GENERAL: ALF: Allied Farmers Secures Banking Extension

20 Jul 2010 2:35 pm

ALF 20/07/2010 GENERAL

REL: 1435 HRS Allied Farmers Limited

GENERAL: ALF: Allied Farmers Secures Banking Extension

20 July 2010

Allied Farmers Secures Banking Extension

Allied Farmers has successfully negotiated a further extension on its banking arrangements with Westpac Bank as it continues to negotiate and develop several restructuring initiatives.

Allied Managing Director Rob Alloway said an earlier extension to September 24, 2010, announced to the NZX on July 1, 2010 had now been pushed out to March 31, 2011.

"The earlier extension was granted to enable both Allied Farmers and Westpac time to consider a number of debt retirement and restructuring initiatives that would have a positive impact for our company," said Mr Alloway.

Mr Alloway said that whilst these initiatives remain incomplete, Allied had reached a point whereby Westpac was able to extend its facility.

"We are pleased that Westpac has signaled its confidence in the yet to be completed initiatives by providing the extension of the facility term. We share their confidence, and look forward to announcing and implementing these initiatives to our shareholders and wider stakeholders when they are completed" said Mr Alloway

For more information, contact:

Malcolm Boyle/Alan McDonald Rob Alloway Star Public Relations Allied Farmers 021 922 022 or 0212 813 004 021 376 642 End CA:00197439 For:ALF Type:GENERAL Time:2010-07-20:14:35:37

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