ALF - Allied Farmers Limited

[Vaygor1]

I must have missed it but it seems like not as single mention of this in the media or have that given up as well

That appears to be the case. With the IRD announcement there might be a news article out in the next day or two but I'm not holding my breath. Any press release will likely send the sp lower. Possibly a trading halt to ALF as a result?

[Xerof]

http://www.nbr.co.nz/article/taxman-...-37m-bd-136402

yesterdays NBR

http://www.nzherald.co.nz/business/n...ectid=10867614

yesterdays Herald

Perhaps you were looking in the death notices?

[Vaygor1]

http://www.nbr.co.nz/article/taxman-...-37m-bd-136402

yesterdays NBR

http://www.nzherald.co.nz/business/n...ectid=10867614

yesterdays Herald

Perhaps you were looking in the death notices?

Haha!

Birth Notices: Mighty River Power
Death Notices: Rakon
Reincarnation Notices: Allied Farmers

I am enjoying this.

[minimoke]

So they don't have $540k to pay back the unnamed creditor and now IRD wants their tax paid yet still people are buying into this train wreck. I can only presume the last of the feeble minded geriatrics, safe in community care rather than locked in an asylum haven't figure the difference between "buy" and a saving on incontinence pads at the local pharmacy. Given the amount of shiit they are in I know what I'd be buying.

[blobbles]

I enjoy the Allied notices. Each one says "we are surprised one of the people we owe money to wants it back." Uhhhh... really??

Current market cap 1.3 million... Current money demanded from other parties... 4.2 million. If Alf can't pay, in 10 days they are a-gonner and looking at their asset position, shareholders get zip.

Who in their right mind is buying?

[minimoke]

What I can't figure out is ALF's assertion that it is getting CAMeL's assistance. CAMeL was set up pretty much solely to manage the Hanover et all assets that it took over from ALF. When ALF handed over Jacks Point in exchange for a pile of loot that should have been the end of the relationship. There is nothing in it's deed that suggests the Crown will prop up dodgy companies. So either ALF is misleading the market by suggesting it is getting support where in fact there is none. Or ALF is getting support from CAMeL in which case we as taxpayers should be very concerned. Was it not bad enough we had to prop up ALF and SCF during the GFC - but are we now required to support them through their death throws?

[Balance]

I enjoy the Allied notices. Each one says "we are surprised one of the people we owe money to wants it back." Uhhhh... really??

Current market cap 1.3 million... Current money demanded from other parties... 4.2 million. If Alf can't pay, in 10 days they are a-gonner and looking at their asset position, shareholders get zip.

Fear not.

I sense Andrew McDouall, independent director, who is so instrumental in so many of ALF's deals over the years (and who was paid very handsomely for those deals) has a plan.

I remember Andrew telling an audience when he was challenged on the rationale behind a rural servicing company buying a timber operation - how ALF 'stole' the timber milling business as ALF bought the business 'so cheap.'

[Balance]

A plan like Baldrick had?

Laugh not. Baldrick is living happily ever after - with his new wife who is 27 years his junior!

[minimoke]

Had to delve into the CAMeL transaction again and ALF still owes them $5.6m so that it's nearly $10m they owe the govt. I'm presuming ALF is using their gst and paye liabilities to fund their cash flow

[Snoopy]

I would say the main asset ALF has is the 70% holding in NZ Farmers Livestock. This firm trades in Morrinsville and I know the staff,but for some reason the staff do not know that 70% of there company is owned by ALF. Just two weeks ago I was talking to one of the top guys who wanted me to come back and trade with them[I was the one mentioned in a previous post who left ALF as it is shakey} and I said ALF would probably go under.He said who cares as he does not seem to know that there main asset is NZF Livestock.

If you do not know the NZF livestock structure just google it and ask. In dec 2011 it has 70% ownership by ALF and if this has been sold since I am not aware.

Big fall in the profitability of the Livestock division at PGW just announced. Add in corporate costs and it is now loss making. PGW can support these losses on the strength of profits from their other divisions. ALF cannot do the same. If I was a betting mutt I would say it is all over now for Allied shareholders.

SNOOPY