This extract from the court of Appeal ruling is very interesting BP. Important to note that Synlait obtained consent to build on a non notified basis so the neighbour's would have no idea and then as soon as consent is obtained they commence building and don't even respond to what amounts to a cease and desist demand that works are in breech of covenant rights.
Just go ahead and continue to gamble quarter of a billion dollars of shareholders money knowing full well at the time their right to build the factory would be rigorously challenged. To me this is gross arrogance and recklessness on such a grand scale I'm not sure as a former shareholder I could ever trust management or the board again.
$262m is the total profit of the company for the six years leading up to this decision. Puts the size of this fiasco into its true perspective.
Even worse, this gamble was made using borrowed funds putting the company into a very highly leveraged and vulnerable position. It beggars belief.
How about this for a show of complete arrogance, note the timeframe here and that they had just been issued with a legal challenge on 19 June 2018.
The very next day what do they do ?...announce to the market confirmation of the commissioning date of the plant
https://www.nzx.com/announcements/319620
No mention to shareholders that the plant's build is going to be subject to a legal challenge. Not only is this an extremely arrogant response to the legal cease and desist but is also gross recklessness and non disclosure to shareholders is effectively concealment of a very relevant fact. Shortly after this the CEO steps down and most recently the CFO has announced his resignation. If the custard completely hits the fan will we see board changes ?