More than the required 75% of the investors backed the plan at a meeting in Auckland. The deal ostensibly values the shares at $400 million.
The deal will transform Allied into a finance company of vastly more equity paper, with 97% held by the new investors. Allied's existing shareholders have already backed the deal, which will water their holding down to less than 5%.
Shares of Allied last traded at a record low 19 cents before being halted for the vote. They traded above $1.50 in January 2008.
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