Notification of Change of Control Event

Synlait Milk Limited (ASX:SML) has completed a placement of new shares resulting in Bright Dairy Holding Limited (Bright) increasing its shareholding to 65.25%. This constitutes a 'Change of Control Event' under the Series Supplement of the SML010 subordinated bonds quoted on the NZX Debt Market.

Executive Commentary on Bond Redemption

The placement of new shares and the resulting change in control have triggered an optional redemption right for bondholders. Holders have the right to elect to require Synlait Milk Limited to redeem all of their Bonds following the occurrence of this Change of Control Event. The redemption price for such early redemption has been detailed in the notice, and bondholders will have a 10 working day period to make their election to redeem their Bonds.

Summary of Change of Control Event and Bond Redemption

Synlait Milk Limited has notified bondholders of a Change of Control Event following a placement of new shares resulting in Bright Dairy Holding Limited increasing its shareholding to 65.25%. This triggers an optional redemption right for bondholders, who have the opportunity to elect to require the redemption of their Bonds. The redemption price and process for elections have been outlined, with bondholders having a 10 working day period to make their election. Bondholders who elect to have their Bonds redeemed early will have their Bonds redeemed on Wednesday, 13 November 2024. A suspension of trading of the bonds will apply for the 10 working day period until pre-market open on 16 October 2024. Holders who do not elect to have their Bonds redeemed early will be able to trade those Bonds once the suspension of trading is lifted on 16 October 2024. The remaining bonds will mature on 17 December 2024.