Hanover investors vote to accept Allied Farmers shares

Investors in Hanover Finance voted to accept shares in Allied Farmers, betting that the asset swap offers the best hope of recovering the value of their investments.

More than the required 75% of the investors backed the plan at a meeting in Auckland. The deal ostensibly values the shares at $400 million.

The deal will transform Allied into a finance company of vastly more equity paper, with 97% held by the new investors. Allied’s existing shareholders have already backed the deal, which will water their holding down to less than 5%.

Shares of Allied last traded at a record low 19 cents before being halted for the vote. They traded above $1.50 in January 2008. 

Businesswire.co.nz

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