27 Nov 2009

Allied chairman to address Hanover investors

7:46 am on 27 November 2009

Allied Farmers chairman John Louglin will speak to Hanover Finance investors at a special meeting next month, where they will vote on the rural services firm's proposal to its shares for Hanover debt,

Allied Farmers has sent Hanover investors a detailed proposal outlining its offer, and the risks and benefits if it were to go ahead.

Hanover Finance investors will vote on the proposal at a special meeting on 16 December.

In a letter to investors, Mr Loughlin says he has been invited to speak at the meeting, where he will more fully explain Allied Farmer's strategy.

He says Allied Farmers' proposal will provide better returns to Hanover investors than they would receieve under the current debt restructuing programme.

Allied Farmers shareholders will vote at their own meeting on 8 December.