John Penno comes out swinging at Synlait over capital raise: ‘Sweetheart deal’

Synlait Milk founder John Penno. (Image: Supplied)

Wed, 28 Aug 2024

Synlait Milk founder John Penno says it is his strong view minority investors in the cash-strapped dairy processor would be better off if it was put in administration or its assets were sold to the highest bidder.On Wednesday, the company told the market it had received a complaint from Penno that alleged under NZX rules and the Takeover Code, Bright Dairy and The a2 Milk Company shouldn’t be able to vote on the resolutions that will see $217.8 million raised from the two major shareholders.If approved, Bright will once again take a...

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