- Release Date: 21/12/12 16:55
- Summary: ASSET: ALF: Sale of Assets to Crown Asset Management Limited
- Price Sensitive: No
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ALF 21/12/2012 14:55 ASSET REL: 1455 HRS Allied Farmers Limited ASSET: ALF: Sale of Assets to Crown Asset Management Limited [email protected] 21 December 2012 Sale of Assets to Crown Asset Management Limited/ NZX Waiver Allied Farmers Limited (ALF) is pleased to announce that it has today agreed to sell the majority of the remaining ex-Hanover Finance Limited and ex-United Finance Limited property and loan assets (the "Transferred Assets") to Crown Asset Management Limited ("CAML"). CAML is the Crown entity that acquired the remaining assets of NFA Limited (in Receivership and Liquidation and formerly the finance arm of ALF called Allied Nationwide Finance Limited) and is the secured lender to ALF.* As previously indicated to shareholders, ALF is in the process of selling down the majority of its remaining assets in order to repay debt. The Transferred Assets are owned by ALF's asset management arm, Allied Farmers Investments Limited, a wholly owned subsidiary. The Transferred Assets will be transferred at their book value of $13.5 million, of which sections at Jacks Point in Queenstown comprise $11.3 million. All of the proceeds of the sale will be used to repay debt to secured lenders. Settlement is due to take place today. ALF is very pleased with the sale of the Transferred Assets at book value as it removes the significant holding costs associated with those assets and enables a significant reduction in debt. Furthermore, ALF will benefit from a new Funding Facility that CAML has agreed to provide contemporaneously with the purchase of the Transferred Assets, and CAML has signaled that it will consider further, more significant, funding support at the time other assets are sold. NZX has granted a waiver from Listing Rule 9.1.1 to enable the transaction to be concluded on a timely basis. The waiver decision, which provides further background and information on the transaction, was contemporaneously released by NZX with this announcement. *CAML is the secured lender to the ALF Group excluding NZ Farmers Livestock Limited and its subsidiaries. NZ Farmers Livestock Limited's assets are "ring fenced" from the security provided by ALF to CAML End CA:00231570 For:ALF Type:ASSET Time:2012-12-21 14:55:57
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