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15 stories mentioning ASX:SM1

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Asia

Synlait Milk Advances Plans to Refinance Senior Syndicated Banking Facilities

Synlait Milk (ASX:SM1, NZE:SML) said it is progressing talks with existing and new lenders to refinance its senior syndicated bank facilities due June 30, and remains on track to complete the refinancing by that date, according to a Monday filing with the New Zealand bourse.The new senior facilities lenders require that the NZ$130 million shareholder loan provided by Bright Dairy International Investment to the company in July 2024 be replaced with a replacement Bright loan on broadly similar terms, per the filing.The company, through an independent directors' committee, has secured a new loan agreement with Bright, which has approved its participation and plans to provide the facility via the Shanghai Stock Exchange, subject to regulatory approvals and final documentation.The replacement loan maintains the same principal, remains subordinated and second-ranking secured with no financial covenants, but introduces a fixed two-year non-extendable term and a floating rate based on the bank bill benchmark rate, with pricing aligned to the weighted average margin of the senior facilities pre and post-refinancing, the filing said.The company has also provided a preliminary trading update for the four months to April 30, reporting an unaudited net loss after tax of NZ$12 million and net assets of NZ$720.8 million, mainly impacted by external headwinds concentrated in January, the filing added.

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Asia Markets

New Zealand Shares Fall; Synlait Milk CEO Resigns

New Zealand shares ended lower on Thursday despite a higher Wall Street close, followed by a broad-based rise in Asian shares.The S&P/NZX 50 Index fell 0.29% or 37.99 points to close at 13,025.07.On Wednesday, the Nasdaq Composite moved up by 1.2%, the S&P 500 gained 0.6%, while the Dow Jones Industrial Average fe 0.1%."Markets are trying to run two playbooks ⁠at once: AI and earnings [say] buy growth, but geopolitics and energy prices are quietly [rewriting] the inflation trajectory in the background," said Saxo Chief Investment Strategist Charu Chanana, as quoted by Reuters.In domestic news, New Zealand national home sales fell 7.9% year-on-year to 6,262 in April 2026, though the seasonally adjusted sales count declined a more moderate 2.1% compared to March, according to data by the Real Estate Institute of New Zealand (REINZ).In corporate news, Synlait Milk (ASX:SM1, NZE:SML) said that Chief Executive Richard Wyeth has resigned and will remain with the company until June 30 to support the transition process.Vista Group International (ASX:VGL, NZE:VGL) said that its existing client, Regal Cineworld Group, will transition its 88 Cineworld cinemas and more than 950 screens across the UK to Vista Cloud's digital enablement platform this year, following the successful migration of 25 Picturehouse Cinema sites in 2025.

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Asia

Synlait Milk CEO Resigns

Synlait Milk (ASX:SM1, NZE:SML) said that Chief Executive Richard Wyeth has resigned and will remain with the company until June 30 to support the transition process, according to a Thursday filing with the Australian and New Zealand bourses.Leon Fung, a company director since June 2024, has been appointed acting CEO, effective Thursday, the filing added.

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Asia

New Zealand Shares Fall; Fletcher Building Flags Ongoing Residential Review, Asset Sales Underway

New Zealand shares ended lower on Tuesday as most Asian indexes saw losses amid fresh attacks exchanged between the US and Iran over the Strait of Hormuz.The S&P/NZX 50 Index fell 0.47% or 61.98 points to close at 13,035.70.The US and Iran exchanged fresh strikes across the Gulf on Monday, vying for control of the Strait of Hormuz with rival maritime blockades and rattling an already fragile truce, according to a Monday Reuters report.Meanwhile, New Zealand signed an agreement with Singapore on Monday to keep supply chains open between the countries during times of crisis, according to a Monday Reuters report.In domestic news, the ANZ World Commodity Price Index fell 0.8% month over month in April, with dairy prices in a period of high volatility, particularly butter and anhydrous milk fat, according to a report from ANZ Research.Further, overall card spending fell 2.5% in April, but was up 4.4% compared with the same time last year, ANZ Research said in a note.In corporate news, Fletcher Building (ASX:FBU, NZE:FBU) acknowledged recent media reports about its ongoing strategic review of the residential and development division, including speculation around a potential industrial property sale, but declined to provide further comment.Synlait Milk (ASX:SM1, NZE:SML) obtained two waivers in relation to its syndicated loan facilities, as external challenges continue to strain the company's financial performance.

