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

Fri, 06 Sep 2024

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...

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