Loan Asset Sale – Update

Allied Farmers Ltd
201 Broadway, Stratford, 4332
PO Box 304, Stratford 4352

Phone: 06 765 6199
Web: www.alliedfarmers.co.nz
Email: headoffice@alliedfarmers.co.nz

announce@nzx.com

10 January 2018

Loan Asset Sale - Update

On 5 April 2017 Allied Farmers Limited (Allied Farmers, NZX: ALF) advised that it is
a party to a Deed of Assignment which includes, as part of the consideration payable
to Allied, that if the Liquidators of Property Ventures Limited (in Liquidation) (the
Company) and various of its subsidiaries succeeds in its litigation against the
Company’s directors and its auditors, ALF is entitled under the terms of a Deed of
Assignment to a proportion of any net proceeds of that litigation (that proportion
being confidential).

On 30 August 2017 Allied advised that the Liquidators achieved a partial settlement
and settled the litigation against the Company’s auditors for a confidential amount
(the Auditor Settlement), but that the litigation against the Directors continues.

Allied has become aware of a media article on 9 January 2018 stating that the
Liquidators have settled with the Directors. However, the Liquidators have advised
Allied that the media article is premature and that the Liquidators are not aware of a
final settlement having been formally reached.

As previously announced, Allied has no knowledge of the amount received or to be
received by the Liquidator as a result of the Auditor Settlement. Allied also has no
further information in relation to the litigation against, or any settlement with, the
directors of the Company, beyond the above statements, and therefore is not able to
provide any further guidance (provided in the 30 August 2017 update) on the
proportion of the net proceeds, if any, payable to Allied.

Allied Farmers will make a further market release once it is in a position to inform the
market.


Garry Bluett

Chairman

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Allied Farmers Ltd
201 Broadway, Stratford, 4332
PO Box 304, Stratford 4352

Phone: 06 765 6199
Web: www.alliedfarmers.co.nz
Email: headoffice@alliedfarmers.co.nz

announce@nzx.com

10 January 2018

Loan Asset Sale - Update

On 5 April 2017 Allied Farmers Limited (Allied Farmers, NZX: ALF) advised that it is
a party to a Deed of Assignment which includes, as part of the consideration payable
to Allied, that if the Liquidators of Property Ventures Limited (in Liquidation) (the
Company) and various of its subsidiaries succeeds in its litigation against the
Company’s directors and its auditors, ALF is entitled under the terms of a Deed of
Assignment to a proportion of any net proceeds of that litigation (that proportion
being confidential).

On 30 August 2017 Allied advised that the Liquidators achieved a partial settlement
and settled the litigation against the Company’s auditors for a confidential amount
(the Auditor Settlement), but that the litigation against the Directors continues.

Allied has become aware of a media article on 9 January 2018 stating that the
Liquidators have settled with the Directors. However, the Liquidators have advised
Allied that the media article is premature and that the Liquidators are not aware of a
final settlement having been formally reached.

As previously announced, Allied has no knowledge of the amount received or to be
received by the Liquidator as a result of the Auditor Settlement. Allied also has no
further information in relation to the litigation against, or any settlement with, the
directors of the Company, beyond the above statements, and therefore is not able to
provide any further guidance (provided in the 30 August 2017 update) on the
proportion of the net proceeds, if any, payable to Allied.

Allied Farmers will make a further market release once it is in a position to inform the
market.


Garry Bluett

Chairman