‘Unholy trade-off’: NZSA says it will support Synlait’s capital raise

Synlait’s proposed capital raise would allow NZ's third-largest dairy company to deleverage its balance sheet, which is carrying more than $550 million in debt. (Image: NZME)

Riley Kennedy

Wed, 11 Sep 2024

The New Zealand Shareholders Association has thrown its support behind Synlait Milk’s capital raise.Shareholders will gather at the cash-strapped processor’s Dunsandel site next week to vote on a proposed $217 million capital raise, which will see its largest shareholder, Bright Dairy, take a controlling stake, with minority investors diluted. The money raised is necessary to allow Synlait – the third-largest dairy company in the country – to deleverage its balance sheet, which is carrying more than $550m in debt.Br...

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