ALF - Allied Farmers Limited

**Alan3285** · 30-08-2010, 02:10 PM

Originally Posted by Silverlight

ALF don't have to report their results until 10 September now.

Yeah - Not really unexpected. All the going concern assumptions in ANF will have to be shifted.

Alan.

**Silverlight** · 03-09-2010, 10:52 AM

3 September, 2010
Alloway to Step Down From Allied Farmers

The Board of Allied Farmers announced today that its Managing Director, Rob Alloway, is to step down from his current role in December this year. Mr Alloway will remain on the Board of Allied Farmers and its subsidiaries in the meantime. Mr Alloway has given notice to the Board to allow a timely search for a new CEO and a measured handover of the business.

Mr Alloway said “the time was right to step down from the hands-on, day-today role of running the business as the restructuring process which began about a year ago was nearing completion.”

The Board acknowledged Mr Alloway’s strong and insightful leadership during a period of tremendous change, and said that whilst they were disappointed Mr Alloway was changing his role from an executive, his ongoing involvement as a director means Mr Alloway will continue to contribute to the Company.

“With the restructuring process now coming to an end, and several asset realisations likely in the short term, the company will be in a different position in December when I step down,” said Mr Alloway. “My key goal was to establish a more stable financial platform and normalise the company’s banking and other commercial arrangements.”

MrAlloway said that “we are expecting this process will be completed in the next few weeks leaving the business with substantially reduced senior debt and feel it is right to now give the Board time to identify a new CEO to take the company forward after a challenging period.”

Mr Alloway said staff, suppliers and shareholders had been very patient and that patience and loyalty had given the Board and management the time they needed to navigate through a difficult process.

“We’ve had to make some very tough decisions along the way but we are now close to reaching the stable ground we need to rebuild what I still believe will be a very sound and respected rural services business.”

**Stranger_Danger** · 03-09-2010, 11:05 AM

Hahaha.

"With the restructuring process now coming to an end, and several asset
realisations likely in the short term, the company will be in a different
position in December when I step down,"

Oh yes Rob, indeed it will! Does that position start with a B?

**winner69** · 03-09-2010, 12:43 PM

That was a real positive announcement

Rob has done a good job ... taking ALF from the verge of going under to something that now may, just may, have a life going forward

Current market cap of $51m without the hassles of ANF could make this a goer .... but nobody will ever think much positive about ALF

**Balance** · 03-09-2010, 01:14 PM

Rob is associated with the Hanover/ALF merger. He has to go so that the past is left behind.

**Alan3285** · 03-09-2010, 01:31 PM

Originally Posted by Balance

Rob is associated with the Hanover/ALF merger. He has to go so that the past is left behind.

That's probably right.

Previously I thought that the people with the real gripe in this were the original ALF shareholders (not me BTW), but I am beginning to think that ALF without Hanover would have been dead anyway, so they were kind of thrown a lifeline (albeit into a rather leaky liferaft, but possibly better than nothing).

If so, Alloway has perhaps done okay, but is definitely a strong link to the past.

Alan.

**J R Ewing** · 03-09-2010, 02:20 PM

Originally Posted by Balance

Rob is associated with the Hanover/ALF merger. He has to go so that the past is left behind.

Does that imply we are at the bottom and the current uptrend (0.1c up since yesterdays close) is the start of the recovery?

**bermuda** · 03-09-2010, 04:14 PM

Originally Posted by Alan3285

That's probably right.

Previously I thought that the people with the real gripe in this were the original ALF shareholders (not me BTW), but I am beginning to think that ALF without Hanover would have been dead anyway, so they were kind of thrown a lifeline (albeit into a rather leaky liferaft, but possibly better than nothing).

If so, Alloway has perhaps done okay, but is definitely a strong link to the past.

Alan.

Alloway is getting out now before his incompetence gets fully exposed. Hanover sold ALF down the drain becusae due diligence was not carried out on properties that had encumbrances