Penno’s Synlait complaint thrown out

The complaint by Synlait founder John Penno regarding the milk processor’s recapitalisation plan has been dismissed by regulators. The NZ Stock Exchange’s NZ RegCo and the Takeovers Panel have stated that no further action will be taken on the special shareholders’ meeting complaint. The complaint alleged that Synlait’s major shareholders, Bright Dairy, did not comply with NZX listing rules and takeovers code.

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