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

Comments from our readers

No comments yet

Add your comment:

Your name:
Your email:	Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Anti-spam verification:

Type the text you see in the image into the field below. You are asked to do this in order to verify that this enquiry is not being performed by an automated process.

Related News:

CDC Independent Valuation - 30 June 2025
TruScreen Group Limited SPP Update
THL provides updated guidance
CEN - Greymouth gas deal
July 4th Morning Report
July 3rd Morning Report
ikeGPS Chief Financial Officer Transition
TWL - TradeWindow announces strategic partnership with FTA
BLT - Patent issue settled and new 5 year agreement with BSP
July 2nd Morning Report