Sharechat Logo

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

Friday 13th November 2020

Text too small?

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

  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

AFT Pharmaceuticals Limited (NZX: AFT) Maxigesic IV licensed in Eight New European Markets
My Food Bag Group Limited (NZX: MFB) Lists on NZX & ASX
Fonterra Shareholders Fund (NZX: FSF) Fonterra Lifts 2020/21 Forecast Farmgate Milk Price Range
Evolve Education Group Limited (NZX: EVO) Announces Acquisitions and Intention to Resume Dividend
My Food Bag Group Limited (NZX: MFB) L&Q Notice My Food Bag Group Limited
General Capital Limited (NZX: GEN) Equifax Affirms General Finance BB- Rating
Stride Property Ltd & Stride Investment Management Ltd (NZX: SPG) Appoints New General Manager Investment
Synlait Milk Limited (NZX: SML) FY21 Guidance Update
Z Energy Limited (NZX: ZEL) Announces Changes to Executive Team
Stride Property Ltd & Stride Investment Management Ltd (NZX: SPG) FY21 Third Quarter Dividends

IRG See IRG research reports