Sharechat Logo

Allied Farmers gains 2-week extension on filing results

Monday 30th August 2010

Text too small?

Allied Farmers has gained a two-week extension on filing its annual results after the firm’s Allied Nationwide finance arm was put in receivership.

ANF “is a significant part of the ALF operations, with its gross assets comprising more than half of the group’s total gross assets,” the company said in a statement.

Among issues to be resolved are the carrying value of ANF’s assets, related party transactions and preparation of pro-forma accounts excluding the impact of ANF, it said.

ALF is also in talks with Westpac over the terms of its bank facility in the wake of the receivership. The firm has senior debt totalling $16.9 million, made up of a multi-credit facility of $14.4 million and an overdraft of $2.5 million.  

NZX Market Supervision granted a waiver to delay filing of the annual results until 5pm on September 10 on the condition the firm provides the market with an explanation for the delay.

The finance unit owed about $130 million to some 4,500 investors and was covered by the government’s retail deposit guarantee.

  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
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.

Related News:

Allied Farmers may lift loan book value by $276K as IRD lurks with liquidator's axe
Allied Farmers sells Taranaki real estate unit worth 26 percent of group's value
Fire sale of toxic loans keeps Allied Farmers ticking for now
Allied Farmers tries to cobble together loan repayment as liquidation hovers
Lender runs out of patience, seeks $500k loan repayment from Allied Farmers
Crown Asset Management keeps Allied Farmers on life support
Allied Farmers' auditor refuses to give opinion on accounts
Allied Farmers granted waiver for $1.2M loan for bobby calf business
Allied Farmers wears more post-Hanover cost and delay
Allied Farmers lifts provision for loan guarantee to $1.4M