Ann: Synlait bond offer - interest rate set, page-37

This is one strange set of posts. IMO @mimimoke (great fun car too!) is right to be annoyed and frustrated that there has been a huge destruction of value in SML. It's plain to see on the SP and bond rate. That's the fact. The why that happened seems to be SML thought they could argue with A2M and win. They thought they could argue with others and win. Meanwhile, SP collapsed. Sam Stubbs wrote the following on LinkedIn about Fletcher the other day- the exact same sentiment applies to SML. Keep posting minimise and don't be bullied off the platform by trolls. The facts are with you.


"The Directors of Fletchers seem to have forgotten that their fiduciary responsibility is to their shareholders, including over 1 million KiwiSavers. And they have manifestly failed, and don’t or won’t admit it. This hubris, starting at the very top, is the root cause of the fiasco that is Fletchers.So here’s hoping a new boss will address this, and make Fletchers the company it could and should be. I feel sorry for the employees. Many will be trying hard to do the right thing. They have been appallingly led. Time for real change. Attitudinal change. From the top."

Founder John Penno has gone- that's some change. Now the rest of the architects of this mess need to go too.

Have to say that I have no agenda, other than being annoyed at total destruction of shareholder value at Synlait. To plagiarise Sam Stubbs comments on LinkedIn about the train wreck that is Fletchers, the message seems to be the same about Synliar. I don't know how anyone can defend what has gone down at SML- buying a fight with A2M and others seems doomed from the start- and where was the board. Sam Stubbs comments ring true about SML: