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.
Meat co-operative, Alliance has met with a group of farmer shareholders, who oppose the sale of a controlling stake in the co-op to Irish company Dawn Meats.
Rollovers of quad bikes or ATVs towing calf milk trailers have typically prompted a Safety Alert from Safer Farms, the industry-led organisation dedicated to fostering a safer farming culture across New Zealand.
The Government has announced it has invested $8 million in lower methane dairy genetics research.
A group of Kiwi farmers are urging Alliance farmer-shareholders to vote against a deal that would see the red meat co-operative sell approximately $270 million in shares to Ireland's Dawn Meats.
In a few hundred words it's impossible to adequately describe the outstanding contribution that James Brendan Bolger made to New Zealand since he first entered politics in 1972.
Dawn Meats is set to increase its proposed investment in Alliance Group by up to $25 million following stronger than forecast year-end results by Alliance.
OPINION: Voting is underway for Fonterra’s divestment proposal, with shareholders deciding whether or not sell its consumer brands business.
OPINION: Politicians and Wellington bureaucrats should take a leaf out of the book of Canterbury District Police Commander Superintendent Tony Hill.