25th November 2021 A2 Milk
The A2 Milk Company says it will defend a second class action filed in the Supreme Court of Victoria in Australia, this time by Shine Lawyers.
The company has unveiled its new strategy to return it to the high-growth business it was pre-Covid.
Dairy company A2 Milk has set a target of $2bn revenue within five years by “capturing its full potential” in the China infant formula market and ramping up innovation.
The A2 Milk Company says it is aware of reports about a potential class action led by Australia’s Shine Lawyers but has no knowledge of any further legal proceedings.
A2 “considers that it complied with disclosures notifications at all time,” following a class claim filing in Australia alleging misleading or deceptive conduct.
A quarterly review of all shares in the ASX to recalibrate the S&P Dow Jones Indices has seen New Zealand dairy companies A2 Milk and Synlait earmarked for removal from separate lists.
The prolonged impact of Covid-19 and a rapidly changing China market has prompted the company to launch a growth strategy review.
Suitors are reported to be weighing options around A2, but any potential offer would only be made after the milk company’s annual results next week.
The A2 Milk Company has filled another role in its leadership team appointing a new chief people and culture officer following the departure of Lisa Burquest in January.
Its Asia Pacific division will be split three ways in an effort to revive growth.
A2 Milk says the Overseas Investment Office has signed off its proposed $268.5m purchase of a 75% interest in Southland dairy nutrition business Mataura Valley Milk.
The A2 Milk Company has appointed an infant nutrition marketing specialist from European food giant Danone as its new chief marketing officer.
A2 said it believes it has complied with all disclosure obligations.
The former darling of the NZX was forced to slash its revenue forecasts and write down the value of its assets.
The dairy companies saw share prices slip following news that Synlait’s boss is leaving.
The company suffered a 35% drop in interim profit in what it described as a “challenging” first half year.
A2 Milk Company has stopped the trading of its shares on the NZX and ASX while it revises its earnings guidance. The dual-listed firm said this morning that the halt MORE »
The dairy company says it expects an uptick in activity in the second half of FY21 despite continuing uncertainty.