Synlait Milk (SML) AGM 2024 summary

Opening remarks and agenda

• Meeting held both online and at the Dunsandel site, with health and safety protocols and voting procedures explained.

• Chair and Acting CEO delivered addresses, followed by resolutions, voting, and other business.

• Agenda included addresses from the Chair and Acting CEO, followed by voting on three resolutions.

Financial performance review

• FY 2024 ended with a loss of approximately NZD 182 million, attributed to excess manufacturing capacity, high debt, and interest rates.

• Achieved a balance sheet reset through a NZD 130 million loan, NZD 217.8 million in new equity, and bond redemptions totaling NZD 180 million, supported by bank refinancing.

• Settled all disputes with The a2 Milk Company, including exclusivity and pricing, and received a one-off settlement payment of $24.75 million.

• Completed North Island strategic review, focusing operations on Advanced Nutrition products.

• Expanded customer base in South East Asia and launched new products.

Board and executive committee updates

• Board introduced, including Bright Dairy-appointed and independent directors.

• CEO recruitment is a key focus for the coming year, with Korn Ferry retained for the search.

• Grant Watson stepped down as CEO; Tim Carter appointed Acting CEO.

• George Adams and Sihang Yang (Edward) nominated for election as Directors.