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Speaker 1: Now dairy company Sinlay's shareholders have approved the one hundred

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Speaker 1: and thirty million dollar loan to keep the business afloat.

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Speaker 1: This means they avoid liquidation. The load has been provided

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Speaker 1: by Chinese firm Bright Dairy, which owns thirty nine percent

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Speaker 1: of Sinlay. Sinley's second biggest shareholder, A two Milk, broke

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Speaker 1: it silence this morning and announced at the very last

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Speaker 1: minute that it would vote in favor of the loan.

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Speaker 1: George Adams George Adams is Sinlay's chair Hay, George, Hello

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Speaker 1: about it? You relieved?

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Speaker 2: Oh? I am absolutely.

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Speaker 1: How close was the vote?

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Speaker 2: It wasn't toast at all. Actually, we had the ninety

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Speaker 2: nine point six percent of our shareholder's voting in favor.

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Speaker 2: So why would say that's a landslide?

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Speaker 1: Yeah, that is a lot more convincing than it was

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Speaker 1: suggested that it was going to be right because there

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Speaker 1: were a lot of minor shareholders who were complaining about

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Speaker 1: this in the days leading up to it.

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Speaker 2: Funny enough, I say that might have been the kiss.

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Speaker 2: But yet when it come down to it, we had

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Speaker 2: I would call that overwhelming support from our actually from

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Speaker 2: our broad shareholder base, which was fantastic.

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Speaker 1: Why did A two leave it to the eleventh hour

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Speaker 1: to announce their decision to vote in favor.

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Speaker 2: Oh, look, who really don't know? I really don't know.

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Speaker 2: They have obviously got their own board, their own shareholders

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Speaker 2: to consider, So I think that's really a matter for them.

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Speaker 1: Heather, Do you think it has nothing to do with

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Speaker 1: the fact that it's been in discussions with Sinlay to

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Speaker 1: the last minute.

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Speaker 2: I don't think so. But again, as I said, that

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Speaker 2: will be a question for them.

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Speaker 1: They have some concerns around the equity raise, don't they.

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Speaker 2: They haven't read those directly, but if they do, we'll

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Speaker 2: certainly try and make sure that we deliberate with those

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Speaker 2: and arrive at are mutually satisfactory out come, because I.

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Speaker 1: Too has said publicly the discussions relate to Sinley's broader

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Speaker 1: recapitalization plan, which includes the sharehold alone, as well as

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Speaker 1: Sinlay's proposed equity raising. So they sound like they're worried

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Speaker 1: about it. Possibly, what are they worried about?

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Speaker 2: No idea, No, do.

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Speaker 1: Not think that the answer is that they're worried about

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Speaker 1: the dilution of their shareholding.

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Speaker 2: I would say that could be one of those things,

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Speaker 2: But ultimately we've got to we've got to deliver it

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Speaker 2: significant equity areas to rescue this business, and so we

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Speaker 2: will be making sure that whatever we do is forer

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Speaker 2: to all shareholders.

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Speaker 1: Yeah, okay, is it possible that they can retain their

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Speaker 1: stake in that equity share in that capital.

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Speaker 2: Raise of courses of courses.

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Speaker 1: It's not going to simply favor Bright Dairy.

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Speaker 2: Look, ultimately, we haven't decided anything at this stage as

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Speaker 2: far as the equeryis is concerned, but I would be

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Speaker 2: extraordinarily on ways to try and do an equerias of

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Speaker 2: this scale without involving our largest shareholders.

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Speaker 1: Yeah, what about the minor shareholders, Because this is the

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Speaker 1: thing that was being raised in the last few days,

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Speaker 1: is that share some shareholders reckon they would have actually

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Speaker 1: come out of a liquidation better than they would out

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Speaker 1: of this steel which includes a capital raise, because of

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Speaker 1: how much it's going to water down their equity.

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Speaker 3: Look, that's I haven't heard that view basically, But look,

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Speaker 3: I imagine that when we do with equity reas in the

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Speaker 3: next month or so, we have to go through an

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Speaker 3: independent for an independent valuation to make sure the job

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Speaker 3: that we're doing for our shareholders makes sense and delivers

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Speaker 3: the value, so we will ensure that we are doing that.

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Speaker 1: They're in a tough position, aren't they, George, Because if

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Speaker 1: they want to be able to hold onto their stake,

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Speaker 1: the same stake, they have to check a whole lot

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Speaker 1: of money in and I've already lost a lot, haven't

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Speaker 1: they on this business?

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Speaker 3: Yeah?

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Speaker 2: Look, it depends. I guess when you came in, Heather,

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Speaker 2: if you bought your shares about ten minutes ago, you

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Speaker 2: just have made fifty percent. So I mean, but ultimately,

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Speaker 2: I'm very mindful that we've got a group of minority

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Speaker 2: shareholders who represent about forty percent of or register that

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Speaker 2: we have to say the businesses has not performed for

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Speaker 2: so I'm acute to you aware of them.

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Speaker 1: So how are we going to get this business performing?

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Speaker 2: Oh? That's the thing that I talked about today in

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Speaker 2: terms of really A getting it deliverged, B getting it

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Speaker 2: performing again, and see making sure that all of the

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Speaker 2: assets that we have, including our North Island assets, all

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Speaker 2: performed for the shareholders. Well, we've got a very clear

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Speaker 2: plan to do that.

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Speaker 1: How confident are you can do it one hundred percent? Well?

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Speaker 1: I like that, Thank you very much, George, appreciate it

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Speaker 1: as George Adams the sin Lay Chair. For more from

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