John Penno's complaint over Synlait capital raise fails

John Penno's complaint over Synlait capital raise fails
John Penno says his advisers concluded that voting procedures set out in the notice of meeting were not legally compliant in critical areas. (Image: Supplied)
Riley Kennedy
Market regulators have knocked back Synlait founder John Penno’s complaint over the processor’s planned capital raise.Last week, Penno – who was on the dual-listed company’s board until May this year – complained to the Takeovers Panel and NZRegCo that Bright Dairy and The a2 milk Company shouldn’t be able to vote on the resolutions that will see $217.8m raised to enable the company to deleverage its balance sheet.If approved, Bright will once again take a controlling stake by contributing $185m at an issue p...

More Primary Sector

Rayonier exits NZ with $1.2b forestry sale
Primary Sector

Rayonier exits NZ with $1.2b forestry sale

An investment firm bought the stake, which included 116,145 hectares of forestry.

Wools of NZ reaches profitability
Primary Sector

Wools of NZ reaches profitability

A $1.4 million loss has turned into a profit.

Staff reporters 13 Mar 2025
Grasslanz Technology supreme winner at science awards
Primary Sector

Grasslanz Technology supreme winner at science awards

The company's ryegrass-protecting technology has an estimated economic value of $3.6b.

Staff reporters 13 Mar 2025
Fonterra's management reshuffled
Primary Sector

Fonterra's management reshuffled

Richard Allen has had his ingredients remit expanded.

Riley Kennedy 12 Mar 2025