Allied Farmers, which kept itself alive in March through a fire sale of toxic loans, is back in the firing line.
Allied Farmers says it is "very surprised" by a demand for a loan payment within 15 working days because it has been in negotiations with the lender.
Allied Farmers managing director Rob Alloway will be stepping down from his current role in December.
Part of the Five Mile Project near Queenstown Airport looks likely to become a business park.
Allied Farmers has confirmed an unconditional sale of the 23.3ha Five Mile property, near Queenstown.
Allied Farmers says it will not be making a $5 million payment to Hanover Finance that is part of an agreement between the two companies.
The fair value of the property assets has fallen to $87.5 million from $105.4m.
Allied Farmers says it will net more than $3.4 million from property sales concluded this week.
Shares in Allied Farmers took another battering today as Hanover investors began receiving their allotments of Allied stocks.
Allied Farmers Ltd shares fell 1.3c to 16c by early afternoon after they resumed trading today in the wake of a meeting of Hanover Group investors yesterday.
Stock exchange operator NZX has referred what it called "unusual" trading in Allied Farmers shares yesterday to the Securities Commission...
Hanover boss Mark Hotchin addressed a meeting of investors in Auckland this afternoon saying they're better off without him at the helm.
An overwhelming majority of Allied Farmers shareholders have voted in favour of a merger with troubled finance company Hanover.
There is a lot of interest on the sharemarket front lately with the delay of the DNZ property float and some big debates over the Allied Farmers Hanover proposal.
The Allied Farmers proposal is superior to the status quo and a high risk of receivership for Hanover Finance investors, according to Grant Samuel.
Australia's Resimac Ltd has been named as the new investor in Allied Farmers Ltd.
Hanover investors would receive Allied shares at market value...
Rural services and finance group Allied Farmers is to take over the troubled Hanover and United Finance companies.
Allied Farmers is blaming tough trading conditions for a breach of its banking covenants in the September quarter.
Allied Farmers says it has secured up to $7 million of new equity funding from a "large professional investor" not otherwise associated with the company.
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