- Release Date: 04/08/14 13:00
- Summary: GENERAL: ALF: Debt Settlement Agreement
- Price Sensitive: No
- Download Document 1.87KB
ALF 04/08/2014 13:00 GENERAL REL: 1300 HRS Allied Farmers Limited GENERAL: ALF: Debt Settlement Agreement [email protected] 4 August 2014 DEBT SETTLEMENT AGREEMENT Allied Farmers Limited (ALF) is pleased to announce that it has entered into an agreement to fully and finally settle all outstanding debts and obligation to its first ranking secured lender, Crown Asset Management Limited (CAML). The Allied Group has on demand loan liabilities from CAML, and CAML and ALF have agreed to fully satisfy this liability by Allied Group immediately paying $1 million in cash to CAML (tranche 1), and an additional $1 million on or before 3 October 2014 (tranche 2). Additionally, the holders of the bonds that were issued by AFRL on 13 September 2013 (010 Bonds) have agreed to extend the maturity date for the 010 Bonds from 29 August 2014 to 29 August 2015. ALF will fund tranche 1 by selling 10 percent of the shares that its wholly owned subsidiary, Allied Farmers Rural Limited (AFRL), owns in NZ Farmers Livestock Limited (NZFL) (Sale Shares) for $1 million, and proposes to fund tranche 2 by issuing non-listed bonds in AFRL with a three year term on or before 30 September 2014. If tranche 2 is not paid by 3 October 2014, CAML will, as it has for some time now, continue to reserve its rights. The other significant shareholders in NZFL, Stockmans Limited and Agent Company Limited, are the purchasers of the Sale Shares. On completion, AFRL will retain 57 percent of the shares in NZFL. NZX Regulation has granted a waiver from Listing Rule 9.2 in relation to the sale of the Sale Shares and the extension of the maturity date for the 010 Bonds. Further details of the transactions subject of this announcement are set out in the NZX waiver decision which has been released together with this announcement. Garry Bluett Chairman End CA:00253451 For:ALF Type:GENERAL Time:2014-08-04 13:00:05
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Ann: GENERAL: ALF: Debt Settlement Agreement
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