Allied Farmers gains 2-week extension on filing results

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.  

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.

Printable version

Related News

Allied Farmers completes livestock joint venture
McDouall re-elected to Allied Farmers board with 74% of vote
Wild ride for Allied Farmers shareholders not over as stock drops below post-consolidation value
Allied Farmers capital notes
Allied Farmers shareholders prepare to welcome bond holders to penny-dreadful land
Allied Farmers retracts Hanover slurs, flags billion share placement
RD1 buying Allied Farmers rural stores
Allied Farmers won't be replacing Rob Alloway
Allied's Matarangi Beach put in receivership
Allied Farmers fails to convince auditor it is a going concern

Get quotes for Allied Farmers Limited Ordinary Shares (ALF)