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Asia

Synlait Milk Secures Bank Waivers Amid Ongoing Financial Headwinds

Synlait Milk (ASX:SM1, NZE:SML) obtained two waivers in relation to its syndicated loan facilities, as external challenges continue to strain the company's financial performance, according to a Tuesday filing with the New Zealand bourse.The bank lenders have agreed to waive both the quarterly minimum earnings before interest, taxes, depreciation and amortization event-of-review threshold and the interest cover ratio requirement for the period ended April 30, the filing added.

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Asia

New Zealand Shares Rise; a2 Milk Co. Recalls US Infant Formula Batches After Toxin Detection

New Zealand shares ended higher on Monday as most Asian indexes saw gains amid hopes of an easing US-Iran war.The S&P/NZX 50 Index rose 0.45% or 58.48 points to close at 13,097.68.US President Donald Trump on Sunday said that the US would begin efforts Monday morning to help free ships stranded in the Strait of Hormuz, describing the move as a humanitarian step to assist neutral countries amid the US-Israeli war with Iran, according to a Sunday Reuters report.In corporate news, a2 Milk Co. (ASX:A2M, NZE:ATM) started a voluntary recall on May 1 of three batches of its a2 Platinum USA infant milk formula, following the detection of cereulide in product manufactured by Synlait Milk (ASX:SM1, NZE:SML).Air New Zealand (ASX:AIZ, NZE:AIR) group capacity rose 4.1% year on year in March, and long-haul available seat kilometers (ASKs) rose 2.5%, while domestic ASKs increased by 3.4%.

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Asia

Update: a2 Milk Co. Recalls US Infant Formula Batches After Toxin Detection; Shares Hit 52-Week Low

(Updates to add stock movement in the headline and last paragraph)a2 Milk Co. (ASX:A2M, NZE:ATM) started a voluntary recall on May 1 of three batches of its a2 Platinum USA infant milk formula, following the detection of cereulide in product manufactured by Synlait Milk (ASX:SM1, NZE:SML), according to separate Monday filings with the Australian and New Zealand bourses.The product was sold only in the US via online platforms and select retailers and had already been discontinued before the recall, while all a2 Platinum products sold outside the US remain unaffected, per the filing.No illnesses have been reported, and any symptoms are typically mild and short-lived, a2 Milk said, adding that it is working with the US Food and Drug Administration and has provided guidance to US consumers who may have purchased the product.The recall reflects updated guidance from New Zealand authorities on managing cereulide risks, a2 Milk said.The companies said they do not expect the recall to impact their financial results.a2 Milk's shares plunged around 14% in Monday trading on the Australian and New Zealand exchanges, earlier hitting their lowest level since January 2025, while Synlait Milk's shares fell around 1% on both markets.

ASX:A2MASX:SM1NZE:ATMNZE:SML
Asia

NZX Midday Sector Update: Industrial Services Stocks Rise, Consumer Non-Durables Decline

Industrial services gained the most among New Zealand sectors on Monday, advancing almost 2%.Ventia Services Group (NZE:VNT, ASX:VNT) gained nearly 2% in recent trade.Meanwhile, the consumer non-durables sector declined by almost 7%.a2 Milk Company (NZE:ATM, ASX:A2M) was down past 14% in recent trade.The company on Monday said it started a voluntary recall on May 1 of three batches of its a2 Platinum USA infant milk formula, following the detection of cereulide in product manufactured by Synlait Milk (NZE:SML, ASX:SM1).

