The a2 Milk Company increases investment in Synlait Milk

NZX Code: ATM
ASX Code: A2M

The a2 Milk Company Limited
www.thea2milkcompany.com

23 March 2020
NZX/ASX Market Release

The a2 Milk Company increases its investment in Synlait Milk
The a2 Milk Company (“a2MC”) wishes to announce it has increased its shareholding in Synlait Milk Limited
(“Synlait”; NZX: SML; ASX: SM1).
a2MC has acquired shares on market at a price of NZ$4.95 per share, below a2MC’s average entry price for
its interest in Synlait. This increases a2MC’s interest in Synlait from 17.4 per cent to 19.84 per cent.
a2MC’s Chief Executive Officer, Mr Geoffrey Babidge said: “Following the recent decline in Synlait’s share
price, we viewed this as an opportunity to complete our strategic holding. Our shareholding reflects the
importance to us of our commercial supply arrangements with Synlait.”
a2MC has no plans to increase its shareholding in Synlait beyond 19.9%.

Geoffrey Babidge
Chief Executive Officer
The a2 Milk Company Limited

For further information, please contact:
Investors / Analysts
David Akers
Head of Investor Relations
T +61 2 9697 7013 l M +61 412 944 577
david.akers@a2milk.com

103684.7 - 1101791-1
Disclosure of movement of 1% or more in substantial holding
or change in nature of relevant interest, or both
Sections 277 and 278, Financial Markets Conduct Act 2013
To NZX Limited
and
To Synlait Milk Limited (NZX: SML) (“SML”)
Relevant event being disclosed: Movement of 1% or more in substantial holding
Date of relevant event: 23 March 2020
Date this disclosure made: 23 March 2020
Date last disclosure made: 10 August 2018
Substantial product holder(s) giving disclosure
Full name(s): The a2 Milk Company (New Zealand) Limited (“a2MC NZ”)
1

Summary of substantial holding
Class of quoted voting products: Ordinary shares in SML
Summary for a2MC NZ
For this disclosure,—
(a) total number held in class: 35,574,646
(b) total in class: 179,306,908
(c) total percentage held in class: 19.84%
For last disclosure,—
(a) total number held in class: 31,174,646
(b) total in class: 179,223,028
(c) total percentage held in class: 17.394%
Details of transactions and events giving rise to relevant event
On 23 March 2020, a2MC NZ settled on-market purchase transactions for an aggregate of
4,400,000 fully paid ordinary shares in SML for aggregate consideration of $21,780,000.
Details after relevant event
Details for a2MC NZ
Nature of relevant interest(s): Beneficial owner of ordinary shares in SML.

1
Pursuant to section 284 of the Financial Markets Conduct Act 2013, a separate disclosure is not required
for a2MC NZ’s parent, The a2 Milk Company Limited.

103684.7 - 1101791-1
For that relevant interest,—
(a) number held in class: 35,574,646
(b) percentage held in class: 19.84%
(c) current registered holder(s): JBWere (NZ) Nominees Limited
(d) registered holder(s) once transfers are registered: Not applicable
For a derivative relevant interest, also—
(a) type of derivative: Not applicable
(b) details of derivative: Not applicable
(c) parties to the derivative: Not applicable
(d) if the substantial product holder is not a party to the derivative, the nature of the
relevant interest in the derivative: Not applicable
Additional information
Address(es) of substantial product holder(s): Level 4, 182 Blues Point Road, McMahons
Point, NSW 2060
Contact details: Jaron McVicar, jaron.mcvicar@a2milk.com, + 61 2 9697 7000
Nature of connection between substantial product holders: Not applicable
Name of any other person believed to have given, or believed to be required to give, a
disclosure under the Financial Markets Conduct Act 2013 in relation to the financial
products to which this disclosure relates: Not applicable.
Certification
I, Jaron McVicar, certify that, to the best of my knowledge and belief, the information
contained in this disclosure is correct and that I am duly authorised to make this disclosure
by all persons for whom it is made.