Allied granted accounts waiver

Allied Farmers managing director Rob Alloway Photo / Hawkes Bay Today

Allied Farmers has been unable to provide its unaudited full year results to NZX within the required 60 days, due to the receivership of subsidiary Allied Nationwide Finance (ANF).

NZX said it had granted Allied Farmers a waiver from the requirement until September 10.

The receivers were appointed to ANF on August 20, six business days before today's due date for the preliminary announcement.

ANF represented a significant portion of the Allied Farmers group, which needed enough time to fully consider the implications of the receivership on the Allied Farmers accounts, as well as the valuation of Allied Farmers' other assets that were affected by the event, NZX said today.

Allied Farmers had been talking with its auditors about the appropriate accounting treatment, and was still working through the full implications of that.

The valuation was affected by the receivership, and by the approach the receiver took and the approach by Allied Farmers' senior bankers in respect of the company's banking facilities.

All those parties needed time to consider their position, NZX said.

Allied Farmers said the gross assets of ANF comprised more than half the group's total gross assets.

- NZPA