ALF
30/09/2014 16:04
GENERAL
REL: 1604 HRS Allied Farmers Limited
GENERAL: ALF: Debt Settlement Agreement Update
Allied Farmers Limited (ALF) wishes to update the position in respect to the
announcement dated 4 August 2014 relating to the repayment of Crown Asset
Management Limited (CAML). A short extension of time to complete the bond
raising anticipated in that announcement has been sought from CAML, and has
been granted.
Background
On 4 August 2014 ALF announced that it has entered into an agreement to fully
and finally settle all outstanding debts and obligation to its first ranking
secured lender, CAML by the payment to CAML of $2 million in two tranches.
ALF has already settled the first tranche payment of $1 million from the
proceeds of the sale of shares by Allied Farmer Rural Limited (AFRL) in NZ
Farmers Livestock Limited.
ALF had agreed with CAML to settle the second tranche $1 million payment by 3
October 2014 from the proceeds of a non-listed bond in AFRL to be issued on
or before 30 September 2014.
ALF remains very confident of shortly being able to complete the $1 million
bond raising, with documentation currently being prepared to finalise the
issue. CAML has therefore agreed to an extension of time to 10 October 2014
to enable ALF to complete the bond issue and settle the second tranche $1
million payment.
Garry Bluett
Chairman
End CA:00255901 For:ALF Type:GENERAL Time:2014-09-30 16:04:17
