Synlait shares in trading halt
Listed Canterbury milk processor Synlait’s shares have been placed in a trading halt.
The news has gone from bad to worse for a2 Milk - the company Synlait had hitched its wagon to.
Once the darling of the stock exchange, the milk processor a2 Milk has been struggling since Covid-19 decimated its infant formula business in China.
Now Australian law firm Slater & Gordon says it has filed a claim against a2 Milk in the Supreme Court of Victoria. The claim is in relation to its disclosure over a nine-month period when it announced four earnings downgrades.
The claim is being brought on behalf of shareholders who allegedly suffered losses after acquiring a2 Milk shares on the ASX and NZX between August 19, 2020 and May 9 2021.
a2 Milk said it had been notified of the legal action and will vigorously defend the proceeding.
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.
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Listed Canterbury milk processor Synlait’s shares have been placed in a trading halt.
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A step-by-step guide helping farmers through the process of creating a Freshwater Farm Plan (FWFP) has been launched by FarmIQ.