What’s at stake: Synlait shareholders are due to vote on September 18 on share placements to its 39% and 19.8% shareholders Bright Dairy and A2 Milk.
Background: Synlait has bank debt and listed bonds due for repayment and faces receivership without more equity capital.
Main players: Synlait, Bright Dairy, A2 Milk, John Penno.
The Takeovers Panel and NZX regulator NZ RegCo have rejected a complaint from former Synlait chair John Penno over voting on the milk processor’s crucial $217.8 million recapitalisation plan this month.
The complaint followed Synlait’s announcement of a special shareholder meeting to consider
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