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Allied Farmers delays annual report in hopes of positive event

Allied Farmers says it hopes to finalise a matter soon which is expected to have a significant positive impact on its fortunes and for that reason has delayed issuing its annual report.

Monday, October 3rd 2011, 2:01PM

by Jenny Ruth

The stock exchange has given Allied Farmers until Friday to issue the report, which was due last Friday, after which it will suspend trading in its shares and capital notes.

The company says its audited accounts are required to include a number of matters, including one in particular "which is expected to have a positive impact on the group," which have occurred since it released its preliminary results on August 29.

The board believes there is "a good prospect" of the matter being completed "in the next few days. Because that event, if concluded, is expected to have a significant impact on the financial statements and the calculation of the rights attached to the bonus securities and the price adjustment rights under the placement completed in August 2010 which are dependent on the audited results, the board considers it prudent to delay completion and disclosure of the annual report for a short period," the company says.

Allied Farmers' preliminary results showed its equity was $6.4 million in the red at June 30 and it made a $43 million annual loss.

The former Hanover debenture holders currently own 1.91 billion of Allied Farmers' 2.04 billion shares on issue but are facing a massive dilution of their interest as a result of the bonus securities being issued, assuming Allied Farmers is still a going concern.

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