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Synlait Milk Limited (NZX: SML) Opening of NZ$20 Million Share Purchase Plan

Friday 13th November 2020

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Synlait Milk Limited (NZX: SML ) is pleased to announce the opening of its fully underwritten NZ$20 million share purchase plan (“SPP”) today. The SPP is part of Synlait’s NZ$200 million equity raising announced on 10 November 2020, pursuant to which Synlait also undertook an approximately NZ$180 million underwritten placement of new shares to institutional shareholders in New Zealand, Australia and other select jurisdictions (“Placement”).

Synlait announced the successful completion of the Placement on 11 November 2020. The Placement of approximately $180 million of new, fully paid ordinary shares was fully subscribed at the fixed price of NZ$5.10 per share, which represented a discount of 14.0% to the last trading price of NZ$5.93 per share on 9 November 2020 and a discount of 6.6% to the five-day volume weighted average price 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.

Under the SPP, eligible existing Synlait shareholders with a registered address in New Zealand or Australia can each subscribe for up to NZ$50,000/A$47,000 worth of new Synlait shares. The offer price of these shares will be the lower of the Placement offer price of NZ$5.10 and a 2.5% discount to the five-day volume weighted average price of Synlait shares traded on the NZX during the last five business days of the SPP offer period (inclusive). The new shares to be issued under the SPP will rank equally in all respects with Synlait’s existing ordinary shares.

See the links below for more details

Announcement: Opening of NZ$20 Million Share Purchase Plan

Synlait Share Purchase Plan Offer Document

Source: Synlait Milk Limited



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