GENERAL: ALF: ALLIED FARMERS LIMITED- BANKING FACILITIES UPDATE

23 Jul 2010 12:07 pm

ALF 23/07/2010 GENERAL

REL: 1207 HRS Allied Farmers Limited

GENERAL: ALF: ALLIED FARMERS LIMITED- BANKING FACILITIES UPDATE

23 July 2010

ALLIED FARMERS LIMITED- BANKING FACILITIES UPDATE

Allied Farmers Limited (ALF:NZ) has become aware of some inaccurate market commentary in relation to the extension of Banking facilities with Westpac announced to the market on 20 July 2010.

Allied Farmers, while wishing to highlight the positive news of the extension to its Westpac banking facilities, is conscious of ensuring the market is appropriately informed.

Accordingly, Allied Farmers wishes to reiterate its previous announcement that the Westpac extension was granted as part of an agreed series of debt retirement and restructuring initiatives. These initiatives have agreed milestones, which, if not met, Westpac has its usual rights as lender.

The company believes it is well positioned to meet each of these milestones aimed at debt reduction between now and 31 March 2011, by realising assets and/or other fund raising initiatives.

For more information, contact:

Media Inquiries to: Malcolm Boyle/Alan McDonald Rob Alloway Star Public Relations Manager Director, Allied Farmers 09 912 7827 or 021922 022 or 0212 813 004 021 376642 End CA:00197575 For:ALF Type:GENERAL Time:2010-07-23:12:07:56

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