Allied Farmers to repay Crown Asset Management $2M after asset sale, bond issue

Mon, 04 Aug 2014

By Paul McBeth Aug. 4 (BusinessDesk) - Allied Farmers, which is rebuilding from a disastrous takeover of the Hanover and United Finance loan books, plans to repay $2 million to Crown Asset Management Ltd by selling down its stake in a subsidiary company and issuing bonds, satisfying its debt to the government entity. The Hawera-based company will sell a tenth of its stake in NZ Farmers Livestock Ltd for $1 million, and issue $1 million of three-year non-listed bonds in its rural subsidiary by Oct. 3, to repay debt owed to the Crown entity...

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