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Speaker 1: The day for sin Lays, they look to rise as

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Speaker 1: this capital shareholder is going to be voting at nine

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Speaker 1: this morning on the two hundred and eighteen million dollar proposal.

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Speaker 1: So where does the support for the sin Lay board

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Speaker 1: chair George Adams respect Well, that's George, very good morning.

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Speaker 2: To you very much, thanks for having me and not

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Speaker 2: at all the.

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Speaker 1: Level of confidence you go into today with is what

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Speaker 1: HI good so Bright Dairy are in? Is it fair

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Speaker 1: to say that.

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Speaker 2: Yes, it is? It is. I think the only challenge

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Speaker 2: obviously is I think the vote around the sorry, the

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Speaker 2: break vote as opposed to the the A two plasment.

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Speaker 1: Just explain that for people who haven't followed the intricacies

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Speaker 1: of this.

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Speaker 2: Yeah. So basically neither Bright nor A two can vote

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Speaker 2: on their own placement, which means that in terms of

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Speaker 2: the A two placement, Break can vote on it. And

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Speaker 2: given that there are roughly half of all of the

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Speaker 2: votes that canv do on it, you'd have to say

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Speaker 2: that one looks fully assured. In terms of the Break

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Speaker 2: Street carry on the Break placement, Break can vote on it,

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Speaker 2: which means that there's only sixty percent roughly off the

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Speaker 2: balance off the charlolders who can vote on that and

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Speaker 2: a to have voted positively. They have twenty percent of

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Speaker 2: that sixty, which means that there's still two thirds of

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Speaker 2: the book coming in from the minority shareholders.

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Speaker 1: Okay, the New Zealand Shareholders Association called a dead rat.

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Speaker 1: How many people voting today are going? I wish we

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Speaker 1: weren't here and this is crap, But I'm in too deep.

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Speaker 2: Not sure to be honest, I know that there are

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Speaker 2: a quite a few people who have spoken to who

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Speaker 2: are part of forty one percent minority, who are just

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Speaker 2: relieved the business is actually not going under and has

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Speaker 2: an opportunity to retrieve some value. So I think that

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Speaker 2: dead rat comment. Look, it's a kind of a nice headline,

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Speaker 2: but I think it possibly oversteps skins.

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Speaker 1: Okay, so the credit facilities, and I detailed this on

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Speaker 1: the program yesterday. The number of banks involved in your

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Speaker 1: credit facilities is How hard was that to put together?

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Speaker 1: And the fact that they seem to be so many

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Speaker 1: banks is is that unusual?

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Speaker 2: Yeah? I mean our previous think it, Mike would have

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Speaker 2: had five banks in it, which is which is kind

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Speaker 2: of normal. It probably is definitely more than we would

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Speaker 2: have liked, and it was difficult to put it together.

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Speaker 2: I have to be honest, Okay, a really good job.

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Speaker 1: Are you pleading with the banks?

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Speaker 2: I wouldn't using both knees, but there certainly is a

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Speaker 2: fir degree of encouragement required, that's for sure.

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Speaker 1: I can't remember because I don't have it in front

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Speaker 1: of me now. But there were several Chinese banks involved.

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Speaker 1: Are the Chinese banks involved? Because Bright's Chinese?

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Speaker 2: That would be the kiss for sure?

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Speaker 1: Okay?

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Speaker 2: So I mean, look, I think a couple of them

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Speaker 2: are probably involved because they've got reasonably sizeable interests in

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Speaker 2: New Zealand anyway, Bank Channel for example, But a couple

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Speaker 2: of the other smaller ones for sure have been have

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Speaker 2: been encouraged by our friends outright.

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Speaker 1: Okay, so let's say it all goes well today. Where

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Speaker 1: does that leave you?

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Speaker 2: Yeah? It basically means that really we could put the

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Speaker 2: deliveraging behind us. We focus on getting our farmers back

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Speaker 2: in the house again and basically delivering you know, an

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Speaker 2: outsilling business which which sin they can can be.

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Speaker 1: Does the I mean you will have seen the result

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Speaker 1: this morning at the auction. The general tail winds of

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Speaker 1: the dairy market at the moment, Does that help in

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Speaker 1: a measurable sort of way in people's attitudes towards your

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Speaker 1: company and the farmers who supply Well.

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Speaker 2: I'm genuinely not sure it does. At this stage. It's

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Speaker 2: still relatively early in the season and and while there

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Speaker 2: is positive positivity, you know, there's still a relatively small

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Speaker 2: amount of the year has been treated as such. But

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Speaker 2: it doesn't do any harmony, that's for sure.

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Speaker 1: Okay. I'm sure I asked you this last time because

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Speaker 1: I've been endlessly fascinated by this whole story. How does

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Speaker 1: this feel in the being in the middle of it.

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Speaker 2: Uh, it's it's there's there's a lot of things going on.

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Speaker 2: There's quite a few balls in the earth, and but

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Speaker 2: it's actually quite exciting. Frankie, and I think if you're

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Speaker 2: not up for it, Frankie, you shouldn't be here.

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Speaker 1: Good on him. Well, I wish you well today nine

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Speaker 1: o'clock as the boat time, as I alluded to George Adams,

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Speaker 1: who's the Sinley board chair.

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Speaker 2: For more from the Mic Asking Breakfast, listen live to

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Speaker 2: news talks.

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Speaker 1: It'd be from six am weekdays, or follow the podcast

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Speaker 1: on iHeartRadio.