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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Old Polytech buildings to be cleared for car park
Buildings on the old polytech site in Ashburton have been marked for demolition after failing to secure new homes. The Ashburton District Council decided to redevelop the site into an unsealed gravel car park for $1.6 million, with offers made to community groups to buy prefab classrooms for $1 each. Following failed tenders, the council has decided to demolish the buildings, including the two-storey structures, as part of a programme likely to take place in...
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