SML - Synlait Milk Ltd

[sb9]

Hope to tomorrow.

Behind paywall on NBR titled as below....(sorry I'm not a subscriber)

"Covenants over Synlait's Pokeno plant now largely irrelevant, court told"

I'm picking its good news for Synlait...

Disc - As a holder I'm biased though.

[Beagle]

Behind paywall on NBR titled as below....(sorry I'm not a subscriber)

"Covenants over Synlait's Pokeno plant now largely irrelevant, court told"

I'm picking its good news for Synlait...

Disc - As a holder I'm biased though.

Behind the paywall in the N.Z. Herald too. That statement is simply what Synlait's lawyer asserted.

[peat]

Behind paywall on NBR titled as below....(sorry I'm not a subscriber)

"Covenants over Synlait's Pokeno plant now largely irrelevant, court told"

I'm picking its good news for Synlait...

Disc - As a holder I'm biased though.

This is merely the appellants QC's opening speech asserting that to be so, when any one else knows that land titles and their bits and bobs don't usually care about these social dynamics. Owning land has been around for a long long time and the details of it don't just bow to changes such as development over 20 years (I wouldnt think).

Discl: no position

[Beagle]

Synlait's position is obstensibly other people have built dairy processing facilities nearby so it is perfectly okay for us to do so and ride roughshod over land covenants, a land ownership rights protection system that dates back well over 100 years. Lets spend $260m of shareholders money knowing that while doing so we're going directly against the Court of Appeal's decision. What could possibly go wrong lol

I would have thought shareholders have every expectation they can expect their directors to act in a prudent manner that doesn't expose them to untoward risk. Legal action against the directors coming if this all blows up in their face ?

[sb9]

Behind the paywall in the N.Z. Herald too. That statement is simply what Synlait's lawyer asserted.

Yes, did read that article on NZH through some other source....interesting opening comments from Synlait's lawyer, let's see what happens when case continues tomorrow.

[dreamcatcher]

Just for the record who wishes to buy SML......?

[BlackPeter]

Leon Clement (CEO of Synlait) presenting tonight over Zoom to NZSA members. While I would be surprised if he comments on an open court case, it still might be interesting how he sells the situation.

If you are not a NZSA member ... there is still an opportunity to join : http://www.nzshareholders.co.nz/members.cfm

.

[ardentbuzz]

Just to clarify can the Supreme court descion be appealed or is this the end of the road??
I notice an article By Andrea Fox (its behind NZH paywall so cant read it all) that counsel for the holder of the covenant intends to bring to the case information that the land use not being not now available for a housing development which may turn the milk a bit sour for Synlait

[Beagle]

Supreme Court is the end of the road. Appeals to the Privvy Council in the U.K. are no longer allowed in the N.Z. Judicial system.

[Leftfield]

Won't be attending the SML hearing today..... other commitments and more fun watching VGL.

GLH.