Synlait Milk Limited (“SML010”) – Suspension of trading

NZX Limited
Level 2, 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:
Tuesday, 1 October 2024
Subject
: Synlait Milk Limited (“SML010”) – Suspension of trading


Message
:
NZX Operations (“NZXO”) advises that in anticipation of an announcement to be released by
SML today confirming a change of control event has occurred in relation to the SML010 bonds,
arising from Bright Dairy Holding Limited increasing its shareholding in SML to 65.25%, SML
has applied for a suspension of trading in SML010. SML’s application is attached.
This suspension will remain in place for the 10 working day period during which holders can
elect to exercise their right to redeem their SML010 bonds early. Holders who elect to have their
bonds redeemed early will not be able to trade those bonds until they are redeemed on
Wednesday, 13 November 2024.
Holders who do not elect to have their bonds redeemed early will be able to trade from
Wednesday, 16 October when trading in SML010 resumes.

Please contact NZX Product Operations on +64 4 496 2853 or productoperations@nzx.com
with any queries.

ENDS

---

Synlait Milk Ltd • 1028 Heslerton Road, RD13 Rakaia, Canterbury, New Zealand
19 September 2024

To: NZ RegCo
11 Cable St
Wellington
New Zealand
issuer@nzregco.com



Request for trading suspension: Synlait Milk Limited (NZX Code: SML010)
We request a trading suspension to be applied to Synlait's debt securities (NZX:SML010) and NZX
Listing Rule 9.9.1(b) and set out below details of the request as per the rules of NZX.
We would like the trading suspension in respect of the SML010 bonds to commence pre-market open
on 1 October 2024, prior to Synlait Milk Limited (Synlait) releasing a market announcement through
MAP confirming a change of control event has occurred in relation to the SML010 bonds, arising from
Bright Diary Holding Limited increasing its shareholding in SML to 65.25% upon the issuance of
shares referred to as the "Bright Placement" in Synlait's notice of meeting dated 20 August 2024 (the
Bright Placement). The potential for a change of control was disclosed by Synlait in a market
announcement dated 20 August 2024 named "
Synlait Bonds – potential change of control". A trading
suspension (rather than a trading halt) is being requested due to the length of the time that the
SML010 bonds would not trade (10 trading days).
Reasons for trading suspension: The suspension of trading of the SML010 bonds is being requested
for the time period that holders are able to elect to have their SML010 bonds redeemed following the
change of control event that will occur as a result of the Bright Placement (being from 1 October 2024
until 5.00pm on 15 October 2024). The suspension would lock-down the register of the SML010
bonds, facilitating an orderly redemption process including through preventing holders from both
trading their SML010 bonds on-market and electing to have their SML010 bonds redeemed.
How long we want the trading suspension to last: Holders of SML010 bonds will have until 5.00pm
on 15 October 2024 to exercise their right to have their SML010 bonds redeemed on 13 November
2024 (prior to maturity on 17 December 2024). Synlait requests that the trading suspension lasts until
pre-market on 16 October 2024.
The event we expect to happen that will end the trading suspension: Synlait releasing a market
announcement pre-market on 16 October 2024 updating the market on the expiry of the redemption
period and the number of SML010 bonds to be redeemed on 13 November 2024.
We confirm that we are not aware of any reason why the trading suspension should not be granted.
Yours sincerely,

John Chapman
Head of Legal & Governance