Takeover bid?
OPINION: Canterbury milk processor Synlait is showing no sign of bouncing back from its financial doldrums.
Synlait has successfully completed its pro rata entitlement offer announced on September 19, raising $98 million of new equity.
The funds will be used for a mix of debt repayment and contributing to a three-year circa $300 million capital growth project program.
“We’re very happy with the support our shareholders have shown during this offer and I’m pleased we were able to welcome new shareholders to our company at the same time,” says Graeme Milne, chairman.
Synlait’s largest shareholder, Bright Dairy, has maintained its 39.12% shareholding.
“As a growth company, we will continue pursuing profitable opportunities to make more from milk. Our planned growth projects are expected to enable us to take advantage of these opportunities and to solidify our international position as a trusted and innovative dairy manufacturer,” says Milne.
The growth projects will provide additional capacity for infant formula manufacturing, consumer packaging, infrastructure requirements and value added cream manufacturing.
John Penno, managing director and chief executive, added the process to dual list on the Australian Securities Exchange (ASX) is well underway.
“We expect to be trading on the ASX by the end of 2016 and look forward to strengthening existing and building new relationships with Australian investors in the near future,” says Penno.
New Zealand dairy processors are welcoming the Government’s commitment to continuing to push for Canada to honour its trade commitments.
An educational programme, set up by Beef + Land New Zealand, to connect farmers virtually with primary and intermediate school students has reported the successful completion of its second year.
The Food and Agriculture Organisation of the United Nations (FAO) has welcomed a resolution adopted by the United Nations (UN) General Assembly to declare 2026 International Year of the Woman Farmer.
Waikato herd health veterinarian Katrina Roberts is the 2024 Fonterra Dairy Woman of the Year.
Trade Minister Todd McClay says New Zealand has no intention of backing down in a trade dispute with Canada over dairy products.
There have been leadership changes at the Hamilton-based Dairy Goat Co-operative, which has been struggling financially in recent years.
OPINION: Canterbury milk processor Synlait is showing no sign of bouncing back from its financial doldrums.
OPINION: It seems every bugger in this country can get an award these days.