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- Release Date: 13/09/13 17:45
- Summary: GENERAL: ALF: Settlements and Bond Issue
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ALF
13/09/2013 15:45
GENERAL
REL: 1545 HRS Allied Farmers Limited
GENERAL: ALF: Settlements and Bond Issue
13 September 2013
SETTLEMENTS AND BOND ISSUE
Allied Farmers Limited (ALF) advises that its wholly owned subsidiary, Allied
Farmers Rural Limited ("AFRL"), has successfully today agreed a settlement
with the Inland Revenue resulting in a confidential repayment plan relating
to a previously disclosed $4.2 million tax liability ("Repayment Plan"). As a
result the Inland Revenue liquidation hearing will be discontinued.
Further to the announcement on 9 September 2013 AFRL has now completed the
bond issue, which has raised $600,000 ("Bond Issue"). The terms of the Bond
Issue are set out in the 9 September announcement. Some of the proceeds of
the Bond Issue have been used, together with proceeds of a draw down of funds
from an existing funding facility with its secured lender, Crown Asset
Management Limited ("CAML"), to fund the initial instalment of the Repayment
Plan.
Also as a result of the agreement of the Repayment Plan with Inland Revenue,
ALF has today agreed a confidential settlement with a creditor that had
served a (now expired) statutory demand for an outstanding obligation plus
interest thereon (being a total of $540,000).
ALF has received a waiver from NZX for the Bond Issue, which has been
released together with this announcement.
Garry Bluett
Chairman
End CA:00241100 For:ALF Type:GENERAL Time:2013-09-13 15:45:50
