ALF - Allied Farmers Limited

[Balance]

Must have been a lot of buying by institutions to play the indexing game. If the turnover drops away, NZX will have a good reason not to include in index.

[winner69]

Frontpage headline in the NBR today

Hanover assets worse than Allied thought

Bugger ... the NBR is plastic wrapped and it was hard to read the full story .... and I didn't want to fork out the $10 to buy it

[winner69]

Folded a bit of the plastic back and appaarently all will be revealed Monday when ALF do their half yearly

AS such some things need a full expnantion and things need 'to be valued correctly'

[Balance]

Frontpage headline in the NBR today

Hanover assets worse than Allied thought

Bugger ... the NBR is plastic wrapped and it was hard to read the full story .... and I didn't want to fork out the $10 to buy it

Sensationalism.

Article says that ALF is finding some negatives and some positives since November - working through the books and all will be revealed when they report.

So what's new?

[Silverlight]

Allied Farmers Announces Half Year Result

https://www.i-search.nzx.com/blobs/N...ALF-115241.pdf

https://www.i-search.nzx.com/blobs/N...ALF-115242.pdf


NTA works out at roughly 7.44 cents per share.


A 578m
L 407m
Intangibles 19.7m
Deferred Tax 6.3m

1,952,294,858 shares on issue

[Lizard]

Wow, that's kind of magical! The way they just made $220m worth of Hanover assets disappear off the balance sheet without even having to declare it as a loss...

[Morpheus]

So, the Hanover assets were worth north of $500m, then $400m in December, and now they are worth $175m. Can someone explain to me again why Allied shareholders voted in favour of the deal???
A key quote from Alloway in the NBR article: "Anything we find inside any loan file ... we will immediately bring in whatever authority necessary to make sure that its investigated and any necessary actions are taken."

[BRICKS]

THIS is junk bond material with millions trapped in so when any sort of movement is going to attract moves in zillions there is NO quick money in this JUNK..

WHEN everone was back at @ 11cents saying great now 7.9 cents hands up whos buying only lost 30% you can lose
heaps on these penny DREADFULS..

[Vtrader]

For my own part, as a beginner and all that...
Lesson well reinforced is to make your own actions, and folly to follow others
My hand is up, but only once. V.

[Balance]

Sadly for Hanover depositors, looks like it's a complete write off with Kawarau Falls - with more to come.

There's still Jacks' Point, 3 Mile project and Matarangi.

Queenstown project now fully in receivership
By MARTA STEEMAN - The Press Last updated 05:00 05/03/2010
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The last two stages of the ambitious $2 billion Kawarau Falls Station hotel and apartment development in Queenstown have been placed in receivership.

United States high risk lender Fortress Credit Corporation, the first mortgagee of stage two and stage three, called in receivers Grant Thornton for Peninsula Road, owned by Auckland developer Nigel McKenna, on Tuesday. Peninsula Road owns the site of stage two and three of the huge development.

Stage one was placed in receivership last May. The receivers of stage one, KordaMentha, continued with the hotel and apartment development, which has since had $64 million poured into it. Stage one's first mortgagee BOSI (Bank of Scotland International) was owed $180m by February, excluding interest owed since the receivership.

Stage two and three creditors are expected to be due more than $100m.

Stage two second mortgagee Allied Farmers, which bought Hanover Finance and its loans late last year, wrote down Hanover's finance assets this week by $99m.

Allied Farmers managing director Rob Alloway said yesterday most of that was related to the Kawarau development, which Hanover lent on.

"We don't think our chances for recovery are very high at all."

The Kawarau project was to have eventually included a conference centre, four hotels, and apartments.