Synlait Farms stock to trade on Unlisted platform
Synlait Farms, the Canterbury dairy farmer whose owners tried unsuccessfully to raise funds for its milk processing associate in a 2009 IPO, is to have its stock quoted on the Unlisted platform starting tomorrow.
The company runs 12,970 cows on 13 farms in Canterbury.
The listing is to "provide options to enhance liquidity to shareholders", founder Juliet Maclean says. "Synlait Farms is now well positioned to consider further expansion options."
Most of Synlait Farms' owners also have an interest in Synlait Ltd, which in turn owns 49 percent of Synlait Milk, the dairy processor controlled by China's Bright Dairy.
The Chinese company acquired the holding in late 2010 for $82 million after the New Zealand company withdrew its IPO because of insufficient demand.
Japan's Mitsui & Co owns about 23 percent of Synlait Ltd, according to the Companies Office.
Unlisted manager David Wallace says there is no sign of the share being offered yet though "anyone can buy or sell those shares".