ALF
21/03/2016 08:51
GENERAL
NOT PRICE SENSITIVE
REL: 0851 HRS Allied Farmers Limited
GENERAL: ALF: Sale of Small Shareholdings - Update
On 21 December 2015 Allied Farmers (Allied Farmers, NZX: ALF) advised
shareholders that, while it appreciates the support of its shareholders, it
is aware that it is difficult for many small shareholders to sell their
Allied Farmers' shares, as they either do not have a share broker, or the
cost of brokerage is disproportionately high relative to the value of their
shareholding.
Additionally, the Board of Directors of Allied Farmers ('Board') expressed
its concern at the ongoing high cost of maintaining a very large share
register relative to the very small size of Allied Farmers.
Accordingly, Allied Farmers notified its shareholders that at the expiration
of three months the Board will exercise the power of sale of individual
holdings of less than 1,000 shares unless these shareholders either increase
their holdings or decide to opt-in as a small shareholder.
The notice period has now expired, and accordingly ALF has appointed a broker
who will be instructed by our share registrar, Link Market Services Limited,
of the aggregate number of shares to be sold. The shares will be offered
through the NZX at a minimum price equivalent to the volume weighted average
price of ALF's shares for the 20 business days preceding 18 March 2016.
Upon completion of the sale process Link will allocate the net proceeds
pro-rata based on the number of shares transferred and remit proceeds to
individual holders, less reasonable sales expenses. As previously notified,
in some cases, the reasonable sales expenses will exceed the value of
holder's shares, in which case there will be no proceeds remitted.
Garry Bluett
Chairman
End CA:00279556 For:ALF Type:GENERAL Time:2016-03-21 08:51:13
