What’s at stake: Milk processor Synlait has called a special shareholder meeting to vote on a $217.8m capital raise to stay in business.
Background: Synlait's bank debt and listed bonds are due for repayment within months and its earnings have been hit by disputes with customer A2 Milk as well as losses from an underused factory at Pokeno.
Key players: Main shareholders Bright Dairy and A2 Milk, former chair John Penno.
Synlait founder and former chair John Penno has challenged the debt-laden milk processor’s rescue plan, saying appointing administrators would be a better option.
Penno last night sent complaints to NZ RegCo and the Takeovers Panel over the terms of a shareholder vote next month on a $217.8
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What’s at stake: Milk processor Synlait has called a special shareholder meeting to vote on a $217.8m capital raise to stay in business.
Background: Synlait's bank debt and listed bonds are due for repayment within months and its earnings have been hit by disputes with customer A2 Milk as well as losses from an underused factory at Pokeno.
Key players: Main shareholders Bright Dairy and A2 Milk, former chair John Penno.
