Synlait chair urges minority shareholders to make their voices heard in crucial loan vote

Synlait chair George Adams says he doesn't regret taking the role and knew it would be a challenge. (Image: Synlait)

Tue, 09 Jul 2024

Synlait chair George Adams says talks are continuing with its second-largest shareholder, a2, over how it will vote on a crucial $130 million loan.On Thursday, The a2 Milk Company and minority shareholders in the New Zealand Exchange (NZX)-listed dairy manufacturer will vote at a special general meeting on whether to accept the terms of the lifeline loan from major shareholder Bright Dairy. More than 35% shareholder Bright Dairy is excluded from the July 11 vote. If the vote fails, Synlait cannot pay a large debt due on July 15 and c...

Subscribe to BusinessDesk

Stay informed on business, government and financial developments across New Zealand.

Deeply researched, twice-edited and fact-checked news
Annual subscribers also receive a complimentary subscription to The Wall Street Journal
Personalised email news alerts, plus gift up to 5 stories a month to non-subscribers

You can cancel anytime with two clicks, an email or a phone call.
Find out more.

We are serious about journalism.

Already a Subscriber ? Sign in here.

Name {{ registerForm.errors.get('name') }}

Email address {{ registerForm.errors.get('email') }}

Phone Number {{ registerForm.errors.get('phone') }}

Job Title {{ registerForm.errors.get('title') }}

Password Minimum password length of 8 characters.
Require at least one upper and lowercase, numeric, and special character. {{ registerForm.errors.get('password') }}

Repeat password {{ registerForm.errors.get('password_confirmation') }}

We had trouble validating your card. It's possible your card provider is preventing us from charging the card. Please contact your card provider or customer support.

Credit Card

Cardholder's name

{{ __(plans[index].name) | capitalize }} {{ plans[index].attributes.old_price | currency }} {{ plans[index].price | currency }}

All subscriptions auto renew but are easy to cancel.

I Accept The Terms Of Service

{{ registerForm.errors.get('terms') }}

Tax: {{ taxAmount(selectedPlan) | currency }}

Total Price Including Tax: {{ priceWithTax(selectedPlan) | currency }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerSeat ? '/ '+ spark.seatName : '' }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerTeam ? '/ '+ __('teams.team') : '' }} / {{ __(selectedPlan.interval) | capitalize }}

Property

Du Val accountant censured and fined

Nicola Adam acted on instruction from Kenyon Clarke and minority shareholders.

Maria Slade 1:38pm

Markets

If Māui closes, Methanex's future is murky says Fuge

A constant state of unease is needed in the energy sector says Contact boss.

Ian Llewellyn 12:00pm

If Māui closes, Methanex's future is murky says Fuge

Primary Sector

Govt to change offshore renewable regime

No-go zones for seabed mining proposed.

Ian Llewellyn 11:45am

Govt to change offshore renewable regime

Sponsored

Future leaders start by Dreaming Big

How OnBeingBold empowers Year 13 girls at free leadership events.

OnBeingBold

Sponsored

Free AI training blitz targets 10,000 Kiwis

Workshops aim to close NZ’s AI skills gap and boost productivity – no tech skills required.

Sponsored by Lumify

More Primary Sector

Primary Sector

Govt to change offshore renewable regime

No-go zones for seabed mining proposed.

Ian Llewellyn 11:45am

Primary Sector

Global dairy prices fall

Global dairy prices fell slightly overnight, although the losses "were softer than those recorded at the previous auction". Tuesday night’s Global Dairy Trade auction saw the Price Index fall 0.8% despite 5.7% less product being sold and weaker bidding ratios. Only cheddar manage...

Staff reporters 8:15am