Synlait Milk Limited (“SML”) -- Trading Halt of Securities
NZX Limited
Level 1, NZX Centre
11 Cable Street
PO Box 2959
Wellington 6140
New Zealand
Tel +64 4 472 7599
www.nzx.com
Memorandum
To:
Market Participants
From:
NZX Product Operations
Date:
Thursday, 28 March 2024
Subject
: Synlait Milk Limited (“SML”) – Trading Halt of Securities
Message
:
NZ RegCo advises that, at the request of the issuer, it has placed a trading halt on Synlait Milk
Limited (NS) (“SML”) ordinary shares and “SML010” bonds at pre-market open today.
As previously announced by SML, SML (i) is required under its syndicated banking facilities to
make a prepayment of at least $130 million on Thursday, 28 March 2024; (ii) is running a sale
process in respect of Dairyworks; (iii) has announced that it will provide an update to the market
on Tuesday, 2 April 2024 regarding its plans to deleverage its balance sheet; and (iv) is due to
announce its half-year results for the six months ended 31 January 2024 on Tuesday, 2 April
2024.
SML has requested a trading halt of its ordinary shares and quoted bonds to provide it with
additional time to finalise separate discussions with its banking syndicate regarding an
extension to the $130 million prepayment obligation due on Thursday, 28 March 2024, and with
its major shareholder, Bright Dairy, regarding the provision of financial support, with a view to
updating the market in an orderly and complete manner at the time of announcing its half-year
results for the six months ended 31 January 2024 on Tuesday, 2 April 2024.
The trading halt will remain in place until the earlier of:
1. the release of SML’s half-year results for the six months ended 31 January 2024 (which
will include information in relation to the outcome of discussions with its banking
syndicate and Bright Dairy), and which is expected to be made before the open of
trading on NZX’s markets on Tuesday 2 April 2024; and
2. market open on Tuesday, 2 April 2024.
Please contact NZX Product Operations on +64 4 496 2853 or productoperations@nzx.com
with any queries.
ENDS
Data sourced from publicly available filings. Our datasets may not be complete. Automated analysis can produce errors. If you believe any data on this page is incorrect, please contact us at hello@nzxplorer.co.nz. For informational purposes only. Not investment advice.
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