Synlait Milk (ASX:SM1, NZE:SML) shareholders approved three resolutions at a Wednesday meeting, allowing a debt reduction via the issue of around NZ$217.8 million in new equity to the company's two largest shareholders Bright Dairy Holding and a2 Milk (NZE:ATM, ASX:A2M), according to a Wednesday filing with the Australian bourse.
The equity raise is conditional on the refinancing of Synlait's bank facilities and other conditions precedent, with the dairy producer signing documentation on Monday, the filing stated.
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