Comvita Ltd is almost certain to become wholly owned by Florenz Ltd and delisted from the New Zealand Exchange. Florenz Ltd owns Wedderspoon Organic NZ Ltd, said to be New Zealand’s largest seller of mānuka honey in the US. If the acquisition proceeds, about half of total monofloral mānuka honey exports will fall under the control of a company that operates outside the sphere of influence of the UMF Honey Association.

In our June edition report “Australian Attack ‘Disrespectful and Misleading’, Says Mānuka Charitable Trust”, we laid bare the awkward truth of the intimate relationship between Hive & Wellness Australia Pty Ltd and Comvita Ltd. In this report, Bruce Roscoe sketches the historical context of that closeness and unearths a trove of details that illuminate the fullness of the cooperation.

Comvita Ltd. looks likely to pass into the ownership of health food company Florenz, pending a December shareholder vote. That left one last set of full-year accounts to present as leadership fronted a video call on August 29 to report continued losses and asset writedowns.

Both the publicly listed Comvita Ltd., and privately owned Mānuka Health, will soon have new CEOs in place, while Comvita’s chief financial officer (CFO) has also handed in his notice. Both companies are putting on a brave face as they make the announcements, but Comvita’s share price has plunged to new lows.