Shareholders of Synlait have approved three resolutions at a special meeting, including the issuance of approximately $217.8 million of new equity capital to the company's two largest shareholders, Bright Dairy and a2 Milk.
The equity raise is aimed at reducing Synlait's debt.
It is conditional on the refinancing of Synlait's bank facilities and other conditions.
The company expects the completion of all three components, including the equity raise, settlement with a2 Milk, and bank refinancing, to take place on Oct 1, 2024.
Synlait's chair, George Adams, described the vote as a "watershed" moment for the company.
Holders of Synlait's listed subordinated bonds will have the right to redeem their bonds early from Oct 1, 2024, due to the change of control event.
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