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Comvita to seek deeper pool for directors' fees at AGM

Wednesday 25th July 2012

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Comvita, which makes products based the virtues of honey, will ask shareholders to approve a deeper pool of fees for directors to draw on at tomorrow's annual meeting.

The Te Puke-based company wants to raise the maximum aggregate fees payable to $400,000 from the current $300,000, it said in its notice of meeting. If Comvita gets sign-off on the increase, it will raise fees over the next two years, and will also cover the addition of a sixth director if need be.

"The proposed additional directors' remuneration above also allows some 'headroom' to cover situations where the board may decide to make a payment to a director for assisting the company in duties significantly over and above the normal directors' duties," the company said.

"Such additional may include capital raising, acquisitions, dealing with a takeover of Comvita, or assisting on special products undertaken by the executive team," it said.

Last month, Comvita issued shareholding beekeepers with bonus stock after an on-market buyback, rewarding its most loyal suppliers.

The company fought off a hostile takeover bid by Cerebos Greggs, and went on to post a record profit on fatter sales.

The shares were unchanged at $3.20 in trading today, having surged by a third this year.

The stock is rated a 'hold' according to the one analyst recommendation compiled by Reuters, with a target price of $2.91.

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