Shares in Allied Farmers continued to tumble on Monday as the market absorbed the news that Hanover's loan book was worth only a quarter of its acquisition value.
The stock fell by 10% to close at 6.3 cents.
On Friday, the rural services company said that a recent independent valuation of the loan book it acquired from Hanover and United Finance in December, had fallen a further 17% to $87.5 million.
Hanover's assets were worth $396 million when Allied acquired them in December, but had fallen to $175.5 million by March.
Allied Farmers shares hit an all time low of 5.6 cents in April.
