- Release Date: 23/08/13 14:14
- Summary: WAV/RULE: ALF: NZX WAIVER AND ENFORCEMENT ACTION UPDATE
- Price Sensitive: No
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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
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Ann: WAV/RULE: ALF: NZX WAIVER AND ENFORCEMENT AC
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