Monday, 28 November 2016 11:27

Synlait Milk starts trading on ASX

Written by 
John Penno, managing director and chief executive at Synlait. John Penno, managing director and chief executive at Synlait.

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.

More like this

Synlait shrugs off Penno's complaint

A complaint filed by a founder and minority shareholder threatens to derail Synlait’s special shareholders meeting scheduled for September 18.

Featured

Editorial: Agri's mojo is back

OPINION: Good times are coming back for the primary industries. From sentiment expressed at Fieldays to the latest rural confidence survey results, all indicate farmer confidence at a near-record high.

National

Machinery & Products

Farming smarter with technology

The National Fieldays is an annual fixture in the farming calendar: it draws in thousands of farmers, contractors, and industry…

» Latest Print Issues Online

Milking It

110,000 visitors!

OPINION: It's official, Fieldays 2025 clocked 110,000 visitors over the four days.

Sticky situation

OPINION: The Federated Farmers rural advocacy hub at Fieldays has been touted as a great success.

» Connect with Dairy News

» eNewsletter

Subscribe to our weekly newsletter