7 Dec 2009

Hanover co-owner faces investors

3:32 pm on 7 December 2009

The co-owner of the struggling finance company Hanover has again faced angry investors in an attempt to get them to support a second rescue attempt.

Hanover held an investor briefing in Wellington on Monday, to try to pitch a deal to investors which, if approved, could help them get more of their money back.

Allied Farmers is offering to an estimated $400 million to buy all of Hanover's outstanding loans and those of its subsidiary, United Finance, in exchange for shares.

Hanover co-owner Mark Hotchin says the deal is the only offer on the table and is far superior to the company going into recivership.

Mr Hotchin says he understands investors are emotional and want questions answered.

Allied Farmers shareholders are due to vote on the deal at a meeting in Hawea on Tuesday morning.