Sharebrokers to research Allied Farmers regularly

Allied Farmers has written to all shareholders telling them that five sharebroking firms would be researching the company on a regular basis.

The company would also arrange for analysts at each of the five firms to receive full briefings from the company in the near future.

"Such research helps shareholders get an independent and informed view of the company from a professional point of view," Allied managing director Rob Alloway said in the letter.

The broking firms are: First NZ Capital Securities, Forsyth Barr, Hamilton Hindin Green, McDouall Stuart Securities and Somerset Smith Partners.

Allied Farmers Ltd said in a statement to the NZX that all of the conditions in the agreement with Hanover Finance and United Finance had been satisfied or waived and the deal was now moving towards completion.

Hanover and United investors this week narrowly approved the plan for Allied to buy Hanover's assets by issuing new Allied shares to Hanover investors.

Allied last night issued more than 1.93 billion new shares to those Hanover Finance and United Finance investors.

Trading is scheduled to start in those shares on Monday.

Hanover shares traded around 14c yesterday.

They are expected to fall in value on Monday.

 

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