ALF - Allied Farmers Limited

**Lizard** · 16-11-2011, 04:11 PM

Originally Posted by winner69

Liz - I haven't been able to keep up ... so how nany shares did they end up with before the consolidation .... billions or trillions or zillions

All I know that ALF shareprice is now 5 cents ... much higher than the beginning of the year so should save my bacon in the NZX comp

How is it you always manage to fit more words between the lines than you do in them?

So excuse me if I read incorrectly, but what you are saying is.... "it would be fun to get away with this in the comp without Liz noticing, but at the same time I know she's not completely blind so I'll just opt for a laugh at the possibility" or perhaps "ALF are going to confuse a few former Hanover debenture holders with this - and may even be getting some comfort out of doing so" or (like everyone else here), "why the heck did the price go down so much on consolidation?"...

To the latter, I think you would have to go with Xerof's hypothesis that the bond holders found some liquidity to sell into and were willing to take a haircut (given many of them were already up for one on the bonds, so had already priced in the loss - or had bought below face value) and therefore taking the sp with them as they exit.

**winner69** · 16-11-2011, 04:49 PM

The drop today was cause of the 1.2 billion new shares (pre consolidation) issued today from the PAR thing and Capital Notes (about 70% of the total issued capital)

And then the 100.1 consolidation

Liz all those billions have me confused ...

**Lizard** · 16-11-2011, 05:04 PM

Originally Posted by winner69

The drop today was cause of the 1.2 billion new shares (pre consolidation) issued today from the PAR

... only in the sense that it gave them some liquidity and the chance to sell out. Normally any significant holder of shares would have done the calcs on market cap adjustment weeks or months ago.

**Morpheus** · 16-11-2011, 05:11 PM

The NZX website is still showing ALF has 2,550,971,709 on issue.
But my reading of it is the noteholders were issued just under 6 billion shares at 0.2c just prior to consolidation. The PAR holders got 977 million and the bonus share holders got 118.09 million new shares. Add that to the 2 billion odd already on issue and you had about 9 billion shares. Consolidate at 100 to 1 and the company now has 90.79 million shares on issue.

**Lizard** · 16-11-2011, 07:03 PM

Yes, the announcement has it correct at 90,792,438 I think. NZX has had a few problems of late with some of their info of late...

**neopoleII** · 16-11-2011, 08:02 PM

with all these mind boggling numbers...... why are they still trying to make a go of it.
is it because the directors are still getting paid?
........because no one else is getting anything.
you would think that the nzx or some such body would just end it.

unless....... they have a master plan or can sell or develop the "cr.p" they got from hanover.
and in the meantime....... the world isnt looking so hot, so these property assets arent going anywhere but down.......... imho.

and what are the shareholders doing?
or the government agencies protecting shareholders?
the only real asset left is the trustfunds that some judge has temporally siezed which contains the mansions from one of the directors.
paid for via .............
or was it the party related loans were worth more than alf?
or the "other" party director who was..... is.... isnt ..... could of been ..... someone who got millions of divies but was never a director............
but obvious all legal, safe and honest in cowboy land NZ.

and this is just one story of the many failures in this sector that has destroyed billions or wealth for citizens, and still no one has "really" been held to account.

and yet we have government and commentators telling us to invest in NZ.

ummmmmm........ which part?
and is it safe to do so?
will citizens be protected from vampires?
does a wet bus ticket really make vamps play fair?

im sure our next generation is really going to invest in kiwiland bigtime......... NOT

**neopoleII** · 16-11-2011, 08:11 PM

forgot my disclosure....
never invested in any finance company........ thats for fools and old folks.
i invested in NZO.... a premier oil and gas explorer that is at the forefront of NZ hydrocarbon exploration with a big holding in the state of the art kupe gas field and custom made processing facility.
......... drats....... got let down there....... just like grandma with hanover
i see TR is holed up in a spiffy mansion.

**Lizard** · 16-11-2011, 09:12 PM

Originally Posted by neopoleII

with all these mind boggling numbers...... why are they still trying to make a go of it.

Because the major creditor is now ANF and then the ANF major creditor is the Crown? And the ANF major creditor needs the maximum amount extracted out of ANF that it can get, and putting ALF into receivership would not help?

Anyway, now those note-holders are clearly equity and not debt, so that is an instant improvement to the balance sheet, eh? Heck, might even be able to find some more investors willing to throw in some more equity and improve the ANF/Crown position a bit...