Better days ahead for Synlait farmers
Synlait farmer suppliers are relieved to see the troubled milk processor on the road to recovery.
Synlait Milk has dual listed on the Australian Securities Exchange (ASX) and started trading on Friday.
“Interest in Synlait from Australian investors has grown in the past few years – 72% of our institutional shareholding is based in Australia,” says John Penno, managing director and chief executive.
“Being dual listed on the NZX and ASX increases access for institutional investors in Australia, and opens up the company to Australian retail investors too.”
Synlait expects this dual listing will provide increased liquidity, as well as a broader and diversified shareholder base.
“We’ve launched our next growth phase - a three year, $300 million capital expansion programme - and will continue to pursue profitable opportunities to make more from milk. I’m pleased NZX and ASX investors both have the opportunity to be a part of our journey.”
Synlait’s growth was recently underpinned by the successful $98 million pro-rata rights issue, which closed in October 2016.
Synlait has listed on ASX as a foreign exempt issuer under a compliance listing, which will not see any capital raised as a part of the process.
In the financial year ending July 31, 2016 (FY16), Synlait reported a record net profit after tax (NPAT) of $34.4 million ($10.6 million in FY15).
Located in New Zealand’s South Island, Synlait employs more than 430 staff and their Dunsandel site in Canterbury received 658 million litres of milk in FY16.
Funding is proving crucial for predator control despite a broken model reliant on the goodwill of volunteers.
A major milestone on New Zealand's unique journey to eradicate Mycoplasma bovis could come before the end of this year.
We're working through it, and we'll get to it.
The debate around New Zealand's future in the Paris Agreement is heating up.
A technical lab manager for Apata, Phoebe Scherer, has won the Bay of Plenty 2025 Young Grower regional title.
Following heavy rain which caused flooding in parts of Nelson-Tasman and sewerage overflows in Marlborough, the Insurance & Financial Services Ombudsman Scheme (IFSO Scheme) is urging homeowners and tenants to be cautious when cleaning up and to take the right steps to support claims.
OPINION: It's official, Fieldays 2025 clocked 110,000 visitors over the four days.
OPINION: The Federated Farmers rural advocacy hub at Fieldays has been touted as a great success.