Capital Change Notice

Capital Change Notice

26617492


Section 1: Issuer information
Name of issuer Synlait Milk Limited
NZX ticker code SML
Class of financial product Ordinary shares
ISIN (If unknown, check on NZX website) NZSMLE0001S9
Currency NZD
Section 2: Capital change details
Number issued/acquired/redeemed 32,785,933 ordinary shares
Nominal value (if any) N/A
Issue/acquisition/redemption price per security $5.10 per ordinary share
Nature of the payment (for example, cash or other
consideration)
Cash
Amount paid up (if not in full) Fully paid
Percentage of total class of Financial Products
issued/acquired/redeemed/ (calculated on the number of
Financial Products of the Class, excluding any Treasury
Stock, in existence)
18.28%
For an issue of Convertible Financial Products or
Options, the principal terms of Conversion (for example
the Conversion price and Conversion date and the
ranking of the Financial Product in relation to other
Classes of Financial Product) or the Option (for example,
the exercise price and exercise date)
N/A
Reason for issue/acquisition/redemption and specific
authority for issue/acquisition/redemption/ (the reason for
change must be identified here)
Allotment of 32,785,933 ordinary
shares under a placement
conducted by SML as announced on
10 November 2020 (Placement),
authorised by Board resolution
dated 9 November 2020.
Additional new ordinary shares have
also been allocated (but not yet
settled or allotted) to Bright Dairy
Holding Limited under the
Placement (Deferred Shares), with
settlement and allotment expected
to occur on 1 December 2020. The
settlement and allotment of these
Deferred Shares is expected to
occur contemporaneously with the
settlement and allotment of the
shares to be issued under the share
purchase plan as announced on 10
November 2020 (SPP). The number
of Deferred Shares will be calculated
once the issue price for the shares
to be issued under the SPP has
been determined, but will be equal

to or greater than 2,508,184 shares.
The number of Deferred Shares will
equal the number of shares that are
required to be issued to ensure that
Bright Dairy Holding Limited
maintains its percentage holding in
Synlait, in order to preserve its
director appointment rights under
Synlait's constitution.
Total number of Financial Products of the Class after the
issue/acquisition/redemption/Conversion (excluding
Treasury Stock) and the total number of Financial
Products of the Class held as Treasury Stock after the
issue/acquisition/redemption.
212,151,909 ordinary shares on
issue
In the case of an acquisition of shares, whether those
shares are to be held as treasury stock
N/A
Specific authority for the issue, acquisition, or
redemption, including a reference to the rule pursuant to
which the issue, acquisition, or redemption is made
Authorised by a resolution of the
Board. The placement is made
pursuant to NZX Listing Rule 4.5.1
(as modified by a class waiver and
ruling granted by NZX Regulation
dated 30 September 2020).
Terms or details of the issue, acquisition, or redemption
(for example: restrictions, escrow arrangements)
The new shares will rank equally
with all other fully paid ordinary
shares on issue
Date of issue/acquisition/redemption 18/11/2020
Section 3: Authority for this announcement and contact person
Name of person

authorised to make this announcement Deborah Marris
Contact person for this announcement Deborah Marris
Contact phone number +64 27 222 1684
Contact email address Deborah.Marris@synlait.com
Date of release through MAP

18/11/2020