Synlait shares in trading halt
Listed Canterbury milk processor Synlait’s shares have been placed in a trading halt.
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.
Analysis by Dunedin-based Techion New Zealand shows the cost of undetected drench resistance in sheep has exploded to an estimated $98 million a year.
Shipping disruption caused by Houthi rebels in the Red Sea has so far not impacted fertiliser prices or supply on farm.
The opportunity to spend more time on farm while providing a dedicated service for shareholders attracted new environmental manager Ben Howden to work for Waimakariri Irrigation Limited (WIL).
Federated Farmers claims that the Otago Regional Council is charging ahead unnecessarily with piling more regulation on rural communities.
Dairy sheep and goat farmers are being told to reduce milk supply as processors face a slump in global demand for their products.
OPINION: We have good friends from way back who had lived in one of our major cities for many years.