Synlait has received a notice of complaint from former CEO and shareholder Dr John Penno regarding the special shareholders' meeting scheduled for September 18 2024.
The complaint, which was sent on behalf of Penno, alleges that Bright and a2MC should not be allowed to vote on resolutions related to the recapitalisation.
According to the notice, this would leave only shareholders other than Bright and a2MC eligible to vote on the resolutions.
However, Synlait disagrees with the complaint and believes it has complied with the NZX Listing Rules and Takeovers Code.
The company intends to engage with the regulators in order to have the complaint dismissed before the meeting.
The special shareholders' meeting is a crucial step for Synlait's future, as the approval of the resolutions is necessary for the implementation of the recapitalisation.
Synlait may be forced to cease trading and initiate a formal insolvency process if the resolutions are not approved and the recapitalisation does not proceed.
The complaint, at this stage, does not affect the timing or the resolutions to be voted on at the meeting.
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