ALF
04/12/2015 10:47
GENERAL
NOT PRICE SENSITIVE
REL: 1047 HRS Allied Farmers Limited
GENERAL: ALF: Purchase of Shares in NZ Farmers Livestock Livestock
[email protected]
4 December 2015
Allied Farmers (NZX: ALF) is pleased to announce that its wholly owned
subsidiary, Allied Farmers Rural Limited (AFRL), has completed an agreement
with Stockmans Holdings Limited (Stockmans) to purchase 950 shares in NZ
Farmers Livestock Limited (NZFL) for a purchase price of $1 million
(Transaction). 950 shares represents 9.26 percent of the total NZFL shares on
issue.
The Transaction was announced on 3 November 2015, and one of the conditions
of the Transaction was shareholder approval. This approval was given at the
Annual Meeting held on 24 November 2015.
The purchase price was satisfied by the issue of 19,267,822 ALF new ordinary
shares at $0.0519 per share to Stockmans, being the 20 day volume weighted
average price of ALF's shares one business day prior to 2 November 2015.
Chairman, Garry Bluett stated "that the Board considered this was a positive
step for Allied. It gets the shareholding in and earnings from NZFL close to
where they were before Allied had to sell shares to fund the Crown Asset
Management repayment. It does not use up cash resources or impose additional
debt and it will be beneficial to have key personnel as significant
shareholders in the company going forward"
Garry Bluett
Chairman
End CA:00274649 For:ALF Type:GENERAL Time:2015-12-04 10:47:44
