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- Release Date: 23/08/13 14:14
- Summary: WAV/RULE: ALF: NZX WAIVER AND ENFORCEMENT ACTION UPDATE
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ALF
23/08/2013 12:14
WAV/RULE
REL: 1214 HRS Allied Farmers Limited
WAV/RULE: ALF: NZX WAIVER AND ENFORCEMENT ACTION UPDATE
23 August 2013
NZX WAIVER AND ENFORCEMENT ACTION UPDATE
NZX Waiver
Allied Farmers Limited (ALF) advises that it has today been granted a waiver
from NZX Listing Rule 9.2.1 to enable the ongoing annual funding of the bobby
calf business operated by Farmers Meat Export Limited (FMEL), a wholly owned
subsidiary of ALF's livestock joint venture subsidiary, NZ Farmers Livestock
Limited (NZFL). The waiver decision, which provides further background and
information on the transaction, was contemporaneously released by NZX with
this announcement.
The funders are the same as for the 2012 season, which was also subject of an
NZX waiver. As was the case in 2012, one of the funders, Mr. Garry Bluett, is
the Chairman of ALF and is therefore a Related Party of ALF.
ALF is pleased that this funding has been secured, given that the bobby calf
business is a key component to the ongoing growth and success of NZFL/FMEL.
Enforcement Action Update
On 27 May 2013 ALF announced that discussions were ongoing with the Inland
Revenue (IR) in relation to a liquidation notice for $4.2 million. The
hearing set down for 23 July 2013 was deferred to enable negotiations to
continue. ALF is continuing its negotiations with the IR and ALF remains
hopeful of achieving a settlement.
On 4 March 2013 ALF announced that it remained hopeful of agreeing a proposal
to satisfy a creditor that had served a statutory demand for an outstanding
obligation plus interest thereon (being a total of $540,000), and that the
creditor may move to the next step of liquidation. The creditor did not take
that step, and ALF advises that negotiations are continuing, and, again,
remains hopeful of achieving a settlement.
NZX Waiver:
Steve Morrison
Chief Executive Officer
Enforcement Action Update:
Garry Bluett
Chairman
End CA:00240124 For:ALF Type:WAV/RULE Time:2013-08-23 12:14:05
