Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


Announcement of Intention to IPO


14 May 2013

Announcement of Intention to IPO

Synlait Milk Limited (Synlait Milk) advises that it is considering an initial public offering (IPO) of shares and to list on the NZX Main Board.

Synlait Milk is currently 49% owned by Synlait Limited and 51% owned by Bright Dairy & Food Co., Ltd (Bright Dairy).

Prior to any shares being allotted under any IPO, Synlait Limited has advised Synlait Milk that it intends to distribute to its shareholders, on a pro-rata basis, the shares it holds in Synlait Milk.

As part of the proposed IPO, Synlait Milk intends to offer existing Synlait Limited shareholders the opportunity to sell some or all of their shares in Synlait Milk.

It will be a term of any offer that any Synlait Limited shareholders who do not sell all of their Synlait Milk shares into the offer will be subject to escrow arrangements.

Bright Dairy is expected to retain its full investment in Synlait Milk.

It is intended that the offer price for the proposed offer will be set by way of a bookbuild process managed by Synlait Milk’s advisers. First NZ Capital and Goldman Sachs have been appointed by Synlait Milk as Joint Lead Managers of the proposed IPO.

It is intended that the proceeds of any offer will be used to support various growth initiatives including the construction of a new packaging plant, and to facilitate Synlait Milk refinancing its debt position to support these growth initiatives.

It is intended that the offer will be made to members of the public in New Zealand via NZX Broker Firms and institutional investors in New Zealand, Australia and certain overseas jurisdictions only.

The terms of any offer will be set out by Synlait Milk in a combined investment statement and prospectus registered with the Registrar of Financial Service Providers.

No money is currently being sought by Synlait Milk in connection with the proposed offer and no applications for shares will be accepted or money received unless the subscriber has received an investment statement and prospectus.

Synlait Milk intends to apply to NZX to list Synlait Milk and quote the shares on the NZX Main Board. NZX Main Board is a registered market and NZX is a registered exchange. NZX accepts no responsibility for any statement in this notice.


© Scoop Media

Business Headlines | Sci-Tech Headlines


Consumer NZ: Buy-now, Pay-later Raking In $10m+ In Late Fees Annually

A Consumer NZ survey has found buy-now, pay-later services are costing shoppers more than $10 million a year in late fees. Close to four out of 10 Kiwi consumers use buy-now, pay-later services, such as Afterpay, Laybuy and Zip... More>>

Westpac: Catherine Mcgrath Appointed New Zealand CEO

Westpac Group CEO Peter King and the Westpac New Zealand Board today announced the appointment of Catherine McGrath as Chief Executive Officer, Westpac New Zealand... More>>

Amazon: AWS To Open Data Centres In New Zealand

Today, Amazon Web Services (AWS), announced plans to open an infrastructure region in Aotearoa New Zealand in 2024. The new AWS Asia Pacific (Auckland) Region will consist of three Availability Zones (AZs) and join the existing 81 Availability Zones across 25 geographic AWS Regions at launch... More>>


Statistics: Surge In Imports Results In Record Monthly Trade Deficit
Imports increased $1.8 billion in August 2021 compared with August 2020, resulting in a record monthly trade deficit of $2.1 billion, Stats NZ said today. Exports were little changed, down $42 million. "This is a larger deficit than normal because of higher values for imports.. More>>

Fonterra: Completes reset, announces annual results and long-term growth plan out to 2030

Fonterra Co-operative Group Limited today announced a strong set of results for the 2021 financial year, reflected in a final Farmgate Milk Price of $7.54, normalised earnings per share of 34 cents and a final dividend of 15 cents... More>>

Statistics: GDP rises in the June 2021 quarter

Gross domestic product (GDP) rose by 2.8 percent in the June 2021 quarter, following a 1.4 percent increase in the March 2021 quarter, Stats NZ said today. June 2021 quarter GDP was 4.3 percent higher when compared with the December 2019 quarter... More>>