Speirs seeks liquidation of Alloway’s Allied Capital to recover preference shares

Thu, 05 Jul 2012

By Jonathan Underhill July 6 (BusinessDesk) - Speirs Group, the NZAX-listed food group that sold its finance unit to Allied Farmers in 2008, is seeking to liquidate a company controlled by Allied’s former managing director Rob Alloway to recoup the value of preference shares. Speirs has made an application to the High Court in Auckland which is due to be heard later this month. It holds 500,000 $1 convertible redeemable preference shares in Allied Capital, whose only asset is a parcel of shares in Allied Farmers. “We had some redeemable pref...

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