Synlait Milk NZ$180 Million Placement Fully Subscribed

Synlait Milk Limited · 1028 Heslerton Road, RD13 Rakaia, Canterbury, New Zealand · +643 373 3000 · www.synlait.com

NZX: SML
ASX: SM1


NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES

11 November 2020

Synlait Milk NZ$180 Million Placement Fully Subscribed

Synlait Milk Limited (“Synlait”) is pleased to announce that it has successfully completed the bookbuild for
its approximately NZ$180 million underwritten placement, announced on 10 November 2020
(“Placement”). The Placement was strongly supported, attracting bids well in excess of the NZ$180 million
placement amount.

The Placement was fully subscribed at the fixed price of NZ$5.10 per share. This represents a discount of
14.0% to the last trading price of NZ$5.93 on 9 November 2020 and a discount of 6.6% to the 5-day
VWAP of NZ$5.46 (assessed up to and including 9 November 2020).

Settlement of the Placement is expected to occur on 17 November 2020 for the ASX and on 18 November
2020 for NZX, with allotment and commencement of trading on NZX and ASX expected to occur on 18
November 2020. It is expected that approximately $167.2 million of the $180 million placement will be
settled at that time, with the balance representing a portion of the new shares allocated to Bright Dairy
Holding Limited ("Bright Dairy"). Those additional shares allocated to Bright Dairy are expected to be
settled on 1 December 2020, contemporaneously with the issue of new shares under the share purchase
plan (“SPP”). The new shares to be issued under the Placement will rank equally in all respects with
Synlait’s existing ordinary shares.

As announced on 10 November 2020, Synlait is also undertaking a NZ$20 million SPP. The SPP offer
booklet, together with an application form, will be sent on 13 November 2020 to eligible retail
shareholders as at the record date of 9 November 2020 with a registered address in New Zealand or
Australia and will also be made available online at www.shareoffer.co.nz/synlait
from 13 November 2020.

Synlait undertook the Placement with the key objectives of treating all shareholders fairly and prioritising
existing shareholders. All existing eligible institutional shareholders who bid for their pro-rata allocation of
the Placement were allocated at least that amount of new shares, and if they bid for a greater amount, a
pro rata share of any excess available up to their pro rata portion of the Placement and SPP (assuming all
shares issued in the SPP are issued at the Placement price). There were no significant exceptions or
deviations from those objectives and only existing shareholders will receive any new shares under the
Placement.

Key dates relating to the SPP are set out in the Appendix to this announcement.

ENDS

For more information about Synlait visit www.synlait.com
or contact:
Hannah Lynch
Corporate Affairs Manager
P: +64 21 252 8990
E: hannah.lynch@synlait.com

Synlait Milk Limited · 1028 Heslerton Road, RD13 Rakaia, Canterbury, New Zealand · +643 373 3000 · www.synlait.com

Appendix – Key Dates for SPP
1


Share purchase plan
Record date Monday 9 November 2020
Expected dispatch of SPP offer document and application forms Friday 13 November 2020
Share Purchase Plan opens (9am NZDT / 7am AEDT) Friday 13 November 2020
Share Purchase Plan closes (7pm NZDT / 5pm AEDT) Wednesday 25 November 2020
Announcement of results of SPP, including offer price of SPP in
NZ$ and A$
Monday 30 November 2020
NZX and ASX settlement and allotment Tuesday 1 December 2020
Commencement of trading of new shares on NZX Tuesday 1 December 2020
Commencement of trading of new shares on ASX Wednesday 2 December 2020
Despatch of statements Wednesday 9 December 2020


Not for distribution or release in the United States.

This announcement is not financial product advice and has not taken into account your objectives,
financial situations or needs. This announcement has been prepared for release in New Zealand and
Australia. This announcement does not constitute an offer to sell, or the solicitation of an offer to buy, any
securities in the United States or in any jurisdiction in which such an offer would be illegal. The offer and
sale of the shares referred to in this announcement have not been, and will not be, registered under the
United States Securities Act of 1993 (the “U.S. Securities Act”), or the securities laws of any state or other
jurisdiction of the United States. Accordingly, the new shares offered and sold in the Placement may not
be offered or sold, directly or indirectly, to persons in the United States except pursuant to an exemption
from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act and
applicable U.S. state securities laws. The new shares to be offered and sold in the SPP may not be offered
or sold, directly or indirectly, to any person in the United States or any person acting for the account or
benefit of a person in the United States.








1 The timetable presented is indicative only and subject to change without notice (subject to applicable laws and the NZX Listing
Rules and ASX Listing Rules). All dates and times are New Zealand times (unless stated otherwise).