Synlait gets second lifeline: Bright Dairy takes control in 'watershed' vote

Synlait chair George Adams stepped in to lead the struggling company's board in May. (Image: Riley Kennedy)

Wed, 18 Sep 2024

Wed, 18 Sep 2024

If Synlait does not have a good financial year, there is a "very good chance" of another capital raise to bail out the processor in 12 months, chair George Adams says. Shareholders of the embattled New Zealand Exchange (NZX) listed dairy manufacturer voted in favour of an equity raise on Wednesday morning. Chinese company Bright Dairy contributed $185m and increased its Synlait holding to more than 65%.Synlait's second-largest shareholder, The a2 Milk Company, contributed $32.8m to maintain its 19.8% stake. Minority inve...

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