Synlait to raise $200m at a discount

Tue, 10 Nov 2020

Synlait Milk plans to raise $200 million at a discount, largely from its two cornerstone shareholders, to upgrade facilities in preparation for a new multinational customer. At the same time, the milk processor lowered its earnings outlook.The equity raising will be a $180 million underwritten placement at a fixed price of $5.10 per share and a $20 million underwritten share purchase plan.The fixed price of $5.10 is 14 percent below yesterday’s close of $5.93, before trading was halted. The shares lifted in recent days after the milk...

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