Milk company launches new round of grants
The a2 Milk Company (a2MC) is launching a new round of grants to support projects aimed at enhancing dairy farming sustainability via the a2 Farm Sustainability Fund.
A complaint by Synlait founder John Penno over the listed milk processor’s recapitalisation plan has been dismissed by regulators.
New Zealand Stock Exchange’s regulatory arm, NZ RegCo and the Takeovers Panel have confirmed that no further action is being taken in relation to the complaint received regarding the special shareholders’ meeting.
The notice of complaint asserted that under the NZX listing rules and takeovers code, Synlait’s two biggest shareholders Bright Dairy of China and a2 Milk Company (a2MC) should not be able to vote on resolutions relating to the recapitalisation, leaving only shareholders other than Bright and a2MC being able to vote on the two resolutions.
The complaint also claimed that that Bright Dairy and a2MC are associated persons under the rules on the basis that they are acting jointly or in concert.
NZRegCo ruled that it’s been informed by Synlait, and it has also been confirmed by a2MC and Bright Dairy, that the Bright placement and a2MC placement were negotiated entirely separately such that there were no tri-partite negotiations, each pursuing different commercial objectives as ultimately evidenced by the terms of the placements.
“It has been further confirmed by Bright Dairy and a2MC that they have not negotiated the Bright placement and a2MC placement as between themselves,” NZRegCo says.
The Takeovers Panel has issued a media release stating that it has declined to call a section 32 meeting under the Takeovers Act 1993 and, based on the information before it, will not take any further action in relation to this matter at this stage.
Synlait says the special shareholders’ meeting will proceed as scheduled on Wednesday 18 September 2024 at 9am to vote on the recapitalisation plan.
The plan, which will see the company’s two biggest shareholders Bright Dairy and a2 Milk inject cash into the the debt-laden dairy and infant formula maker, will go before a special meeting scheduled for September 18.
Under the plan, a2 Milk will end up retaining its current shareholding (19.8%), while Bright Dairy’s ownership will increase from 39% to 65.25%
The two companies will control around 85% of Synlait’s voting capital, with retail shareholders’ share declining from around 41% to 15%.
Penno is a 2.3% shareholder, having previously served as the chief executive, the non-independent chair, and as a director of the company until May this year.
Following a sentencing for a death at a South Canterbury agribusiness, WorkSafe New Zealand is calling on farmers to consider how vehicles move inside their barns and sheds.
Zespri’s final forecast for the 2024/25 season suggests the kiwifruit marketer is on track to meet its $4.5 billion global revenue target.
Horticulture New Zealand says the country’s ability to provide fresh, healthy vegetables is at risk unless the Government makes growing them a permitted activity.
An exciting feature of this year's Northland Field Days will be the new outdoor zone.
While it has been a great spring and summer for farmers, soil moisture levels in the Waikato are now plummeting as the dry February starts to bite.
A Franklin dairy farmer has inched closer to national victory after being crowned Northland’s top young farmer.
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