Ann: LISTING: SML: Synlait Milk Limited IPO - Fin

• Release Date: 10/07/13 10:36
• Summary: LISTING: SML: Synlait Milk Limited IPO - Final Price Determined
• Price Sensitive: No
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SML
10/07/2013 08:36
LISTING

REL: 0836 HRS Synlait Milk Limited (NS)

LISTING: SML: Synlait Milk Limited IPO - Final Price Determined

Synlait Milk Limited ("Synlait Milk") has set a Final Price of $2.20 per
ordinary share to be offered to institutions and selected NZX firms in its
Initial Public Offering ("IPO") which opens on Wednesday 10 July 2013. The
Final Price has been set following a bookbuild to institutional investors and
NZX Firms on 8 and 9 July 2013. At this Final Price, Synlait Milk will have a
market capitalisation of approximately NZ$322 million on completion of the
IPO.

Synlait Milk Chairman Graeme Milne said the response from New Zealand and
international institutions and New Zealand retail brokers had been extremely
positive.

"We have had an excellent response to our recent roadshow and bookbuild
process, and as a result the Final Price has been set at $2.20 per share.
There was strong support from a wide range of investors, comprising New
Zealand and international institutional investors and New Zealand retail
brokers. This is a strong market endorsement for the compelling fundamentals
of the New Zealand dairy industry and in particular Synlait Milk's growth
initiatives to accelerate the development of our Infant Formula and
Nutritional products business."

The IPO comprises $75 million in new capital to repay debt and fund Synlait
Milk's growth initiatives and a secondary offer of $38.7 million being 17.6
million existing shares originating from participating shareholders of
Synlait Limited.

Bright Dairy and Food Co., Ltd(1) will hold approximately 39.1% shareholding
in Synlait Milk following completion of the IPO.

The Offer will open on 10 July 2013 with the Broker Firm Offer closing on 19
July 2013. There will be no general public offer. Investors are encouraged to
contact their broker should they wish to participate. Trading of the shares
(under the stock code 'SML') on the NZX Main Board is expected to commence at
11.00am (NZST) on 23 July 2013(2).

Synlait Milk Managing Director and co-founder John Penno said the successful
completion of the IPO would be another important milestone in the company's
history and would assist Synlait Milk's growth as a niche producer of higher
value dairy ingredients and nutritional products.

"We now look forward to the support of a wider pool of shareholders as we
build on the reputation of our staff and suppliers to deliver excellence
every step of the way from pasture to some of the world's leading milk-based
health and nutrition companies."

Synlait Milk has registered a combined Investment Statement and Prospectus
dated 24 June 2013 in relation to the IPO, a copy of which can be obtained at
www.synlait.com. Applications for shares can only be made using the
application form included in the Investment Statement and Prospectus. For
further information on Synlait Milk please visit www.synlait.com.

First NZ Capital Securities Limited and Goldman Sachs New Zealand Limited are
Joint Lead Managers and Bookrunners to the IPO.

ENDS

(1) Bright Dairy and Food Co., Ltd does not guarantee the shares of Synlait
Milk Limited. Synlait Milk will bear a "Non Standard" designation on the NZX
Main Board to reflect Synlait Milk's governance arrangements, and, in
particular, the special rights Bright Dairy will have if it holds on listing
between 37% and 50% of the ordinary shares in Synlait Milk.

(2) Application has been made to NZX Limited (NZX) for permission to list
Synlait Milk, and to quote the ordinary shares of Synlait Milk on the NZX
Main Board.  All requirements of NZX relating to that application that can be
complied with on or before the date of this announcement have been duly
complied with. However, NZX accepts no responsibility for any statement in
this announcement. The NZX Main Board is a registered market operated by NZX,
which is a registered exchange, regulated under the Securities Markets Act
1988.

About Synlait Milk Limited
Synlait Milk is focused on becoming a trusted supplier of choice to some of
the world's leading milk-based health and nutrition companies. The Company
collects milk from approximately 155 farms in Canterbury, in the South Island
of New Zealand, and manufactures a range of value added ingredient products
and infant formula and nutritional products.
For further information see www.synlait.com
End CA:00238392 For:SML    Type:LISTING    Time:2013-07-10 08:36:31