Sharechat Logo

Supreme Court to hold oral hearing on Synlait's Pokeno appeal

Monday 26th August 2019

Text too small?

The Supreme Court has advised there will be an oral hearing prior to a decision on whether it grants Synlait Milk's bid to a appeal the reinstatement of land covenants on its Pokeno site.

A hearing date has yet to be agreed and Synlait's chief executive Leon Clement said the company remains in conversations with all parties.  He also said construction at the site remains on track. 

The land is being used for a second nutritional powder manufacturing site that is set to be commissioned in the current dairy season. 

When Synlait purchased the land in February 2018, it was conditional on the seller, Stonehill Trustee, procuring the removal of the covenants which restrict the site's use to grazing, lifestyle farming or forestry.

A High Court decision in November had removed the covenants and then Synlait took the title of the land. However, the owner of adjacent land, Ye Qing, won an appeal in the Court of Appeal in May which overturned the decision to remove the covenants.

Synlait filed an application for leave to the Supreme Court to have the decision overturned in June. 

“Our plans for the Pokeno site haven’t changed. This is just another step in the legal process. We continue to have conversations with all involved and are hopeful we can seek an outcome that works for everyone," said Clement.

The shares last traded at $9.25, up 2.8 percent so far this year. 

(BusinessDesk)

Bond Offer: Infratil Ltd, 7.2 year & 10.2 year unsecured unsubordinated bond


  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
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:

Booster tests waters with NZX listing of private property trust
Liquidation can be sought on small debts, appeal court finds
House price inflation rekindles but low sales volumes suggest caution
Liquidators estimate $16m shortfall from Stanley-Tallwood collapse
Manufacturing contraction extends into August
House price inflation rekindles but low sales volumes suggest caution
13th September 2019 Morning Report
Tamarind halts Tui drilling; OMV assesses options
NZ weaker as ECB package, inflation data lifts greenback
MARKET CLOSE: Z Energy, Synlait crash on earnings downgrades

IRG See IRG research reports