Allied Farmers Limited Capital Notes (ALF010)

[Alan3285]

I haven't gone through in detail (and we await the prospectus), but it looks like it can only be positive for the ALF010 holders?

Alan,

Some perspective. This is a company that did a woefully pathetic job of "so called due dilligence when they were shafted by the Hand-over guys.
Present management have a very poor track record.
They said the shares were worth approx 20 cents when they were issued in respect of the Hand-over shafting, and at the time I was saying the shares were really worth 2 cents, if that.

Now they agree with me and are saying the shares are really only worth 2.5 cents, hence such a deeply discounted rights issue.

For the record I think the shares are completly worthless.

When will people wake up and smell the coffee and realise that if you have totally incompetent management, extremly poor quality assets and a soft economy, that a recipe for losing money.

This is a sad, sad, saga, that needs to be brought to its inevitable conclusion, receivership ASAP.

Roger,

I'm, not sure what analysis you have in there in relation to the bonds (perhaps implicit?) - apologies if I missed it?

Are you saying that this is not positive for the ALF010 holders?

Thanks,

Alan.

[winner69]

Roger,

I'm, not sure what analysis you have in there in relation to the bonds (perhaps implicit?) - apologies if I missed it?

Are you saying that this is not positive for the ALF010 holders?

Thanks,

Alan.

Prob Roger is saying that positive for bond holders in that it keeps the company afloat a bit longer ...... longer term well maybe the bonds might be worthless as well

Needing $20m in real money signals to me that they have recovered very little of real money from the hangover assets that was meant to be the capitalisation to end all capitalisations ... what was the value of that new capital now ,,,, that was going to be turned into real money over time

[Alan3285]

Prob Roger is saying that positive for bond holders in that it keeps the company afloat a bit longer ...... longer term well maybe the bonds might be worthless as well

Needing $20m in real money signals to me that they have recovered very little of real money from the hangover assets that was meant to be the capitalisation to end all capitalisations ... what was the value of that new capital now ,,,, that was going to be turned into real money over time

That's the way I see it - this can only be positive news for the ALF010s.

If they get the whole $20m then that is another $20m that further secures the bonds on top of whatever the total amount recovered from the Hanover assets.

These bonds have only gotten more secure in the last nine months?

Alan.

[Beagle]

That's the way I see it - this can only be positive news for the ALF010s.

If they get the whole $20m then that is another $20m that further secures the bonds on top of whatever the total amount recovered from the Hanover assets.

These bonds have only gotten more secure in the last nine months?

Alan.

Alan, To be fair I am just venting my spleen, this whole Hanover Rort and the way the current ALF "management" if you can call them that have handled the whole thing is truly reprehensible. They havn't a single shread of credibility left in my opinion.

Sure if they can raise the money in the only "partially" underwritten rights issue, that'll keep them going a bit longer but wouldn't you be better off down at the casino if you want to have a punt at least down there you can manage your own money rather than let those completly incompetent fools at ALF do it.

I refuse to back any company whose directors and management are coimpletly inept and totally incompetent, penny dreadfuls or otherwise.

That's my 2 cents worth I know its not terribly analytical or scientific but in my opinion ALF's record speaks for itself and to me it screams You'd have to be crazy to invest in this rotten dog.

[Alan3285]

Alan, To be fair I am just venting my spleen, this whole Hanover Rort and the way the current ALF "management" if you can call them that have handled the whole thing is truly reprehensible. They havn't a single shread of credibility left in my opinion.

Sure if they can raise the money in the only "partially" underwritten rights issue, that'll keep them going a bit longer but wouldn't you be better off down at the casino if you want to have a punt at least down there you can manage your own money rather than let those completly incompetent fools at ALF do it.

I refuse to back any company whose directors and management are coimpletly inept and totally incompetent, penny dreadfuls or otherwise.

That's my 2 cents worth I know its not terribly analytical or scientific but in my opinion ALF's record speaks for itself and to me it screams You'd have to be crazy to invest in this rotten dog.

I don't agree - I am in the money on my ALF010 but I am not selling at this point.

The yield is good for the relative risk (which seems to have been falling since the time the Hanover deal was first announced), and the security is getting better.

If your risk appetite is not great, you might be better off in ASB with a term deposit than these types of bonds.


Alan.