Synlait Shareholders Vote On NZ$130m Loan

by | Jul 11, 2024 | Global, News

Synlait Milk’s future lies in the hands of shareholders who will vote on whether to accept a NZ$130m loan from Bright Dairy.

Synlait second-largest shareholder a2 Milk Company, is voting in favour of the NZ$130m loan. Significant loan repayments will fall due over the next 12 months including NZ$334m of senior debt and NZ$180m for subordinated bonds due in December.

The vote takes place Thursday 11 July and requires a simple majority to pass as well as approval from Synlait’s bank. The dairy processor’s chairperson George Adams said in June that without the loan Synlait would likely cease trading or initiate insolvency proceedings.