Allied Farmers said the unaudited fair value assessment of the net assets had been determined at $94.3 million, compared to $175.5 million disclosed in the interim financial statements for the period ended December 31.
In late May, Allied Farmers said the net value of the property and loan assets acquired from Hanover and United was $124 million, but it warned then that remaining work required to complete the assessment would result in further impairments.
The total unaudited additional impairments and fair value adjustments in property assets since December 31 was now $24.5 million, while for loan assets it was $57.8 million, said managing director Rob Alloway.
The amounts were subject to adjustments that might arise from the June year-end audit.
In December, Allied Farmers acquired the finance assets of Hanover and United, in a deal said to be worth about $400 million under which Hanover and United investors received Allied Farmers' shares.
Allied shares were down 0.4c or 10.5% in late trading to 3.4c.
Forsyth Barr broker Peter Young said it was now clear Allied paid far too much for the Hanover and United assets.
"I can't see a clear way forward for Allied," he said.
Allied Nationwide Finance, part of Allied Farmers Group, was hit on Wednesday when Standard & Poor's lowered the long-term counterparty credit rating to CC, the rating remaining on credit watch negative.
The lowering of the rating was in response to the announcement by the company of the suspension of its prospectus from the market.
Mr Young said ANF was not covered by the extended government guarantee. When reinvestments were due to roll over, ANF could face a massive payout of funds.
On Monday Allied Farmers said it was halting a previously announced capital raising while it talked to the trustee of ANF.
That followed an announcement last Friday from Allied Farmers that Allied Nationwide Finance had received notice from Guardian Trust that it was in breach of financial ratios and had 14 days to remedy the situation.
The board and management did not agree with the trustee's view, but decided to suspend the finance company's prospectus.
