31 Aug 2010

Two week extension granted to Allied Farmers by NZX

6:16 am on 31 August 2010

Allied Farmers has been given a two week extension to prepare its annual financial statements, to take into account the receivership of its finance arm.

Allied Nationwide Finance went into receivership earlier this month, owing about $130 million to 4500 investors, though the deposits are covered by the Government's retail deposit guarantee.

Under NZX rules, listed companies must release their full year results to the market within 60 days of their financial year ending.

But Allied Farmers says Allied Nationwide's receivership meant it could not meet Monday's deadline, as the finance arm's assets made up more than half of the group's total assets.

Allied Farmers says it's still working out how the receivership should be treated in its accounts, and some valuations still need to be assessed.

It is also discussing its banking facilities with its banks, and that may need to be reflected in the annual accounts.

The NZX has given Allied Farmers until 10 September to release the accounts.