Allied Farmers seeks $1M in bond issue to pay tax, avoid wind-up

Sun, 08 Sep 2013

Sept. 9 (BusinessDesk) - Allied Farmers, which is recovering from its disastrous takeover of the Hanover and United Finance loan books, wants to raise up to $1 million in a bond issue to settle an outstanding tax bill and stave off threatened liquidation proceedings. The Hawera-based company’s Allied Farmers Rural subsidiary will seek at least $500,000 from a bond issue to fund a proposed repayment plan with the Inland Revenue Department, and keep the balance for working capital. The bonds will rank behind Allied Farmers’ debt to Crown Ass...

Try free for 10 days

Trustworthy, balanced journalism every day from our growing team of New Zealand business reporters and commentators, plus more in our weekend magazine section, The Life.

Instant News Alerts based on keywords you choose or journalists you follow
Our Daily Digest of all stories at 6am, midday or 6pm
A custom library of your saved stories
An industry-leading search engine
Try for 10 days without paying and if you’re not convinced cancel with just two clicks.

Support quality New Zealand journalism by subscribing today.

Find out more

Not convinced yet?

Subscribe to our Daily News Update free newsletter.

Policy

Seasonal work visa for fruit and wine harvests

Dan Brunskill | Tue, 22 Sep 2020

New visa will be automatically given to about 11,000 people with expiring visas.

Coronavirus

Covid vaccine: Why NZ bought options for 5 million doses

Brent Melville | Tue, 22 Sep 2020

A back-of-the-envelope calculation shows NZ’s $26.7 million upfront payment to WHO's Gavi vaccine alliance has bought it an option for 5.15 million doses, once it's developed.

Markets

MARKET OPEN: Kiwi slumps as traders lose their nerve

Paul McBeth | Tue, 22 Sep 2020

The New Zealand dollar dropped more than 1 US cent as traders dumped risk-sensitive assets amid renewed fears about the economic impact of the covid-19 pandemic.The kiwi dropped to 66.66 US cents at 8am in Wellington from 67.71 cents at 5pm yesterday, joining an extended selloff...

Partner Content

The whole story behind good investment decisions

If there was ever a time when strong financial metrics were the single trademark of a good company, that time has long passed. Responsible investors need to know beyond the profit a company will generate this year or next.