Suitors line up
OPINION: As Fonterra's divestment of its Oceania and global consumer businesses progresses, clear contenders are emerging.
Listed Canterbury milk processor Synlait’s shares have been placed in a trading halt.
An announcement to the NZ Stock Exchange this morning says the company needs more time to finalise discussions with its banking syndicate, regarding an extension to a $130 million payment to its banking syndicate due today.
The company is also seeking financial support from major shareholder, Bright Dairy of China.
The company will unveil its half-year results on Tuesday, April 2 and earlier signalled a net loss in the range of $17 million to $21 million. Synlait recorded a $4.8 million net profit after tax for the same period last year. The trading halt is expected to remain until the half-year result announcement on Tuesday.
Synlait is also expected to give an update on the sale of its Dairyworks business, which it has been trying to offload since June last year.
Synlait is 39% owned by China’s Bright Dairy. A 19% stake is owned by a2 Milk Company, which is involved in a dispute with Synlait after trying to cancel an exclusive deal on manufacture and supply of A2 infant formula. The two parties failed to resolve the dispute during a binding arbitration process and have proceeded to arbitration.
Synlait shares have been hovering around 75c over the past two months. The shares were trading at around $3.50 at the beginning of last year.
Irish meat processor Dawn Meats is set to acquire a 70% stake in Alliance Group, according to a report in The Irish Times.
New Zealand's red meat sector says the United States' decision to increase tariffs on New Zealand exports is disappointing.
Waikato-Bay of Plenty farmer Hugh Jackson recently secured this year’s FMG Young Farmer of the Year title in Invercargill.
From nitrogen limits to ecosystem restoration –farmers and catchment groups are leading a new wave of environmental care, says DairyNZ.
OPINION: The Government's decision to stop local authorities going ahead with reviews of district and regional plans makes sense for several reasons.
With June ending and following the most upbeat National Fieldays for several years, tractor dealers are reporting a lift in sales.
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