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In the latest Farmers Weekly, the lead article is on Synlait. It's made a group loss of $42mill in the last year, some due to writedowns, but at least $6.8mill of standard losses there.
Worse: key lender and shareholder Mitsui of Japan is said to be unimpressed and may want out if the float goes ahead. Mitsui are also due to be repaid a loan to Synlait by Dec 31.
Synlait has already started selling off some of its farms, to reduce debt and concentrate on building another dairy plant, where it makes more profit..
Dear John (Penno), I will not be helping out with your problem.
Last edited by elZorro; 18-11-2009 at 09:00 AM.
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Positive news for dairy farmers.
AUSTRALIAN ministers have called on the US to follow a lead set by the European Union and end subsidies on dairy exports.
“Given that the US introduced dairy export subsidies in response to the EU introduction of subsidies, the US has no excuse to continue with this program,” Trade Minister Simon Crean and Agriculture Minister Tony Burke said in a joint statement.
The European Dairy Management Committee last week decided to cut the level of export subsidy refunds on butter and butter oil to zero - the decision applies to all dairy products, they said.
The EU introduced subsidies in January and this was followed by the US, which introduced a dairy export incentive program in May, which remains in place, they said.
The EU decision is good news for Australian dairy producers, who supply 10-15 per cent of the global trade in dairy products, and another sign that protectionist measures are being wound back, the ministers said.
The EU decision comes after a rise in world dairy prices, they said.
The elimination of export subsidies will be one of the key outcomes from a completed Doha Round of multilateral trade talks, making it impossible for members of the World Trade Organisation like the US and EU to reintroduce such protectionism, which distorts the picture of global trade.
Having got ourselves into a debt-induced economic crisis, the only permanent way out is to reduce the debt – either directly by abolishing large slabs of it, or indirectly by inflating it away.
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Time to buy some cheap dairy farms.
NZS anyone?
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Member
Deffering IPO. Due to lack of support, what a suprise I would have thought instos would be queeing up to onsell this one at a ridiculous premium. Plenty of hype but obviously the devil was in the detail.
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Following a pre-marketing program to brokers and local and international institutional investors, Synlait Milk Limited (Synlait) advises that it has deferred its plans to IPO.
Synlait received strong support for the IPO from local institutional investors and the Lead Manager but the overall level of support was insufficient to proceed at this time.
Synlait remains committed to executing its plans and will continue to consider a future IPO and the alternative proposals centered on private capital placements that have been negotiated in parallel.
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Originally Posted by Anna Naum
Following a pre-marketing program to brokers and local and international institutional investors, Synlait Milk Limited (Synlait) advises that it has deferred its plans to IPO.
Synlait received strong support for the IPO from local institutional investors and the Lead Manager but the overall level of support was insufficient to proceed at this time.
Synlait remains committed to executing its plans and will continue to consider a future IPO and the alternative proposals centered on private capital placements that have been negotiated in parallel.
A strange rationale for pulling the float!
"Strong support from local institutional investors and the Lead Manager" would normally be enough to give the green light. Particularly as retail investors could be expected to give such an issue keen consideration, at the very least.
Would love to see the draft prospectus.
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Originally Posted by macduffy
A strange rationale for pulling the float!
"Strong support from local institutional investors and the Lead Manager" would normally be enough to give the green light. Particularly as retail investors could be expected to give such an issue keen consideration, at the very least.
Would love to see the draft prospectus.
Sounds like BS to me,Charlies came out with something similar with $160,000 spent if I remember correctly, on expenses to do with other corporates presumably chasing them for a buyout.YEAH RIGHT!
Don´t trust directors or management that fluff up the truth.
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I thought this was underwritten?
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Originally Posted by Anna Naum
I thought this was underwritten?
Nope, looks like it was not.
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I see that the Herald item says that Synlait's now aborted issue was to list "its production arm" on the NZX.
I must admit that I hadn't picked up that subtle difference. Shades of Fonterra - type issues here?
Perhaps they were getting a bit too cute and complicated?
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