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ALF
25/06/2012 12:15
GENERAL
REL: 1215 HRS Allied Farmers Limited
GENERAL: ALF: ALLIED UPDATE
25 June 2012
ALLIED UPDATE
Term Loan
Allied Farmers Limited (ALF), as borrower, advises that it has agreed with
Allied Nationwide Finance Limited (in Receivership) ("ANF", as lender) an
extension of the expiry date of a secured term loan facility from 30 June
2012 to 30 June 2013. The amount owing under the extended term loan as at 31
May 2012 is $13.4 million.
Loan Asset
ALF advises that it is likely it will have to write down up to approximately
$1.8 million of the carrying value of an ex-Hanover property loan asset in
relation to which Allied Farmers Investments Limited, a wholly owned
subsidiary of ALF, is the second ranking security holder. The property has
been in receivership for some time, and the receiver of the property has
provided a draft indicative estimate that suggests the return to AFIL may be
significantly lower than anticipated by AFIL, partly as a result of weather
related damage to the property. The Board of ALF is awaiting definitive and
certain information from the receiver of the property, and once that
information is in a definitive and certain form the Board will be in a
position to determine and confirm the quantum of any write down in the
carrying value.
End CA:00224239 For:ALF Type:GENERAL Time:2012-06-25 12:15:28
