Friday 25th March 2011 1 Comment
|Text too small?|
Allied Farmers said it will need to write down the book value of loan on a property in Silverdale in the Rodney District after the borrower defaulted.
Allied Farmers Investments (AFIL) had been informed by lawyers for Hong Kong-based lender Asian Syndicate Finance that borrower Honk 2 Ltd, an investment vehicle of Andrew Tauber and Paul Webb, would default on a secured loan on the 59ha property.
AFIL holds a second mortgage over the property, relating to a NZ$23 million loan made to Honk 2 Ltd by Hanover Finance in March 2009. A valuation indicated that Allied may need to write down the book value of the loan but the carrying value of the loan was still being assessed.
AFIL has also been supporting Fletcher Construction in its bankruptcy action against property developer Nigel McKenna.
AFIL was unwilling to support the creditors' proposal put forward by McKenna, which should result in bankruptcy being declared at the hearing on April 19.
The bankruptcy of McKenna would have no impact on AFIL's carrying value of the loan, as it has been previously written down to zero.
Scott Technology Limited (NZX: SCT) Announces FY21 Results
21st October 2021 Morning Report
Greenfern Industries Limited (NZX: GFI) L&Q Notice
TruScreen Group Limited (NZX: TRU) Clinical Trial Results Highlight Efficacy of TRU Technology
20th October 2021 Morning Report
Freightways Limited (NZX: FRE) Acquisition of ProducePronto
19th October 2021 Morning Report
PGG Wrightson Limited (NZX: PGW) Guidance Update
Vital Limited (NZX: VTL) Provides Update on PSN LMR
18th October 2021 Morning Report