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Allied Farmers successfully concludes property sales

The sales this week will net Allied Farmers more than $3.4 million in cash, part of which is intended to be applied to further debt reduction.

Thursday, 22 April 2010

by BusinessWire

"A number of other transactions for the sale of properties are close to being completed," said chief executive Rob Alloway in a statement to NZX.

"A number of sections" had been sold in Queenstown and there was strong inquiry in what Alloway described as "a return to confidence in well located developments such as Jack's Point."

The funds will be applied to reducing debt, a key priority for the company as it struggles to cope with the ongoing discovery of poor quality debt in the Hanover Finance and United Finance loan books, which Allied purchased in December 2009.

"Significant progress is being made in the realisation of a number of other assets acquired from Hanover," said Alloway. The company hoped to make further announcements "in the near future".

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