10 May 2011

Allied Farmers sells last Clearwater property

7:58 am on 10 May 2011

Allied Farmers says it has reached an unconditional agreement to sell the last property it holds at Clearwater, near Christchurch.

The struggling listed company has been selling assets acquired from Hanover to repay bank debt.

Allied Farmers says its latest sales programme has realised $4.7 million, which will be used to fully repay ANZ Bank and some of a loan from its former finance farm, Allied Nationwide Finance, which is now in receivership.