ASSET: ALF: Allied Farmers Successfully Concludes Property Sales

22 Apr 2010 11:12 am

ALF 22/04/2010 ASSET

REL: 1112 HRS Allied Farmers Limited

ASSET: ALF: Allied Farmers Successfully Concludes Property Sales

Allied Farmers said today that its programme to realise property has started successfully, with a number of sales concluded this week. The company confirmed today the sale of a number of sections in Queenstown, an industrial development in Wauchope, New South Wales, and another confidential property transaction. In addition, a number of other transactions for the sale of properties are close to being concluded.

Allied Farmers' Managing Director, Mr Rob Alloway, said that "he was delighted with progress to date, and that the volume of enquiries and sales, and prices being offered, reflected a return to confidence in well located developments such as Jack's Point".

The sales this week will net Allied Farmers more than $3.4 million in cash, part of which is intended to be applied to further debt reduction.

Allied Farmers acquired a number of properties from Hanover Finance and United Finance in December 2009. Mr Alloway said that "significant progress was also being made in the realisation of a number of other assets acquired from Hanover, and was hopeful of being able to make further announcements in this regard in the near future".

For further information please contact:

Rob Alloway Mobile: 021 376 642 End CA:00194054 For:ALF Type:ASSET Time:2010-04-22:11:12:43

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