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Speaker 1: Teetering dairy processing company Sinlay's do or die shareholder voters

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Speaker 1: this Thursday, and a major shareholder is keeping mum on

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Speaker 1: how they'll vote. The vote is on whether to accept

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Speaker 1: one hundred and thirty million dollar loan from Bright Dairy,

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Speaker 1: which itself phones thirty nine percent of Sinlay, in order

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Speaker 1: to repay some bank loans before they become due next week.

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Speaker 1: So Bright Dairy can't vote as they have a conflict

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Speaker 1: of interest, so fifty one percent of the remaining shareholders

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Speaker 1: need to approve the loan for it to go through.

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Speaker 1: A two Milk, which has been feuding with Sinley since

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Speaker 1: last year, is Sindlay's second biggest shareholder and hasn't said

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Speaker 1: how it will cast its votes. George Adams is the

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Speaker 1: chair of sin Lane. He's with me now Hi George

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Speaker 1: Hi with Jessica. So if this loan doesn't get shareholder approval,

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Speaker 1: what happens.

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Speaker 2: Pretty much are running out of runway. Francesco on on

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Speaker 2: on Sinlay, So who brings into really the future viability

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Speaker 2: of the business and that we have to have a

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Speaker 2: very hard conversation with our bank and obviously our other

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Speaker 2: shareholder Bright. They might have some thoughts, but Ultimately then

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Speaker 2: it brings into question things like voltary administration or receivership.

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Speaker 1: Are you sure that you can get the money from

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Speaker 1: Bright Dairy?

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Speaker 2: A lot of assure you get the money from Bright

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Speaker 2: Dairy for sure for one hundred and thirty million dollars.

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Speaker 1: Absolutely, shouldn't this be a glorified rubber stamp from the shareholders.

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Speaker 1: If they don't want their invecement to evaporate, then they

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Speaker 1: have to approve it, right.

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Speaker 2: You describe it particularly particularly sensibly, So I think it

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Speaker 2: should be. But clearly I can't know as a director.

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Speaker 2: I'm setting here at the best really a shareholder. So

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Speaker 2: they need to tell me what they want to do

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Speaker 2: going forward. And obviously the vote on Thursday gives them

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Speaker 2: the opportunity to do that, and I very much would

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Speaker 2: hope that they would vote for it.

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Speaker 1: Have you asked A two what they're going to do?

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Speaker 2: Oh, I mean, we're in constant dialogue with A two

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Speaker 2: and they're very much aware of the fact that the

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Speaker 2: vote is on Thursday. And look, there's really not anything

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Speaker 2: particularly machiavelliant about it. They just simply have not told

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Speaker 2: us the way they are going to vote. They may

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Speaker 2: vote for, they may vote against. They may understain. I

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Speaker 2: just don't know, So hopefully we'll find that out before Thursday.

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Speaker 1: Why haven't they told you, Well, you have to.

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Speaker 2: Ask them that, but you know they do have to frankly,

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Speaker 2: but it is a piece of material information and we

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Speaker 2: are required to give that level of material information to

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Speaker 2: the market if we have it. That's the reason for

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Speaker 2: the announcement.

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Speaker 1: And to think, you say you'll need a good turnout

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Speaker 1: of A two doesn't vote the way you want. Do

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Speaker 1: you think you will get a good turnout?

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Speaker 2: But I mean, you can never anticipate, to be honest,

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Speaker 2: to contest, So what you try to do is try

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Speaker 2: to give shareholders as much opportunity to have their say

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Speaker 2: as possible, which is one of theans you and I

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Speaker 2: are talking. But clearly, the balance of our shareholders, who

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Speaker 2: own around forty one percent of the business, if they

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Speaker 2: don't get out and vote, and A two, for example,

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Speaker 2: voted against, then really they've only got themselves to to

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Speaker 2: to to blame. So what we want to do is

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Speaker 2: we want to make sure that there's no regrets on

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Speaker 2: Friday morning that they've put out and they've had their say.

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Speaker 1: Is that the most important thing that you want the

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Speaker 1: shareholders to know, George, anything.

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Speaker 2: Else pretty much, that's it is. It's it's doay or

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Speaker 2: die on Thursday. We really appreciate if you tell us

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Speaker 2: what you what, what what way you want to vote

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Speaker 2: on Thursday?

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Speaker 1: If you get your way? How long will this money last?

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Speaker 1: I mean? Is is this going to uh change the future?

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Speaker 1: Or are you going to be requiring more input at

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Speaker 1: some point?

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Speaker 2: Oh no, we've been, We've we've been, We've been searching

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Speaker 2: your Francisca. Actually, this is this, This just buiys us

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Speaker 2: time to put the rest of our deleveraging proposals into place. Ideally, clearly,

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Speaker 2: this gets us through the tape of the life down

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Speaker 2: for the banks and then post that we will be

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Speaker 2: coming back to the market with how few on an equers.

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Speaker 2: We're just working through that and whenever we have the

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Speaker 2: full details on that, we'll we'll we'll come back to

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Speaker 2: the market. But for sure, this this is this is

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Speaker 2: the first step. This isn't but this is not the

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Speaker 2: full the full solution.

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Speaker 1: George Beast of Black on Tuesday, hope you will cheers.

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Speaker 1: That was George Adams. He was the chair of sin

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