Synlait shares take a hammering
Troubled milk processor Synlait's share price is taking a hammering as nervous investors offload their stakes.
A long-running legal battle between milk processor Synlait and New Zealand Industrial Park Limited over historic land covenants on a Pokeno processing site is over.
Synlait has announced that it has reached an agreement with NZ Industrial Park and its owner Karl Ye.
Further details of the settlement agreement will not be disclosed due to confidentiality, but the Canterbury processor says the settlement price was reasonable and not material to Synlait.
“Synlait and New Zealand Industrial Park are committed to working collaboratively for the benefit and integration of the Pokeno community and are pleased to have this behind us,” says Synlait chief executive Leon Clement.
“We are also pleased to provide certainty for Synlait’s shareholders, customers, farmer suppliers and staff.”
In February last year, Synlait announced the conditional purchase of 28 hectares of land in Pokeno to establish its second nutritional powder manufacturing site.
In November, the High Court removed covenants over the land which would hinder Synlait's development of the land. Synlait then took ownership of the land.
In May 2019, the Court of Appeal overturned the High Court decision to remove historic covenants. Synlait then filed an appeal in the Supreme Court.
Synlait says the Supreme Court has been informed that a settlement has been reached.
South Waikato farm manager Ben Purua’s amazing transformation from gang life to milking cows was rewarded with the Ahuwhenua Young Maori Farmer award last night.
Bankers have been making record profits in the last few years, but those aren’t the only records they’ve been breaking, says Federated Farmers vice president Richard McIntyre.
The 2023-24 season has been a roller coaster ride for Waikato dairy farmers, according to Federated Farmers dairy section chair, Mathew Zonderop.
Ministry for Primary Industries (MPI) director general Ray Smith says job cuts announced this morning will not impact the way the Ministry is organised or merge business units.
Scales Corporation is acquiring a number of orchard assets from Bostock Group.
Family and solidarity shone through at the 75 years of Ferdon sale in Otorohanga last month.
OPINION: Scientists claim to have found a new way to make a substitute for cow's milk that could have a…
OPINION: The Irish have come up with a novel way to measure cow belching, which is said to account for…