Synlait Milk Ltd chief executive Leon Clement expanded on Friday on how the company proceeded to develop a dairy factory on land at Pokeno where restrictive covenants were removed by court order, then reinstated.
The Court of Appeal has overturned decisions made by High Court judge Mark Woolford in late 2018 affecting development land at Pokeno, Auckland’s growth centre on the south side of the Bombay Hills. Especially affected is the Synlait Milk Ltd factory, nearing completion.
Shanghai Pengxin subsidiary SFL Holdings Ltd said on Wednesday the last condition for its takeover of Synlait Farms Ltd had been satisfied. The offer went unconditional on Tuesday.
2 of Synlait Group’s founders have swapped out of a 3-way bare majority in Synlait Farms Ltd to take a combined 26% of the Shanghai Pengxin Group Co Ltd-controlled takeover vehicle.