Global case sales now forecast to fall 12% on last year.
Heads of agreement signed on investigating role of coal-fired Rankine units for security of supply.
The metal distributor says it is through the worst of it, and expects a pick up in activity later this calendar year.
'Our best position was to do a capital return and keep going,' chair Michael Stiassny says.
The company continues to look at asset sales as it struggles to avoid bankruptcy.
The company's Singapore-based majority owner made an offer for its remaining stake in the company on January 20.
Sales in New Zealand were up 20%, higher than the group average, and the operations moved from loss to profit.
Additional accounting irregularities found after independent review have further hindered Comvita's FY24 earnings.
The announcement is the first major move by chief executive Mark van Dyck, who joined four months ago.
After consulting with shareholders, company says offer at 62% premium had no chance of success.