ALF - Allied Farmers Limited

[Stranger_Danger]

Winner - nah, this isn't how "the rich" act. It is now becoming clear Serepisos (and many others) were nominal owners of assets which were almost entirely offset by liabilities.

That isn't rich.

[Lizard]

NBR jokers must read Sharetrader as even they are now asking how much borrowings do ALF really have and ask the same sort of questions that Lizard was asking over the weekend

And here I was thinking of subscribing to the NBR... but now that I know where they get their news from, there seems little point!

[Silverlight]

25 August 2010
BANKING FACILITIES UPDATE

On 23 July 2010 Allied Farmers announced that the extension of its Westpac banking facilities to 31 March 2011 was granted as part of an agreed series of debt retirement and restructuring initiatives, and that these initiatives had agreed milestones, which, if not met, would result in Westpac having its usual rights as lender.

On 20 August 2010 Allied Farmers announced that its wholly owned subsidiary, Allied Nationwide Finance Limited, had been placed into receivership by its debenture holder trustee, NZ Guardian Trust.

The Allied Nationwide Finance receivership has meant that the milestones for the agreed Allied Farmers debt terms, including debt retirement and its restructuring initiative, will require renegotiation.

Allied Farmers is in constructive discussions with Westpac and the lead manager of its previously announced rights issue.

Allied Farmers notes some media speculation today on the extent of its senior debt to its senior lender Westpac. Allied Farmers wishes to ensure the market is correctly informed. Allied Farmers currently has senior debt totaling $16.9 million, consisting of a multi option credit facility of $14.4 million, and an overdraft of $2.5 million.

[minimoke]

[
Allied Farmers is in constructive discussions with Westpac and the lead manager of its previously announced rights issue.

May as well go to SCF and cut / paste their announcements - starting to sound the same.

[Beagle]

May as well go to SCF and cut / paste their announcements - starting to sound the same.

Classic LOL !! By the way how do you have "destructive" discussions, other than the obvious, (a big argument with your wife in front of the kids), so what the hell's the point of calling these discussions "constructive" other than to imply the lenders are actually quite pleased to have the business, which clearly they're not.

A more correct term other than the above euphamism would be SCF / ALF are in "extremly urgent" discussions, at least that would be calling it what it is.....i.e. it could be argued that the way they write these Press Releases is deliberatly calculated to deceive, or perhaps I'm just being a bit pedantic.
OTOH I could just be sick, like I suspect many others are, of all the b.s. !!

[Morpheus]

Interesting to compare these banking facility updates ...

August 25: Allied Farmers currently has senior debt totaling $16.9 million, consisting of a multi option credit facility of $14.4 million, and an overdraft of $2.5 million.

June 25: [I]As of today the amount outstanding under its Westpac loan facility is $16.5 million ($21.0 million as at 30 June 2009). The loan facility, and an overdraft facility of $2.5 million.

[winner69]

Lizard .... you caused this media speculation and obviously wnat you and the NBR sprculate is a load of codswallop .... seems like nothing untowaed after all and all will be resolved in the next day or two.

Now the market is 'correctly informed/ we all can sleep easy tonight

Was the market 'correctly informed' about Resimac last year?

[Balance]

Interesting to compare these banking facility updates ...

August 25: Allied Farmers currently has senior debt totaling $16.9 million, consisting of a multi option credit facility of $14.4 million, and an overdraft of $2.5 million.

June 25: [I]As of today the amount outstanding under its Westpac loan facility is $16.5 million ($21.0 million as at 30 June 2009). The loan facility, and an overdraft facility of $2.5 million.

And NOT one word on the debt that ALF/Hanover brought over when took the Axis property assets off Watson/Hotchin?

[winner69]

And NOT one word on the debt that ALF/Hanover brought over when took the Axis property assets off Watson/Hotchin?

They only concerned about 'senior debt' Balance

[Silverlight]

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