SML - Synlait Milk Ltd

[elZorro]

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.