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Asia

a2 Milk Co. Recalls US Infant Formula Batches After Toxin Detection

a2 Milk Co. (ASX:A2M, NZE:ATM) started a voluntary recall on May 1 of three batches of its a2 Platinum USA infant milk formula, following the detection of cereulide in product manufactured by Synlait Milk (ASX:SM1, NZE:SML), according to separate Monday filings with the Australian and New Zealand bourses.The product was sold only in the US via online platforms and select retailers and had already been discontinued before the recall, while all a2 Platinum products sold outside the US remain unaffected, per the filing.No illnesses have been reported, and any symptoms are typically mild and short-lived, a2 Milk said, adding that it is working with the US Food and Drug Administration and has provided guidance to US consumers who may have purchased the product.The recall reflects updated guidance from New Zealand authorities on managing cereulide risks, a2 Milk said.The companies said they do not expect the recall to impact their financial results.

ASX:A2MASX:SM1NZE:ATMNZE:SML
Asia

New Zealand Shares Rise; Synlait Milk Chief Quality Officer Resigns

New Zealand shares rose on Thursday despite a broad-based fall in Asian shares amid fears that the US may strike Iran again.The S&P/NZX 50 Index rose 1.05% or 133.01 points to close at 12,903.31.US President Donald Trump is scheduled to receive a briefing on Thursday from CENTCOM Commander Admiral Brad Cooper on new plans for possible military action against Iran, Axios reported on Thursday, citing two sources familiar with the matter.In domestic news, New Zealand's total lending edged higher in March, driven by a rise in housing and agricultural loans, even as personal consumer and business lending declined, according to data from the Reserve Bank of New Zealand.Further, business confidence in New Zealand turned negative in April, falling to minus 10.6 from 32.5 in the previous month, as inflation indicators continued to trend higher, ANZ Research said.Meanwhile, small businesses in New Zealand are pacing a slow recovery and building on the improvements seen in the second half of last year, with a 3.9% rise in sales in the March quarter, as mounting fuel shock risks remain uncertain, Xero said.In corporate news, Synlait Milk (ASX:SM1, NZE:SML) said that Chief Quality Officer Hila Mory has resigned, effective July 31.T&G Global (NZE:TGG) said it is in talks to sell its New Zealand fresh produce operations to founder J & P Turner and its Fijian and Pacific businesses to Bidfood to focus on its Apples and VentureFruit platforms.

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Asia

Synlait Milk Says Most Losses Impacting Bright Dairy & Food Results Were Incurred in January

Synlait Milk (NZE:SML, ASX:SM1) said most of its losses that led to Bright Dairy & Food's reported profit decline were incurred during January, and were previously reported in the company's half-year results, according to a Thursday filing with the New Zealand bourse.Synlait issued the statement in response to the release of Bright Dairy's first-quarter report, which said the Chinese company saw a significant year-over-year reduction in profit due mainly to Synlait's losses during the period.In addition to the January losses, Synlait said it incurred a comparatively smaller net loss across February and March, which is also reflected in Bright Dairy's report.Synlait's Kiwi shares gained more than 1% in recent Thursday trade.

ASX:SM1NZE:SML
Asia

Synlait Milk Chief Quality Officer Resigns

Synlait Milk (ASX:SM1, NZE:SML) said that Chief Quality Officer Hila Mory has resigned, effective July 31, according to a Thursday filing with the New Zealand bourse.

