Synlait equity raise: Bright Dairy to take control, minority investors left out

Synlait’s largest shareholder will increase its ownership to a controlling stake. (Image: NZME)

Mon, 19 Aug 2024

Synlait’s largest shareholder will increase its ownership to a controlling stake in the embattled dairy processor if its planned equity raise gets approval.The dual-listed dairy company announced the details of its $217.8 million raise after the NZX closed on Tuesday, with minority investors left out.It also said it was in the final stages of refinancing its banking facilities.Bright Dairy, which currently has a 39% stake, will contribute $185m at an issue price of 60c – a 100% premium on Synlait’s closing price on Aug 15.This...

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