SML - Synlait Milk Ltd

[Beagle]

Market seems to be expecting a very ordinary result on 28 Sept. Big capital raise coming up to steady the ship ?

https://www.nzx.com/announcements/355358 Took a team of 30 employees more than a year to get this "wonderful" accreditation that a certain regular poster on here keeps extoling as the holy grail of ESG accomplishments.
So how is their absolute mind boggling multi year obsession with all things ESG working out for shareholders ?
It turns out not too well at all Synlait were $12.50 in Sept 2018 and have lost a staggering 53% of their value in the last 2 years when the market is up 25%. What an incredible destruction of shareholder value. I guess that's what happens when people are the planet are equally as important as shareholders ?
Did shareholders approve this dramatic elevation of other considerations at any point and if not how are the directors and management allowed to get away with breeching their fiduciary obligations to act in shareholders best interests ?

But wait there is more....contemporaneously to investing a staggering amount of management's time and resources into their apparent obsession that all things inclusiveness, environmental awareness and the planets rights are equal with shareholders and all other things ESG they have risked the grand sum of the last 6 years of profits gambling that they will get a favorable outcome with the Supreme court hearing.

Even if they win this and everything is okay at Pokeno, managements complete and utter obsession with all things environmental and social and their staggering appetitive for risk with the Pokeno situation means for me this company can never be an investable proposition in the future so today I have removed this company from my watch list. I have no confidence whatsoever that the directors or senior management are working in the best interests of shareholders in fact I would say they have behaved in such a manner as to act directly against shareholders best interests and are highly likely to do so going forward.

Finally, all this has gone on while debt level's have risen to dangerously high level's.

Un-investable at any price in my opinion. A slow motion train wreck...