Allied Farmers chairman props up life-saving $600k Allied Farmers bond issue

Fri, 13 Sep 2013

By Paul McBeth Sept. 13 (BusinessDesk) - Allied Farmers, which is slowly rebuilding from a disastrous takeover of the Hanover and United Finance loan books, has staved off insolvency after raising $600,000 in a bond issue, almost half of which was bought by interests associated with the chairman Gary Bluett. The Hawera-based company’s Allied Farmers Rural subsidiary raised the debt, with $250,000 coming from chairman Gary Bluett and an associated person, to fund a repayment plan with the Inland Revenue Department over a $4.2 million unpaid...

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