Five Mile deal done

Allied Farmers has confirmed an unconditional sale of the 23.3ha Five Mile property near Queenstown, which it took over as part of the purchase of Hanover Finance late last year.

Managing director Rob Alloway said the buyer did not wish to be identified.

Last month when first announcing the sale, Alloway said the price was above the value of the property as recorded in the half year accounts of $23.2 million.

Yesterday he said it was "a reasonable amount" more. Allied shares rose 0.6c to 4c yesterday.