Published 10 May 2011
Allied Farmers Ltd has entered into an unconditional agreement to sell the remaining property it holds at Clearwater, near Christchurch. The property was part of the Hanover Finance Ltd “shareholder support package” which Allied acquired in December 2009. Allied chief executive Rob Alloway said on Monday: “There has been limited interest in the property since the acquisition and we are very pleased to conclude our sales campaign, which over time has realised a total of $4.7 million.” The contract is due to settle this month. Mr Alloway said Allied would apply all proceeds against term debt, fully repaying ANZ Bank, which is the first mortgagee on the property, and the balance against a term loan from Allied Nationwide Finance Ltd (in receivership).
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Attribution: Company release, story written by Bob Dey for the Bob Dey Property Report.