Synlait Milk Limited

Richard Wyeth has been appointed as our new CEO??? Richard will be well known to many in the dairy community having previously been CEO of both Westland Milk Products and Taupo-based dairy company Miraka. He also helped establish Open Country Dairy and held management positions with Coca-Cola Amatil and DB Breweries prior to this. A seasoned, tested, and highly regarded CEO in New Zealand's dairy industry we are extremely fortunate to have the opportunity to benefit from Richard's extensive experience growing companies in our sector. Richard will join our team on Monday 19 May.

There were high fives and fist bumps in the Milk Supply office this week as we celebrated keeping our friends from Purata in Team Synlait. ?? ?? ???? Their decision to stay with Synlait is well detailed in this piece in Farmers Weekly NZ. ? We are back on track to return to profitability this half year and we’ve had a lot of support from farmers for our latest offer. ? It includes: - A one-off $0.20 / kgMS (based on milk supplied in the 2024/25 season). - An extra $0.10 / kgMS for the 2025/26, 2026/27 and 2027/28 seasons. - New guarantees that Synlait will (at a minimum) match both the industry’s advance rates and base milk price. ? All the details are here: https://lnkd.in/gvjGuw5e ? Feel free to reach out to our Business Development Manager Emma Brand via [email protected].

We know that soil health is at the heart of every successful farm, but how do we measure and improve it in a way that works for farmers? Our Head of On-Farm Excellence, David Williams, joined?Katie Rodwell?to discuss a?farmer-friendly project?designed to help measure and improve soil health in this episode of Growing Our Future. David talks about the partnerships that have made this initiative happen and how it can provide practical insights for farmers, drive productivity, and support long-term sustainability.

It’s been ‘boots and all’ at Synlait over the past six months and we have some good news … our business recovery is on track.? ? We have just advised the NZX Limited and ASX that we expect our earnings before interest, taxes, depreciation, and amortization (EBITDA) for the six months to 31 January 2025 to be in the range of $58 million to $63 million.?? ? This return to profitability is great news and is the result of hard work across all levels of the business.? ? Our Board has also signed off a new offer to South Island farmers as we continue to focus on securing our future milk supply.? ? You can read all the details in the market announcement:?https://lnkd.in/g5SiN39z

A good Chair is one of the greatest strategic assets a business can have … our George Adams is certainly one of the best. We are delighted that Deloitte have recognised that too. They’ve named George as a finalist in their coveted Top 200 Awards. The Deloitte Top 200 Awards are held annually to recognise and celebrate outstanding individual and management team performances among New Zealand’s largest companies and trading organisations. Congratulations George – the contribution you have made to Synlait and many other companies deserves this recognition. Roll on the awards in December!

A big day for us yesterday with the release of our FY24 results but today’s an even bigger day. We’ll see the inflow of funds from our circa $218 million equity raise and our settlement with The a2 Milk Company and our new $450 million refinancing package with our banking syndicate will take effect. Today delivers our balance sheet a much-needed reset, but it does not mean we can take our foot of the pedal. Our CEO Grant Watson updates Newstalk ZB’s Jack Tame with some of our focuses for next year … including retaining our milk supply. https://lnkd.in/gK73cd3i

Today is an important day for Synlait. ? Shareholders have approved $217.8 million in new equity for the company. As a result our settlement with The a2 Milk Company is set take effect on Tuesday, 1 October 2024. ? This will deliver Synlait a much-needed balance sheet reset and bring the company’s debt down to a more manageable level. It will also ensure the $450 million refinancing package that has been agreed with our banks will take effect. The transactions are set to take place on Tuesday, 1 October 2024.? ? There is more work to do, however, this morning’s Special Shareholders Meeting marks a big step forward in our business recovery plan. ? You can read more details in our market announcement (link in comments).

Today is an important day for Synlait. ? Shareholders have approved $217.8 million in new equity for the company. As a result our settlement with The a2 Milk Company is set take effect on Tuesday, 1 October 2024. ? This will deliver Synlait a much-needed balance sheet reset and bring the company’s debt down to a more manageable level. It will also ensure the $450 million refinancing package that has been agreed with our banks will take effect. The transactions are set to take place on Tuesday, 1 October 2024.? ? There is more work to do, however, this morning’s Special Shareholders Meeting marks a big step forward in our business recovery plan. ? You can read more details in our market announcement (link in comments).

“There’s fabulous growth in this global industry which we can play a big part in.” - George Adams, Chairman of Synlait Milk Limited As the world gets wealthier, our consumption of dairy is increasing by around one kilo, per person, per year. What role could Aotearoa New Zealand play in this hyper-competitive industry? Tune in to this week’s Shared Lunch episode on Spotify, Apple Podcasts, or YouTube to find out.?

Our Board chair George Adams joined Synlait in May of this year to help guide the company through its current obstacles. If you want to learn why he chose to step up to the challenge and why, in his words, he’s committed to ‘getting it right’, have a listen to this podcast from Rural Exchange.