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- Release Date: 23/07/13 12:33
- Summary: LISTING: SML: Synlait Milk Limited to commence trading on NZX
- Price Sensitive: No
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SML
23/07/2013 10:33
LISTING
REL: 1033 HRS Synlait Milk Limited (NS)
LISTING: SML: Synlait Milk Limited to commence trading on NZX
The ordinary shares of Synlait Milk Limited ("Synlait Milk") will begin
trading today on the NZX Main Board under the code 'SML'. This completes
Synlait Milk's successful Initial Public Offering (IPO), with gross proceeds
of $114 million received from new shareholders at $2.20 per share.
Synlait Milk will have approximately 146 million shares and a market
capitalisation immediately prior to the start of trading of approximately
$322 million.
Synlait Milk chairman Graeme Milne says the IPO has been an outstanding
success. "Synlait Milk has raised $75 million of new capital which will be
applied to pay down debt and access funding for growth initiatives that will
increase the capacity of the existing plant by 50% and lift production of
high value ingredients and infant formula."
"Of further significance is the addition of 2,296 new shareholders to support
Synlait Milk's growth. This includes FrieslandCampina Investments Holding
B.V., which is a subsidiary of Royal FrieslandCampina of Holland, one of the
world's largest dairy cooperatives and an existing customer of Synlait Milk.
In addition, the IPO attracted strong support from institutions in New
Zealand, Australia, Singapore and Hong Kong, employees and suppliers of
Synlait Milk and New Zealand retail investors."
Bright Dairy will remain Synlait Milk's cornerstone shareholder with a 39.1%
holding. Mitsui & Co., Limited and Mitsui & Co. (Australia) Limited will
together hold approximately 8.4% and FrieslandCampina Investments Holding
B.V. will hold 7.5%.
Managing Director and co-founder of Synlait Milk John Penno says it is clear
that many investors see Synlait Milk as a strategic asset in the New Zealand
dairy industry and an opportunity to invest in a business that is clearly
committed to creating more value from milk.
"Synlait Milk has performed. It has met its milestones and we are fully
confident that as a trusted supplier of ingredients to some of the world's
leading milk-based health and nutritional brands Synlait Milk is on track to
deliver value for all stakeholders now and into the future."
"Following our successful IPO we will now undertake a series of growth
initiatives that will take Synlait Milk on the next stage of its journey. We
will seek to fulfil our potential by continuing to focus on the requirements
of our customers and delivering excellence at every step in the process."
ENDS
End CA:00238863 For:SML Type:LISTING Time:2013-07-23 10:33:51
