Allied Farmers unaware who bought parcel of shares

Allied Farmers board says it is unaware of the buyer or seller of a large parcel of its shares yesterday, when the price of the stock fell 8c to 20c.

On Tuesday Allied Farmers shareholders voted in favour of a plan to buy the assets of failed finance company Hanover, in a deal valued at $396 million.

The meeting passed a resolution to approve the purchase by Allied Farmers Investments of the finance assets of Hanover Finance and United Finance and a resolution to issue new Allied Farmers' shares as consideration.

The deal also needs the approval of 75 per cent of investors who put their money into financial products sold by Hanover and United. That vote is next Wednesday.

Data from the stock exchange shows around 350,000 Allied Farmers shares changed hands yesterday.

In a statement today the Allied Farmers board listed matters it considered to be price sensitive for its shares, pointing out it had already advised the market of those issues.

There were no other price sensitive matters that the board considered should be disclosed to the market now under listing rules, the company said.

In the first hour of trading today, shares in Allied Farmers were unchanged at 20c.

- NZPA