Allied Farmers To Amalgamate Finance Companies
Allied Farmers Limited today announced that it has decided to amalgamate its two finance companies, Allied Prime Finance
Limited and Nationwide Finance Limited to form “Allied Nationwide Finance Limited.”
Allied Farmers Limited acquired Nationwide Finance Limited from Hanover Group on 1 May 2007.
Nationwide Finance Limited is a diversified finance company providing property and commercial finance throughout New
Zealand. It has total assets of approximately $158 million and equity of approximately $19 million. Allied Prime
Finance, also a diversified finance company has total assets of $155 million and equity of $20 million. The combined
financing activities of the Allied Farmers group will comprise over $310 million of assets and close to $40 million of
equity.
The Allied Farmers board has considered how best to position Allied Prime Finance and Nationwide Finance for the future
and has decided that an amalgamation of the two companies would be in the interests of both companies and their
respective debenture stock investors.
It is expected that the amalgamation of Allied Prime Finance and Nationwide Finance will be completed at the end of June
2007, subject to obtaining all necessary trustee, investor and regulatory approvals.
It is intended that a meeting of the Allied Prime Finance debenture stock holders will be held on or around 13 June 2007
to consider and approve the amalgamation.
ENDS