Allied issues 1.9bn shares to new owners
BY ADRIAN CHANG
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Allied Farmers has issued 1.9 billion shares to its new owners, the former investors in Hanover Finance and sister company United Finance.
The rural services company said today a total of 1,914,598,153 shares, priced at 20.7c each, are being issued to the approximately 16,400 former investors of the failed Hanover and United Finance companies.
The new shares represent 98.069 percent of the total Allied Farmers shares on issue. The Hawera-based firm currently only has 37.7m shares on issue.
Allied Farmers shares fell 2.8c, or 18.92 percent, immediately after the market opened today, to 12c per share.
Hanover and United Finance investors last week narrowly voted to accept a proposal by Allied Farmers to take control of Hanover's loan book in exchange for Allied shares.
Hanover investors should receive their statements and a confirmation of their new holdings from this week onwards.
- © Fairfax NZ News
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