Sunday, 17 February 2019


GENERAL: ALF: Loan Asset Sale - Update

10 Jan 2018 08:30NZX
10 January 2018

Loan Asset Sale - Update

On 5 April 2017 Allied Farmers Limited (Allied Farmers, NZX: ALF) advised
that it is a party to a Deed of Assignment which includes, as part of the
consideration payable to Allied,  that if the Liquidators of Property
Ventures Limited (in Liquidation) (the Company) and various of its
subsidiaries succeeds in its litigation against the Company''s directors and
its auditors, ALF is entitled under the terms of a Deed of Assignment to a
proportion of any net proceeds of that litigation (that proportion being

On 30 August 2017 Allied advised that the Liquidators achieved a partial
settlement and settled the litigation against the Company''s auditors for a
confidential amount (the Auditor Settlement), but that the litigation against
the Directors continues.

Allied has become aware of a media article on 9 January 2018 stating that the
Liquidators have settled with the Directors. However, the Liquidators have
advised Allied that the media article is premature and that the Liquidators
are not aware of a final settlement having been formally reached.

As previously announced, Allied has no knowledge of the amount received or to
be received by the Liquidator as a result of the Auditor Settlement. Allied
also has no further information  in relation to the litigation against, or
any settlement with, the directors of the Company, beyond the above
statements, and therefore is not able to provide any further guidance
(provided in the 30 August 2017 update) on the proportion of the net
proceeds, if any, payable to Allied.

Allied Farmers will make a further market release once it is in a position to
inform the market.

Garry Bluett

End CA:00312866 For:ALF    Type:GENERAL    Time:2018-01-10 08:30:23
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