ASX:SM1NZE:SML
Asia

New Zealand Shares Fall Amid Failed US-Iran Peace Talks; Fonterra Co-operative Group Implements Over NZ$3 Billion Capital Return

New Zealand shares closed lower on Monday as all Asian markets saw losses after peace talks between the US and Iran failed during the weekend.The S&P/NZX 50 Index fell 1.22% or 161.26 points to close at 13,020.18.US President Donald Trump warned on social media that the US Navy would immediately begin blockading all ships attempting to enter or leave the Strait of Hormuz after a failed talk with Iran.The US military said it will begin a ​blockade of all maritime traffic entering and exiting Iranian ports and coastal areas on Monday."The market is now largely back to conditions before the ceasefire, except ​now the US will block the remaining up to (2 million barrels) Iranian-linked flows through the Strait of Hormuz as well," said MST Marquee analyst Saul Kavonic, as quoted by Reuters."The key remaining question is if the US renews strikes on Iran, raising the risk of strikes on energy infrastructure across the region, which could have a further ​lasting impact beyond the duration of the war," Kavonic added.In domestic news, the Reserve Bank of New Zealand (RBNZ) is now expected to consecutively increase the official cash rate three times by 25 basis points in July, September, and October, taking the policy rate to 3%, according to a report by ANZ.Also, New Zealand's fuel spending jumped a massive 15% month-on-month in March as prices surged, siphoning a large amount of cash from households' wallets and weighing on spending in other areas, said Westpac.Further, New Zealand's services sector shrank in March, posting its third consecutive monthly decline as the conflict in the Middle East impacted consumer confidence, with discretionary spending hit particularly hard, BusinessNZ said.In corporate news, Fonterra Co-operative Group's (NZE:FCG) roughly NZ$3.2 billion capital return to shareholders was implemented on April 10.Synlait Milk (NZE:SML, ASX:SM1) said it implemented enhanced testing earlier this year for all infant formula products, which resulted in extended release times and also had an impact on working capital requirements.

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Asia

Synlait Milk Says Enhanced Formula Products Testing Caused Extended Release Times; Production Back to Target Levels

Synlait Milk (NZE:SML, ASX:SM1) said it implemented enhanced testing earlier this year for all infant formula products, which resulted in extended release times and also had an impact on working capital requirements, according to a Monday filing with the New Zealand bourse.The company issued the statement in response to a same-day disclosure from the a2 Milk Company (NZE:ATM, ASX:A2M), which said there is a backlog of unfilled purchase orders at the Synlait plants that produce infant milk formula.Synlait said it has worked through the associated supply chain impacts with the support of the a2 Milk Company, adding that "production has recently returned to targeted levels."Synlait said it has also been impacted by the supply chain issues noted in the a2 Milk Company's filing, including product release and clearance times, a shifting regulatory landscape, and a challenging geopolitical and trading environment.

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Asia

a2 Milk Co. Cuts Guidance on China Supply Issues; Shares Fall 13%

a2 Milk Co. (NZE:ATM, ASX:A2M) said its infant milk formula business in China is experiencing "temporary in-market product availability issues" that will likely impact the company's performance in fiscal 2026, resulting in a cut to guidance, according to a Monday filing with the New Zealand and Australian bourses.The issues primarily relate to shortfalls of China-label infant milk formula product at distributors and retailers for several reasons, including high demand for the company's imported products amid product recalls by international competitors, per the filing.At the same time, the Middle East conflict has had a direct impact on the availability and cost of air freight for product shipments to China, and inventory levels have been low through the fiscal year to date as a result of previous manufacturing challenges at Synlait's (NZE:SML, ASX:SM1) plant, where there remains "a significant backlog" of unfilled purchase orders, the company said.Additionally, new standards for related to enhanced cereulide testing are extending quality assurance release times, while higher inspection and sampling rates for the industry are extending clearance release times, per the filing.a2 Milk said these factors will have a material impact on China-label infant milk formula availability in the fiscal fourth quarter, mainly in April and May. The company now expects fiscal 2026 revenue growth in the low to mid double-digit range, compared with mid double-digits previously. Its earnings before interest, taxes, depreciation, and amortization percent margin is expected to be about 14% to roughly 15%, compared with 16% previously.The company also expects lower interest income for fiscal 2026 due to lower market rates and net transaction cash outflows.Its Kiwi shares were down 13% in recent Monday trading.

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