23 July 2010
ALLIED FARMERS LIMITED- BANKING FACILITIES UPDATE
Allied Farmers Limited (ALF:NZ) has become aware of some inaccurate market
commentary in relation to the extension of Banking facilities with Westpac
announced to the market on 20 July 2010.
Allied Farmers, while wishing to highlight the positive news of the extension
to its Westpac banking facilities, is conscious of ensuring the market is
appropriately informed.
Accordingly, Allied Farmers wishes to reiterate its previous announcement
that the Westpac extension was granted as part of an agreed series of debt
retirement and restructuring initiatives. These initiatives have agreed
milestones, which, if not met, Westpac has its usual rights as lender.
The company believes it is well positioned to meet each of these milestones
aimed at debt reduction between now and 31 March 2011, by realising assets
and/or other fund raising initiatives.
For more information, contact:
Media Inquiries to:
Malcolm Boyle/Alan McDonald Rob Alloway
Star Public Relations Manager
Director, Allied Farmers
09 912 7827 or 021922 022 or 0212 813 004 021 376642
End CA:00197575 For:ALF Type:GENERAL Time:2010-07-23:12:07:56