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Comvita Limited 2011 Independent Adviser's Report

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Comvita Limited 2011 Independent Adviser's Report Comvita Limited Independent Adviser’s Report On the Full Takeover Offer from Cerebos New Zealand Limited November 2011 COMVITA LIMITED TARGET COMPANY STATEMENT 2011 29 Table of Contents Glossary..........................................................................................................................................................................................3 1. Terms of the Cerebos Offer .................................................................................................................................................4 1.1 Background..................................................................................................................................................................4 1.2 Details of the Cerebos Offer..........................................................................................................................................4 1.3 Requirements of the Takeovers Code ...........................................................................................................................5 1.4 Overview of Cerebos ....................................................................................................................................................6 2. Scope of the Report..............................................................................................................................................................7 2.1 Purpose of the Report ..................................................................................................................................................7 2.2 Basis of Evaluation........................................................................................................................................................7 2.3 Approach to Valuation ..................................................................................................................................................7 3. Profile of Comvita..................................................................................................................................................................9 3.1 Background..................................................................................................................................................................9 3.2 Products.....................................................................................................................................................................10 3.3 Markets ......................................................................................................................................................................11 3.4 Operations..................................................................................................................................................................13 3.5 Derma Sciences .........................................................................................................................................................14 3.6 Financial Performance ................................................................................................................................................17 3.7 Financial Position ........................................................................................................................................................19 3.8 Cash Flow ..................................................................................................................................................................20 3.9 Capital Structure and Ownership ................................................................................................................................21 3.10 Share Price Performance............................................................................................................................................22 4. Valuation of Comvita...........................................................................................................................................................24 4.1 Summary....................................................................................................................................................................24 4.2 Methodology ..............................................................................................................................................................26 4.3 Assessment of Implied Multiples .................................................................................................................................27 4.4 Market Evidence.........................................................................................................................................................28 5. Merits of the Cerebos Offer ...............................................................................................................................................30 5.1 The Value of the Cerebos Offer...................................................................................................................................30 5.2 The timing and circumstances surrounding the Cerebos Offer ....................................................................................31 5.3 Possible outcomes of the Cerebos Offer.....................................................................................................................31 5.4 Factors that may affect the outcome of the Cerebos Offer ..........................................................................................32 5.5 Likelihood of alternative offers .....................................................................................................................................33 5.6 An investment in Comvita ...........................................................................................................................................33 5.7 Acceptance or Rejection of the Cerebos Offer ............................................................................................................35 APPENDIX A – Recent Transaction Evidence APPENDIX B – Comparable Listed Companies APPENDIX C – Valuation Methodology Descriptions APPENDIX D – Interpretation of Multiples APPENDIX E – Qualifications, Declarations and Consents 30 COMVITA LIMITED TARGET COMPANY STATEMENT 2011 Glossary Glossary Term Definition Cerebos Cerebos New Zealand Limited, a wholly owned subsidiary of Cerebos Pacific Limited Cerebos Offer The full takeover offer from Cerebos for all of the shares in Comvita at a price of $2.50 per share Cerebos Pacific Ultimate shareholder of Cerebos, listed on the Singapore Stock Exchange Comvita Comvita Limited Derma Sciences Derma Sciences Incorporated, a US listed company EBITDAF Earnings Before Interest, Tax, Depreciation, Amortisation, Fair Value Adjustments and Impairments FDA US Food and Drug Administration FY Financial Year FY2009 Year ended 31 March 2009 FY2010 Year ended 31 March 2010 FY2011 Year ended 31 March 2011 FY2012 Year ending 31 March 2012 NZSX New Zealand Stock Exchange Olive Products Olive Products Australia, acquired by Comvita in 2007 Ordinary Shares Comvita’s ordinary shares listed on the NZSX Redeemable Shares Unlisted partly paid redeemable ordinary shares issued to certain Comvita executives under an executive share scheme called the Comvita Limited Partly Paid Share Scheme S$ Singapore dollar UMF Unique Manuka Factor, referring to the antibacterial property UMF Rating A numeric number – typically in the range 5-20 reflecting the strength of the UMF property in the honey Varroa Mite Varroa is an external parasite of honeybees. Varroa is widely distributed in NZ and cannot be eradicated. Infested hives will exhibit lower bee numbers. VWAP Volume Weighted Average Price 3 COMVITA LIMITED TARGET COMPANY STATEMENT 2011 31 1. Terms of the Cerebos Offer 1.1 Background On 14 October 2011 Cerebos New Zealand Limited (Cerebos), a wholly-owned subsidiary of Cerebos Pacific Limited (a company listed on the Singapore Stock Exchange), announced that it would make a full offer under the Takeovers Code for all of the equity securities in Comvita Limited (Comvita) at a price of $2.50 per share (the Cerebos Offer). The Cerebos Offer was made to Comvita shareholders on 8 November 2011 and remains open for acceptance until 22 December 2011, unless extended. Comvita is a New Zealand Stock Exchange (NZSX) listed company. Comvita produces a range of natural health and skin care products based on natural ingredients including Manuka honey, propolis, broccoli extract, olive leaf extract and Omega 3. Comvita’s equity securities comprise ordinary shares listed on the NZSX (Ordinary Shares) and unlisted partly paid redeemable ordinary shares issued to certain Comvita executives under an executive share scheme called the Comvita Limited Partly Paid Share Scheme (Redeemable Shares). Cerebos has advised the market that it currently does not own any shares in Comvita. 1.2 Details of the Cerebos Offer The Cerebos Offer is for all of the Ordinary Shares in Comvita and all of the Redeemable Shares. The consideration offered for each Ordinary Share is $2.50 in cash. The consideration offered for each Redeemable Share depends on the date upon which the Redeemable Share was issued, as summarised in the table below: Cerebos Offer price for Redeemable Shares Cash offer price ($) per Redeemable Share Issue date Final maturity date 0.39 4 July 2008 4 July 2013 0.39 1 August 2008 1 August 2013 1.33 1 September 2009 1 September 2013 1.33 1 September 2009
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