they wish.
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