Investors in the failed finance company Hanover have voted by the slimmest of margins in favour of a deal with Allied Farmers.
Today 75.4 percent of voters said yes - with 75 percent the required figure for each category.
United Finance investors voted 79.48 percent in favour, subordinated noteholders voted 97.47 percent in favour and Hanover Capital investors voted 88.33 percent in favour.
Allies Farmers' shares were placed in a trading halt ahead of the vote.
The deal means investors will get shares valued at 70 cents for every dollar but there's a catch. Allied is issuing close to 2 billion new shares and they will only be worth a fraction of their current value when they hit the market.
The deal involves Allied Farmers taking over all of Hanover's remaining assets valued at $396m and will see Allied enter the NZX top 50.
Hundreds of millions of dollars of investors' money has been trapped in Hanover for more than a year. They're hoping today's deal will enable them to get some of that money back.
Little over a week ago around 90 percent of Allied Farmers' shareholders voted in favour of the takeover.
During the past three years about 30 finance companies have gone into receivership or liquidation, entered into moratoria or had frozen repayments to investors.
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