Allied Farmers has asked NZX to explain why it has reversed a decision to include the company in the NZX50 index.
Managing director Rob Alloway says the company received an email from the NZX on Monday - advising its shares would shortly be included in the index.
The information was also sent to subscribers of the NZX's Market Indexation Memorandum.
Mr Alloway says he understands the information saw a number of institutions acquire shares in Allied Farmers - causing the share price to rise.
But Allied Farmers on Friday received an email from the NZX advising it had reversed its earlier advice and Mr Alloway says he's at a loss why there has been a change of mind.
He says that based on the company's own modelling, he's at a loss to see why shares should not be included in the index.
The company has requested an explanation of the reversal from the NZX.
Hanover and United Finance investors were allocated nearly 2 billion new shares in the rural company after it took on the troubled finance company's loan books, six weeks ago.
Allied Farmers shares were trading at 11 cents on Friday.
