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

23 March 2018

Loan Asset Sale - Update

Allied Farmers Limited (Allied Farmers, NZX: ALF) is a party to a Deed of
Assignment in relation to the sale of a receivable which it had previously written
down to nil book value. The consideration payable to Allied included 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) upon
completion of the litigation.

On 10 January 2018 Allied advised that Allied had no further information in relation to
the litigation against, or any settlement with, the Directors of the Company, and
therefore was not able to provide any further guidance (provided in its 30 August
2017 update) on the proportion of the net proceeds, if any, payable to Allied.

Allied has now been advised that:
• the litigation against the Directors has been discontinued;
• the litigation undertaken by the Liquidator of the Company has been
expensive and lengthy but has now been finally concluded;
• the proportion of net proceeds of the litigation payable to Allied is $441,137,
subject to certification in accordance with the Deed of Assignment; and
• payment of the proportion of net proceeds is expected to be received within
the next five business days.

Once received, this will bring the total amount received by Allied for the sale of the
receivable to $541,137.



Garry Bluett


Chairman