Shares in Allied Farmers have soared, after the company sold $3.4 million worth of property and hinted more sales are on the cards.
In an update to the market on Thursday, the company said it has sold a number of sections in Queenstown, an industrial development in New South Wales, and another property - the details of which are confidential.
Shares in Allied Farmers have been increasing since the start of the week, but jumped 20% on Thursday to 8.3 cents.
Managing director Rob Alloway says he is pleased with the level of interest and the prices achieved. The money will go towards repaying debt.
In March, Allied said the value of its assets acquired from Hanover and United Finance in December had more than halved and were worth just $175.5 million.
Mr Alloway says the company is close to concluding sales for a number of other properties it acquired from Hanover.