Synlait shares in NZX trading halt, announcement pending

Synlait shares have been rallying strongly since last week. Photo / NZ Herald

Trading in Synlait Milk shares has been halted pending an announcement from the company.

The trading halt was put in place at 2:47pm this afternoon, the NZX said.

The exchange said the stock would remain in a trading halt until such time as the company makes an announcement, or the start of trading on Wednesday, whichever happens first.

The shares traded today at $5.91, up 41c since Friday's close, having earlier traded as high as $6.00.

The stock has gained by about one dollar since the start of the month.

Synlait shares rallied sharply last week after the company said it had reached a settlement over its disputed Pokeno factory site.

The dispute was over historic land covenants at the company's Pokeno site.

The settlement ended several months of uncertainty over the now-completed plant built at Pokeno.

Synlait shares had also firmed on the back of news that it had signed up a new customer, which would put more business through its Pokeno and Auckland plants.

Synlait is 20 per cent owned by its biggest customer, a2 Milk.