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

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