SML - Synlait Milk Ltd

[silverblizzard888]

Write up in the media today...

https://www.ruralnewsgroup.co.nz/rur...ident-on-plant

Key points to note:

“We are speaking to all parties involved and hopeful that we can get to a solution here,” he told Rural News. “The overturning of the ruling was a surprise to us and to others.”

Asked why Synlait had started building the plant when an appeal was still possible, Clement says Synlait had always acted in line with legal advice “and that was supported by the High Court finding which was pretty unequivocal”.
“So we were surprised the Court of Appeal overturned it,” he says. “We were also acting in line with the industrial zoning for the area, which is consistent with neighbouring land and the other area around it including an infant nutrition factory.”

"hopeful that we can get to a solution here"

Hope is not a strategy, but sums up that they don't have much control on the outcome of this situation

“We’re in discussion with all parties and still hopeful that we can get to a reasonable solution.”

He futher adds 'reasonable' along with another hopeful. Not sure theres much reasoning given their stance,



Synlait has now acknowledged receiving a “cease and desist” letter from NZIP but is treating the letter as a request and has continued the build.

“But it doesn’t mean we have to comply with it. It’s not an order from the court,” he explains.



Can we get the colour for hope next time the font colour changes?

[Beagle]

Wonder how much the share price would jump if clement did ?

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[dreamcatcher]

Yashili ...........Danone also in Pokeno

http://www.scoop.co.nz/stories/BU190...yashili-nz.htm

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[silverblizzard888]

Looks like to the Supreme Court it is!

https://www.nzx.com/announcements/335714

[Beagle]

In May 2019 the Court of Appeal overturned the High Court decision to remove historic covenants.
“This is really just the next step in the process as we continue to progress all our options,” says Synlait’s CEO, Leon Clement.
“We are also still in continued conversations with all parties and we remain confident of a positive outcome,” he says.
Synlait’s has reiterated that the plans for the Pokeno site haven’t changed.
“We will continue to work towards the existing project timetable including the build, commissioning and production,” says Mr Clement.

This is a very bold statement. I would be very surprised if the aggrieved parties did not seek an urgent injunction to stop development work and production from the site pending the Supreme court ruling. I think this statement would be like a red rag to a bull if I was one of the aggrieved parties.
I think if I was the CEO I would have just appealed and kept the bold statements of progressing things normally, unsaid.
More arrogance ?...you be the judge...

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[nzsharetrade]

hopefully Supreme Court is with SML and Mr Ye to pay for all loses.

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