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Allied Farmers to write Matarangi loan down to zero

Allied Farmers says it is unlikely to receive any funds when the assets of Matarangi Beach Estates are realised, leading to the probably write-off of the remaining $3.63 million in the company's books.

Wednesday, August 10th 2011, 10:34AM

by Jenny Ruth

The Matarangi loan was among those Allied Farmers acquired in Hanover's debt-for-equity swap in late 2009 which saw Hanover's debenture holders become Allied shareholders. The loan was valued at $45.8 million in Hanover's June 30, 2009 financial statements.

Allied says Matarangi's receivers have advised Matarangi's first secured creditor, HSBC, will incur a significant loss, leaving nothing for other creditors.

"Whilst the board of ALF has yet to complete its review of the carrying value of its assets for the purposes of the 2011 financial statements, it is likely that the board will write down the (Matarangi) carrying value to zero," the company told NZX.

HSBC was owed $19 million when it appointed KordaMentha as Matarangi's receivers in November last year. In May 2010, Allied valued Matarangi at

$26.1 million.

Allied also said its sale of stores to Fonterra's RD1 is now unconditional.

Hanover's assets were valued at $396 million in late 2009 and had been written down to just below $110 million at December 31 last year.

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